Starting From Scratch!

With 2013 well underway, I thought it was time to really get moving when it comes to this blog and the entire Money Smart Student programme. To get things started - I'm going to start at the beginning. Why am I doing a student money blog? What makes me think people will want to listen to what I have to say? Where do I see things going down the road? Questions I'm sure every one of you have had...right?!
The idea for this programme came to me almost four years ago now. I was actually doing research on personal finance for my own benefit. You see - I used to be an abolute disaster when it came to handling my money. So much so that it eventually led to bankruptcy and the destruction of my, and my wife's, credit bureau. I'm happy to say that all the bankruptcy stuff is now off the bureaus and we have done a great job, together with a very caring Credit Union Manager, in rebuilding our credit scores. So I was looking for some good advice to move forward with our money handling when I found out some very interesting information. Some of the experts were blaming the housing bubble burst in the United States on an uneducated population. Not uneducated in general - but specifically - financially. Some said that if the 30 and 40 year olds had actually known how to take care of their money, stayed away from high ratio mortgages, and done more to keep their spending in check, a lot of the problems faced by millions of people could have been largely avoided.
So this led me to the question - If it was too late to stop the 'Me' generation from crashing and burning, what is going on now to keep today's students from falling into the same traps? The answer, unfortunately, is 'not much'. The good news is many entities recognize that personal financial education is more important now than ever before. As an example - financial education has just recently been added to the curriculum in all elementary and secondary schools in the province of Ontario, Canada. Many universities make a half-day personal finance awareness session a mandatory part of their orientation week. The bad news is that there is still a huge gap in the need and desire of students to learn how to handle their money - and the ability of parents and educators to present the information in useful and understood ways. I quoted a survey in the first
chapter of my book which shows most parents don't feel qualfiied to give their own children financial advice.

That's where the idea for Money Smart Students came from. A desire to try and help fill the void in PF information students need versus what they are receiving. I entered this knowing that I didn't know all the answers. I try along the way to pass on things that I have learned, resources that I've found, and anything else I hope will help even a small handful of students be better prepared for life on their own.
Last year I learned a great deal about this whole blogging business. Attending the Canadian Personal Finance Conference allowed me to connect with some of the best in the PF blogging world. I am actually working on switching this entire website over to a Wordpress based blog - but the learning curve is steep so give me a little time to get that done. I work a full-time nights job in the gaming industry (so I sleep the better part of each day away), and I have three teenaged boys and a wife who require my attention, but I make the commitment right now to you, my readers, that I will be posting more often and more regularly in 2013. I have some ideas on where to focus, and how to mix things up a little. I will be working hard at growing our small Facebook comunity into a bigger one and will be utilizing Twitter and LinkedIn much better to try and expand the reach of the Money Smart Student programme.
My hope is that you will come away from reading each post with at least one little piece of useful information to help you be Money Smart - Student or not. Until next time - Cheers!

Countdown To Christmas Break!

As we head into the first week of December, students are heading into the last couple of weeks before they get their first major break of the school year - Christmas Break. Along with all the smart thing students should do financially when it comes to buying gifts, there are some general housekeeping items you should keep in mind.
                   
First - are you going to be travelling home for the holidays? How are you travelling? Carpool, flying, bus - getting picked up by parents? If you plan on driving yourself - why not put up a posting at school to see if anyone living near you could use a ride home. It will give you some company on the drive and can help defray the cost of gas.
When you do go home - and all your roomates are gone as well - do the usual things such as unplugging ALL electronics. You'll be gone a minimum of two weeks, if not more. Not having electronic items using energy when nobody is home could save you a little bit on your December electricity bill. I know, I know - frugal this and frugal that!! Trust me, it all adds up in the end.
This is one most people overlook. Your cell phone emergency address should be set to your college address while you are at school. That way if you call 911 the proper address shows up. If you travel home for a couple of weeks or more, be sure to change your emergency address back to your parents home just in case something happens during the holidays. It shouldn't take much effort to contact your cell carrier and make the necessary adjustments. That way emergency personnel can more easily find your location in case of emergency.
Finally, even though you are heading home for a much needed break, there is lots you can be doing while you are home. Foremost is researching and filling out online appplications for scholarships, bursaries and grants for students past their freshman year. It is currently prime time for scholarships and you don't want to waste a few weeks of precious time getting your applications out there. Spend an hour a day doing some legwork on the computer - maybe you'll end up making money over Christmas instead of just spending it!
If you haven't had a chance - please head on over the GroceryAlerts.ca for a great compilation Steven did in getting the 'Best Holiday Savings Tips' from some of Canada's top personal finance bloggers - yours truly included! Cheers!!

Blog For Financial Literacy Awareness Day!

It is something you are literally going to think about every day of your entire adult life. Sometimes when you think about it your hands are going to start to sweat and your heart will race. It is going to be the source of most of your 'discussions' with your significant other. It is the leading cause of divorce in North America right now. Sounds like I could be talking about sex! In fact - most teenaged boys answer just that. Truthfully - all those statements refer to MONEY! We spend our time figuring out how to make more of it, and how to spend less of it. Sometimes we're successful at handling it - sometimes we are not!
 Today is 'Blog For Financial Literacy Day'. It's part of the overall Awareness Month going on throughout November here in Canada. I am happy to be taking part in posting today on the theme of 'My Best Tip'! A number of personal finance bloggers are taking part and if you check out my first post this month you'll see where you can find a list of everyone participating.

So what is my best tip when it comes to Financial Literacy Awareness? It is one of the words in the title - Awareness! I have written a couple of times here, and I will do it again right now, about the fact that being connected to your money and your overall financial situation is the most important thing to keep on your mind. Everything else - such as where to put your money, how to make your money grow, the best investments, the best credit cards (shudder) - is just part and parcel of the overall concept that you have to be aware of where you stand financially all the time.
There are hundreds - no thousands - of websites all talking about Personal Finance. Many of them have great information on their specific area of expertise. They are easy to find and by using websites such as Wisebread.com, you can find the best PF websites all listed and ranked in one place - making the information gathering that much easier. But all that information is useless if you don't get it set in your mind to actually take control of your financial life - and keep control of it at all times. Stay on top of your bills. Pay your debts automatically from your accounts. Sit down with your partner and have a discussion about money as often as you feel comfortable doing so - more often if it makes you uncomfortable. Make a plan and stick to it.
Money can lead to a lot of good things in life. It can also lead to a lot of bad if it is handled improperly or allowed to rule your life instead of you ruling it. Make a vow to yourself, and your loved ones, that you will keep connected to your finances. In doing so, you will have a huge advantage over the majority of the population and you'll be ready for anything that is thrown your way.
I hope we can continue the journey together. Cheers!

Tell Us YOUR Money Smart Student Story!

We're looking for some great money smart students willing to share their stories with our readers. What have YOU done to save money - make more money - or spend less money while you were away at college? Maybe you did something different even before you left home for university...If you did anything at all you're different than most people already!
Comment on this post and let others know why you are a Money Smart Student.