Final Financial Prep For the Coming School Year!

The countdown is on. Depending on where you live on this great planet you could either be at school already, settling in to your living space - or you may just be getting the finishing touches done on things at home before heading off to college next week. Either way - now is definitely the time to put those last minute preparations in place financially for the coming academic year.
First things first - do you have a bank, or credit union account, either right at your school or as close as possible to where you are going to live? Dealing with your 'home' bank can save a lot of time, energy and money throughout the year. If something goes wrong with a money transfer - either into or out of your account - you can deal with it right away. Taking money directly out of the branch, or your 'home' ATM will save you extra service fees - double fees most likely since you won't be getting the convenience charge from the other institution or the fee from your own bank for using someone else's machine. Having a close-by branch will also come in handy if you need to access your 'Emergency Fund' at any point in the year. You do have an Emergency Fund - right? If you've ever read this blog before - I know you do!
Are all of your accounts set up for internet banking? Although most financial institutions are completely on board the technological revolution - believe it or not, some still don't offer online access to accounts, transfers of funds or bill paying. If your bank is one of the rare ones still in the dark ages - find another bank! Being able to check your accounts with a couple of clicks can give you great peace of mind.
Parents - it is essential you have the ability to transfer money into your student's account - should the need arise. Make sure you have linked to their account if you are with the same bank - or make sure you have everything you need if they are with a different bank (branch number, transit number and exact account number). With any luck - your student is going to be so financially responsible, you won't need to send them money - they'll be paying you back some money at the end of the school year!!! Keep hope alive!
Does your student financial office have your proper information? Have you changed banks - or even account types since filling out your scholarship and financial aid forms? Make sure you get the proper account information into the hands - or email account - of the people who are going to be giving you money to keep going to school.
The idea of going away to school is to enjoy life on your own - take in all the experiences you can at your school - and, of course, get a fantastic education. Being set up to handle your finances in the easiest way possible will allow you to enjoy everything about your new situation - without 'sweating the money'.
I would like to wish the millions of new college and university students all the best for the coming year. Live it - Love it - and Learn It All!! (and stay a Money Smart Student to the end) Cheers!!

Summer Savings Time!

I hope everyone is enjoying the summer so far. It's been a hot one in my area without a lot of rain - which is great for activities but not so great for the lawns or crops. A little rain in small doses might be just what the doctor ordered to help get things growing again.
Speaking of growing - I hope my student readers with summer jobs have been growing their savings accounts! Now is the time to sock away every bit of extra cash you can. The more you can save now the easier it will be for you as you begin another school year in September. I would recommend one of the following two formulas - either 35-35-30 or 50-25-25. What do those numbers mean, you ask? I don't know...just kidding. That would mean the ratios of your income when it comes to saving for long term - saving for short term - and money to live on now. If you make under $500 every two weeks from your summer job - save 35 percent for long term (maybe for your emergency fund while you are at school), 35 percent for short term (supplies, and anything else you will soon need to get set for school), and 30 percent to live on right now for things like gas, entertainment (it is summer after all!), and immediate bills. Change over to the second formula if you make more than $500 every two weeks because you can afford to save a little more.
I know it's hard to keep on top of your school year finances while you are enjoying your summer. Doing a little planning now, however, will make life so much easier for you when you do head off to school in September. Keep up the great work. Cheers!

Create an Emergency Fund!

It's going to happen! An emergency or event will come up and you won't have the money to pay for it. Your laptop needs repairs - something has happened at home and you need to travel on super short notice - or you get caught speeding and get a nice little fine. Some emergencies are avoidable - some are not. They're still going to happen.
The best way to turn emergencies into little inconveniences is to have an Emergency Fund so you can take care of it. As a student, you don't need $2,000 or $5,000 in your EF - an amount closer to $300-500 should be sufficient to start. Save up $50 or $75 per paycheque, if you have a job - or put away money received as gifts - or take part of your 'allowance' if you're already away at school to seed the fund the first time.
Once you have the money saved, put it somewhere where you can't get to it instantly - but could get to it with a days notice or so. Give it to a trustworthy adult to hold - put it in a savings account which is NOT linked to any bank cards. Put it somewhere - but not in the back of the sock drawer - partying with your friends is NOT an emergency!!
Having even a small Emergency Fund to help take care of those 'situations' which are bound to pop up will take away a lot of money worries.