INTRODUCTION:
Mending your finances is like a fisherman mending their nets. Being in control of your finances is a necessary skill to become financially stable. In order to do so, one needs to save money on regular needed expenses such as food, housing, banking, loans, and basic technology. The aim is to guide students, young adults and newcomers on the basics of finances. Whether you are just trying to start off on the right foot or make some changes in the right direction, these tips are for you.
FINANCIAL SUPPORT:
There are a variety of resources available to young adults, specifically students. The University of Alberta provides several guides and recommendations on how to become financially secure. Readers can start by using the provided budget spreadsheet from the UofA. This way you can organize your spending and plan ahead to maintain financial stability. Although budgeting your spending can be challenging at first, the UofA provides some useful budgeting tips such as how to track spending, how to save, and setting realistic financial goals.
There are hundreds of thousands of dollars worth of Scholarships available to almost every student. Students who are First Nations, Metis, or Inuit have access to special Awards and Scholarships along with the Indigenous communities Scholarships. Every student depending on eligibility requirements can apply for UofA Scholarships and Bursaries. If a student is in need of emergency funding, there are supplemental resources and funding available from the UofA.
Young adults can also go to Alberta Income Support to see if they are eligible for funding or benefits. There are also bursaries available for Adult Learning and Upgrading. Newcomers to Canada can also find support and funding through Canada For Me as well as information on the basic supports accessible.
TECHNOLOGY:
Many young adults and students require access to some form of technology to study, work, commute, perform research, or even register for classes. There are essentially three main pieces of technology almost all students will need or use; this includes access to the internet, access to a computer, and a cell phone. Internet and computers are available for free at almost all public libraries and at UofA libraries/computer labs.
Cell phone rates throughout Canada are higher compared to most other countries due to the oligopoly held by Telus, Bell, and Rogers. Therefore finding cheaper alternatives can be quite difficult especially if you do not have your own device to begin with. For international individuals, bringing your own phone from your country of residence will work within Canada given that the phone is unlocked and the sim card is changed. To see all current available plans from Rogers, Bell and all their sub-companies, you can use this phone plans filter by Costco, where you can get data plans (includes internet), simple talk and text plans, bring your own device plans, and prepaid plans. Telus plans can be found separately. In general cumulative plans start as low as $25 per month but the most common plans including unlimited call, text, and some data start at $45 per month and can go up from there. On top of this there is the additional monthly fee if you buy a cell phone through a contract which brings your bill up by at least $40 a month to a total of approximately $85 per month which is quite high for a budget. The 7/11 store has its own phone packages starting as low as $10 a month, with more inclusive bundles in the $45 a month range. If you’re looking for a bundle that includes home internet, Shaw offers some great deals in the $35 a month range with the condition you sign up for home internet as well.
BANKING:
There are many banks that provide student plans that are exempt from monthly fees and can even earn rewards points. Below is a table containing the best student banking plans currently available. Notice that regular banking accounts have monthly or annual fees, however student accounts charge no monthly fees. Once you finish your schooling, notify your bank so that you will not be charged monthly fees on your account.
Based on 2020 bank research.
LOANS:
Many students do not have the income or savings to pay for tuition and living costs that come with starting university. The UofA offers Student Loans Workshops. Students can learn how to apply for Student Loans, as well as how much they require with respect to their financial situation. Students can apply for Alberta Student Aid and Canada Student Aid at the same time whether they are a full time or part time student. International students can also apply with the condition they have a co-signer and attend a recognized Canadian university. The CIBC provides A Guide to Student Loans for Canadian students from every province. ScotiaBank offers students a Personal Line of Credit for funding their education, school expenses, and residence given they only take out what they need. This helps in the case of a student who needs more than what they have received from their student loans and other sources. RBC also provides a Student Line of Credit, the catch being that the student must pay the interest on the loan for 2 years before principal payments get involved. Similar student line of credit programs are available from TD, BMO, CIBC, and RBC.
HOUSING AND FOOD:
Students can find a variety of affordable housing specifically designated for students, from these companies; RentBoard, Places4Students, Rent Seeker, and Renting Spaces. Most universities offer residence services to students. Check with the university you are attending to see what they have available. For the UofA, there is a variety of housing options available to students. There are separate housing opportunities for various years of study. Upper year students have access to better housing options compared to first year students. Pricing is fixed and cheaper when you choose to live with a roommate. International students can find off campus living, provided by the International Students Centre at the UofA. Some unique apartments include the Horizon Residence, which pairs students based on their application for housing. The apartments are furnished, includes utilities, internet and is quite affordable for being in the downtown area. Students and professional adults can rent individual rooms or live with a roommate using Kijiji.
In cases of unforeseeable or unexpected events where a student or young professional finds themselves without housing, there are resources available such as Women's Emergency Accommodation Centre, Youth Emergency Centre, and Find Shelters which is provided by the government of Alberta.
Food can be quite expensive in Alberta. Students need to ensure they receive adequate nutrients and overall proper nutrition and calorie intake. The UofA provides a grocery guide for students to stay healthy, eat well, and save money. UofA students can purchase meal plans with their onecard which are used by a variety of vendors. Meals can be gluten free, dairy free, vegan or vegetarian. UofA also has a grocery store called SUBmart which can be slightly overpriced for certain items, but overall good for last minute needs. You can use coupons or flyers to save on groceries and essentials. Not everyone has direct access to larger grocery stores that offer discounted prices such as Costco, Walmart, Bulk Barn, No Frills, and Superstore. Individuals may want to budget in some money for transportation to the larger stores if you want to purchase bulk items. Some grocery delivery companies include instacart, SPUD, Save On Foods, Edmonton Grocer, Italian Centre, and Walmart. Some of the listed companies allow both ordering and delivering of groceries which can save time when it is needed. Although it does cost slightly more (approximately $15+ for order and delivery), if the opportunity cost is justifiable students can add the costs to their budget. Individuals can also order customizable food packages that include all the ingredients required for various meals from the following companies: Hello Fresh, Chef's Plate, GoodFood, and SPUD. With an eligible student card, students can save at various fast food places and more. DealHack provides a list of discounts available to students. It’s best to shop bulk to earn better savings. Stores such as Walmart, Costco, Wholesale Club, Bulk Barn, and Superstore all provide customers with the ability to purchase large quantities.
BUDGET OVERLOOK:
Below is a table containing a predictive budget for an international and domestic student during a given school year. The table includes the basics all students will need and are based on averages. Prices may vary depending on conditions.
Note that a year refers to a school year from approximately September to end of April 2020 (8 months).
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