Stave off impulse buying and make a budget, student financial adviser says
Aug 31, 2010 
Postmedia News | By Mario Toneguzzi
Budgeting and financial planning are probably the last things students want to think about as they head back to school.
But it's a must if they want to avoid loan repayments that last far beyond their school days.
"Probably one of the biggest troubles we face is the fact that we love instant gratification. We love spending money. Impulse buying. And that's something that I believe we really need to control," says Kelsey MacDonald, a 20-year-old University of Alberta student in her fourth year studying human ecology while majoring in fashion.
The Calgarian is also a representative for Servus Credit Union's Young & Free program, which advises the 17-to-25 set about finances.
"It's really important to have a plan. If you have a plan then it's way easier to stay on top of your finances and you can plan ahead. Will your summer job cover all your expenses for the year or will you need to get a part-time job part way through the year?" says Mac-Donald, who figures it will cost her roughly $10,000 to attend school in Edmonton this year.
"You just have to plan ahead and know what your expenses will be -- whether that will be tuition, rent, utilities, transportation, food -- and you can't forget the unexpected expenses because that always happens and that tends to be what will mess you up."
Recent polls suggest upwards of 60 per cent of post-secondary students expect to graduate with some debt, even though more than 50 per cent plan to work during the school year to pay bills.
The polls also found that the vast majority of students going into university don't have a budget.
Kelsey McColgan, 21, is going into her third year at Mount Royal University's Bachelor of Communications program.
"Probably one of the biggest tips I think, especially for first-year students, is to pack your lunch every day. You'll save tons of money if you don't have to buy a lunch at school every day," she says.
"Take the bus because you have to pay for it anyway [through student fees].
"Budget your time wisely. I've held down a full-time job ... while going to school full-time. So it is possible."
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