“Your Money” on CTV Morning Live

Check out this week’s CTV Morning Live Your Money segment. Tune in as Coast Capital Savings’ financial gurus provide simple financial help on issues that matter to you.

CTV Your Money

August 25, 2015 - Top Five Student Money Mistakes

Students may be known for their smarts in their field of study, but not always for their smarts with money. Here are the five money mistakes made most often by college-aged students:

  • Not using a budget. This is a mistake for anyone but is more important when your cash flow is very tight as it is for those students who don’t have a cushy trust fund.
  • Misusing credit. Students need to be educated about credit well before they get their first credit card because it’s no fun starting your young life struggling to pay consumer debt and recover from a bad credit rating.
  • Overlooking financial awards. Many students think scholarships and bursaries are only available while they’re in high school. Not so! Pay a visit to your school’s awards or financial aid office to find out what’s available. Some faculties have their own awards so check these out online.
  • Waiting to start repaying student loans. Interest starts accruing right after you graduate but you don’t have to begin repaying them until after the first six months post graduation. But if you can put some money toward repayment during this period, do, because this money goes directly toward the principal.
  • Not laying the groundwork for your career. Do yourself a favour and think about why you’re in school and make the most of opportunities to network and to gain work experience through internships, co-op programs or volunteering while you’re still at school.

Looking for more helpful information? Check out past segments