Managing money: Essential tips for post-secondary students

(NC) Juggling school, work and everyday life can be hard, especially when money’s tight. Whether you're managing student loans, trying to stretch a part-time paycheque or just learning how to manage money for the first time, it's easy to feel overwhelmed.

Here are some simple steps you can take to help you budget better, manage your debt and start building a solid financial foundation:

Know what you owe. Start by building an understanding of your student debt—how much you’ve borrowed, who you owe and what the interest rates are. The National Student Loan Service Centre is your go-to hub for tracking federal loans and exploring payment options.

Budgeting is your new bestie. Budgeting isn't about cutting off all your fun, it's about knowing where your money goes. Start by listing all your sources of income: part time jobs, scholarships, family support and grants. Track monthly expenses like rent, groceries, transportation, tuition, books, entertainment and dept repayments. Take advantage of online budgeting tools, like the one offered by the Financial Consumer Agency of Canada, to make things simpler to manage.

Prioritize needs over wants. When your budget feels tight, focus on the essentials first. Look for student discounts and campus resources to help stretch your dollar further, and look critically at your expenses—be honest with yourself about what you can cut until things improve.

Start repaying early (if you can). Making even small loan payments while you’re still in school or during the grace period can help lower your overall interest costs. Setting up automatic payments helps keep things on track and can make it easier to manage your obligations.

Build good credit habits. Pay your bills on time. Avoid unnecessary debt. Keep your credit use in check. Good credit now can open doors later, from renting apartments to financing future projects.

By taking small, thoughtful steps, you can gain more control over your finances and set yourself up for long-term stability and confidence. Learn more at canada.ca/money.