For the aspiring undergraduate, here’s some Money 101

In the midst of post-secondary money stress? Here’s our 10-part course curriculum to help you survive:

Lesson 1: Communication

Students and parents must talk often and make sure they’re on the same page, RBC suggests. Open communication throughout all school semesters alleviates stress.

Lesson 2: Plan . . .

A budget is the best way to track spending and stay in good financial shape, says RBC. If you can, consider setting money aside on a regular basis to help with financial success down the road.

Lesson 3: . . . then track

CIBC recommends using banking apps to see transactions and balances in real time. Most banks can also set up a budget-tracking service that notifies students by phone, email or online message when they exceed their customized budget.

Lesson 4: The D Word

Whether it is using a credit card for everyday spending or taking out a loan to offset tuition costs, learn how to manage credit now so you can create good borrowing habits that will pay off in years to come, says RBC.

Lesson 5: Smart cards

If you carry a rewards credit card, check to see if you can redeem points for gift cards and merchandise for use at school. And use student banking accounts — most banks offer special accounts for students with unlimited transactions and no monthly fees.

Lesson 6: Money and friends

Financial planner Michelle Perry Higgins says to avoid lending money to pals. “You’re all poor in college. It may take ages for your friend to pay you back. Believe it or not, saying, ‘Sorry, I really can’t spare the money right now,’ will be kinder on your relationship than loaning money and never seeing it again.”

Lesson 7: Money and love

Watch your budget, and discover the fun of daytime dates, Higgins says. Hiking or biking are great ways to stay active, plus these types of dates are also free and fun.

Lesson 8: Take advantage of being broke

Many establishments have some form of student discount, according to Higgins. “Always ask before you buy anything anywhere, because many of these deals aren’t advertised.”

Lesson 9: Shop with your brain

Check prices online before hitting the store and buying the first item you see, says Higgins. Take some time to find the cheapest place to buy it from. And watch the cash register as your items go through to make sure that special prices or discounts have been included.

Lesson 10: Dining out

Ask for separate cheques, says Higgins. Splitting the bill ensures you only pay for what you ordered.