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Credit cards aren’t like free money
Credit cards can be a useful financial tool, but they can also pile up debt quickly. And since most cards have a 20% interest rate, they can take a long time to pay off. Think of credit cards like a really small loan; you haven’t paid for an item until you pay off your credit card.
Start building an emergency fund
Saving money as a student can be tricky, but it’s important to have some money set aside for emergencies. Things like a broken laptop or additional textbooks can create additional stress, and an emergency fund helps to relieve that by not having to go into as much debt for necessary and major purchases.
Wait 24 hours before making a major purchase
If you’re planning on making a big purchase, it might be a good idea to wait 24 hours to see if you still really need it. That way you have time to think about if you really want it and you’re less likely to buy something impulsively. If you still want it, then great, you can always go back and get it! If not, then you just saved yourself some money.
It’s ok to ask for help
Money can be complicated, and it’s ok to ask for help! That could be asking a family member or friend, reading financial literacy books, or listening to podcasts. We here at the Awards and Financial Aid office are also here for you! We can help you with questions about government financial aid, scholarships and bursaries, and many other funding options while you’re in school, so don’t hesitate to contact us if you’re looking for answers.