Personal Finance for Students
Making a monthly budget
It’s not the sexiest thing to do, but it’s a great habit to get into so you know where your money is going. The Autorité des Marchés Financiers offers a tool to help untangle all this.
This way, your priorities are focused and there are fewer surprises at the end of the month.
Contact your local ACEF (Associations coopératives d’économies familiales) for a range of budgeting and financial education services. These non-profit organizations also provide consumer protection information.
You can have a youth or student bank account with no monthly fees. Look for financial institutions offering incentives for opening an account.
You can benefit from free tuition throughout your studies until some time after graduation.
Many financial institutions also give you access to your credit rating online. It’s offered free of charge by your financial institution, in collaboration with the two major credit bureaus, TransUnion and Equifax.
To make the best decisions about your financial situation, it’s important to know as much as possible. You’ll thank yourself later!
- Facebook Group L’Argent ne dort jamais to ask your questions
- Book: La retraite à 40 ans by Jean-Sébastien Pilotte
- Book: Ca coûte cher, être un adulte by Béatrice Poulin
- Book: En as-tu vraiment besoin? and Liberté 45 by Pierre-Yves McSween
- Book: Père riche père pauvre by Robert T Kiyosaki
- McGill University’s free online Personal Finance courses for everyone
- Je m’occupe de mes affaires! by the Autorité des Marchés Financiers
And read our article Spend your money wisely or how to get rich?
Discounts available to students
Use the power of your student card for special offers and discounts at many stores!
Student discount when shopping
Many businesses offer discounts, with the simple gesture of showing your student card.
- Grocery stores, especially those near a college or university.
- Metro (for example, on Mondays 10% off on purchases of $50 or more)
- Provigo (10% off the bill on Mondays)
- Bulk Barn: Every Wednesday at 10
- Adidas: 15% off promotional items and 30% off regular priced items
- DeSerres: 10% off selected items at regular price
- Videotron: For student internet packages
- Yuzu Sushi: 15% off
- Apple: Education section of site offers free AirPods and 20% off AppleCare+
Student Credit Cards
Indeed, the notion of history is very important in the calculation of the credit score. The best thing to do is to get a no-fee credit card and keep it for as long as possible: it will be one of the cornerstones of your credit file (along with other financings such as a student loan, a car loan, etc.).
One of Canada’s best credit cards for students, the BMO® CashBack® Mastercard®* for Students, is currently on special offer. You can earn 5% cash back for the first 3 months (up to $100 cash back).
Then you get:
- 3% for grocery store purchases
- 1% cash back on recurring bill payments
- 0.5% on all other purchases
In addition, you get free extended warranty and purchase insurance. Plus, you can get a discount on car rentals at National and Alamo (up to 25% off).
Studying is a stressful time, especially as mid-term or final exams approach. Controlling your personal finances is something you shouldn’t take lightly for later!
Read on with more content for students: