It’s no secret that the costs associated with schooling on Vancouver Island are intense compared to other regions in Canada. For a student financing the majority of their post-secondary education, it can be an ongoing stressor.

The key to saving as a busy student in an ever-changing economic environment is to try budgeting as best as you can. As a student, there are many unforeseen prices that may make saving unattainable, and that is alright. By creating a budget, you’re building the habits of financially responsible individuals.

“The housing costs are certainly an ongoing stress,” Brittany Gueulette says, a fourth-year Education student. “My husband and I are a little worried about the jump in cost if we ever have to move, [and] we are paying about 1400 a month now for our 2-bedroom [apartment].” Gueulette works two jobs while attending university full-time to afford living costs and tuition.

Gueulette still struggles financially, resorting to asking for help from
her parents.

“For the most part, it is me and my husband paying for everything with work and student loans, of which I estimate I’ll be about $85,000 in debt by the time I graduate,” Gueulette says.

For another student, the current cost of living takes rent out of the cards this coming year. “Because of how expensive rent is, I’m going into my third year in dorms instead of being able to get my own place,” Adria Mitchell says, a third-year Education student.

Mitchell also shares how her parents are able to support her post-secondary education. Still, that is not enough to be out of student debt.

“My parents set up a RESP (Registered Education Savings Plan) when I was first born so that has helped quite a bit, even with that though I’ve been working since I was 13 and will end my degree with around $25,000 in student loan debt,” Mitchell shares.

A question for both of the students was what do you wish could be fixed about tuition or living costs?

As both students are studying for education majors, great points of unpaid practicums and stress related to finances are brought up.

Gueulette explains how she wishes that students could have some of their housing costs paid for while in school as the cost of renting is too high. “Or better yet, university would be free in a perfect world,” Gueulette says.

While the possibilities of lowering tuition or living costs within the next year
are unlikely, there are ways any student can save. One way Kristy Irwin, a Product Group Owner with TD Bank, suggests is going back to the basics—realistic budgeting.

“Create a realistic budget. It’s important to have a budget because it serves as a guide to reach your financial goals. A good first step is to assess your after-tax income and your monthly expenses—including semi-regular expenses like memberships or subscriptions,” Irwin explains.

Take this with a grain of salt. As a post-secondary student, there are many costs that wouldn’t apply to every person working a stable 9 to 5 job. An example is the rise in international tuition; that is a cost out of one’s control. The goal is to budget the best you can for your lifestyle.

Irwin says that a common mistake she sees is students using social media for financial advice. While social media may be a helpful tool, she says it is always best to make financial decisions through a professional.

Students can also ease the stress of student costs by applying for student scholarships and awards. Many student services, such as banking assistance, are available through any banking institution. A great place to start looking for awards and scholarships is at Vancouver Island University’s Financial Aid and Awards office.

The first thing I remember from talking with a financial advisor was that she said debt is okay. Debt is necessary for many of us when achieving our future goals, such as post-secondary education or investments. The best thing to do as a student is to plan financially to the best of your ability with a professional financial advisor.

There are many ways that someone can start taking the reins on their finances, but there is only so much control possible. Things such as market crashes, housing prices, and tuition increases are out of our control—it’s about saving the best you can when it comes to your lifestyle.