Managing Financial Stress Q & A

Student Health and Wellness Counsellor, Carlene Regaudie, shares her advice to some questions she often hears from students regarding finances.

Q - I feel like I am continually broke and it is stressing me out. I work part-time but I never seem to save any money.

A – Saving is not easy for many people. Even if you save a little money over time it can really add up. Is there something you can give up in order to save? Try to save a “Toonie a Day” for a year, it will add up to $730 in a year. You might find you don’t have to give up much to achieve this.

Q – I realize I really don’t have many skills for managing money. It’s much harder than I thought it would be and I feel embarrassed and don’t know what to do.  Any suggestions?

A – A good resource is an on-line program available through the Canadian Foundations for Economic Education. It is an easy to use Guide to Financial Literacy https://moneyandyouth.com/

Q – My financial situation is depressing me. I am so far in debt and can’t make the payments on my credit cards. I have been avoiding dealing with this.

A – To start, you could call the credit card companies and let them know that you are unable to make your payments. Advising them is responsible and may save damage to your credit rating. A plan could be made to repay a lesser, more manageable amount. Thunder Bay Counselling Centre offers Credit Counselling for free and could help you. https://www.tbaycounselling.com/financial-counselling/

Q – I keep getting mad at myself for using my credit card. The purchases seem important at the time but when I get my statement, I often get mad at myself for spending carelessly. What can I do?

A – It is so easy to overuse credit cards. There are many tips to avoid spending impulsively. Don’t carry your credit card with you. Rather than buy an item on the spot, try to decline the urge and go back to the store the next day if you really need it. You might find you don’t feel the same way.

Q – Do you have any tips specifically for students about money matters? I feel overwhelmed sometimes and don’t know where to start.

A – I recommend these short articles -  https://loanscanada.ca/money/student-life-the-good-the-bad-and-the-expensive/andhttps://loanscanada.ca/money/budgeting-tips-for-university-students/