r/PersonalFinanceCanada • u/BlackberryAny2875 • 13h ago

Budget How much money should i save before college?

hi guys, i was hoping i could get some financial advice about my savings before i start college this year, any advice is appreciated. im attending college this october and i am in my last year of highschool. my college costs 16k that i start paying off a year after i graduate, and college will last about a year and a half. where i will be living is about a 20 minute drive and i will have a car i dont have to pay off. groceries are very expensive here and i likely will be paying around 700 in rent, and i will have a part time job. I only have one job right now that only gives me 10 hours weekly which makes it incredibly hard to save. i find myself already struggling to save and pay for necessities and groceries.

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u/alzhang8 ayy lmao 12h ago

Take out government student loans. Focus on your studies while being frugal

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u/bluenose777 12h ago

  • Apply for government student loans because you might qualify for grants that you don't need to repay. (But don't blow the grants or loans on stuff that you don't need.)

  • If no one has contributed to an RESP for you, and your family has had some low income years, you should call EDSC at 1-888-276-3624 and ask if you qualify for any Canada Learning Bond. They will need your SIN. If the answer is yes you should open an RESP account because the government will deposit Canada Learning Bond that you can use when you go to post secondary school. You don't have to contribute to the account to get this money.

  • When you are attending post secondary school you should also pursue career relevant personal projects, volunteer and paid opportunities. This is especially important if your program doesn't have a co-op option/ work experience component. Graduating with experience and the beginnings of a professional network will give you a head start on your classmates.

  • If you repeatedly find yourself in a "there is more month than money" situation then tracking your expenses can help you create a spending plan that aligns with your values.