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Got No Money Blues

© Donna Dunn

Lots of people have fond remembrances of their college days. Somehow over time we manage to forget the exhaustion, the stress of assignment deadlines, and the constant scrabbling and hunting for coins. For most of us, time passes and we're left only with hazy recollections of the college life.

But it's tough being a student these days. The academic pressure would be enough in itself, but add in the economic pressure, and you have a truly high-stress situation. Students are in a unique position: their earning capacity is limited, and yet they still face the same daily living expenses as the rest of us, plus hefty tuition and school fees.

It wasn't much different in my day. Sure, tuition and living expenses were lower, but so was the minimum wage. In fact, poverty almost seems to a requirement in the pursuit of higher education.

For most people, the cost of getting an education is worth it in the long run. Better education often translates into better jobs, and with better pay and increased job satisfaction down the road. But it might be kind of difficult to keep your eye on your goal when your stomach is growling, or you're exhausted after putting in a full day at school followed by a full shift at work.

Through the ages, students have faced the same challenge: how to stretch their dollars so they can make the most of their college years. And the best way is to start with a pen and paper, and figure out a basic budget before you even enroll.

Ask yourself a few basic questions: How much money have you saved? How much will you be able to earn while you're in school? How much will you be spending on tuition, books, student fees? And how much will you be spending on dorm fees, rent, utilities and bus passes? How about food and clothing? And will you have any money left over for social activities? (If you answer no to the last one, watch out – your food money is probably at risk!)

Once that's done, and if the picture isn't too pretty, start investigating the potential for student loans and bursaries. Canadian students can scroll down the page at Teen People for some helpful links to loan and scholarship information.

Once you're actually in school, you may find your original budget was a little too optimistic. And that's when you may want to start whittling away at your already meager clothing, food and entertainment allotments.

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