RateSupermarket.ca hands out the money grade - plus $5,000 in prizes and
TORONTO, Nov. 12, 2013 /CNW/ - The academic session may be only half
over, but many students have already determined how they'll fare
financially this year. Managing tuition, loans and living expenses can
prove challenging even for seasoned seniors - to say nothing of frosh
with newfound financial freedom.
RateSupermarket.ca, Canada's comprehensive financial rates comparison
site, is offering students the chance to check in with their money
habits - and the opportunity to fix them - with a $2,500 scholarship
plus $2,500 in bonus prizes.
"Post secondary school living can be the perfect storm for forming poor
financial habits that'll affect students far beyond graduation," says
Penelope Graham, editor of RateSupermarket.ca's Money Wise blog. "We
want to help students identify potentially damaging money management
habits early on, so they may embark on a future of financial success
post-grad - not years of high interest debt repayment."
A previous Cost Of The Future study conducted by RateSupermarket.ca found the average payoff timeline
for the average Canadian four-year undergrad to be 14 years.
Students can enter to win a scholarship, and receive their money grade,
by filling out RateSupermarket.ca's Budget Report Card. Scholarship winners will be selected on December 31, 2013.
Top Tips For Stretching Student Dollars
Banish fees from your wallet: Cash is at a premium these days - so don't pay precious dollars on your
personal finance products! Pick a student credit card that won't charge
you an annual fee, and a no-fee chequing account that won't limit your
Start saving… even a little bit: We know it seems impossible not to use every dollar of your tight
student budget - but starting healthy savings habits early will put you
in great financial standing when the dollars do start rolling in. An
option like a high interest savings account will earn interest on even
Invest in a debt free future: Have some extra cash that you can get by without? Lock any large sums
into an interest-earning GIC that's timed to mature at graduation.
Voila - a few extra dollars to help make your student loan payments
while you focus on the important stuff (like job hunting!).
Brush up on budgeting: Rent, food, clothes, entertainment - Don't let a limited cash supply dig
you into debt. An effective budget can help you balance it all. Don't
forget to set some aside for that well-deserved study break!
Get interest savvy: Chances are, you've got a few years of debt repayment ahead of you… but
will you be paying even more in interest? If you're stuck in a debt
spiral, consider other options. For example, switching your credit card
debt to a low balance transfer option can give you an interest-free
break, helping you pay off your principal debt even faster.
About RateSupermarket.ca (www.ratesupermarket.ca)
Over 3 million Canadians have found their best rate for personal finance
products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is
Canada's most comprehensive rate comparison site, offering visitors
transparent access to the best mortgage rates as well as credit cards,
bank accounts, insurance quotes and GIC rates.
Image with caption: "Are Students Flunking on their Finances? (CNW Group/RateSupermarket.ca)". Image available at: http://photos.newswire.ca/images/download/20131112_C6789_PHOTO_EN_33288.jpg
For further information:
Contact: Penelope Graham
p: 416-551-9445 ext 515