Students need to control their spending in today's economy
Oct 8, 2010 
Lethbridge Herald | By Caroline Zentner
University and college students may be tempted to live large now that they're back on campus but they could easily end up having to live small financially since budgeting typically isn't their strong suit.
"There are great dangers for Generation Y," said Kelesy MacDonald, a 20-year-old University of Alberta student and spokesperson for Young & Free Alberta, a program by Servus Credit Union.
While definitions of Generation Y vary, MacDonald focuses on those aged 17 to 25.
"We're a generation that is all about instant gratification, which leads to impulse buying. This is something we really need to take control of because one of the biggest dangers for students is creating debt early in life," she said.
Students need to realize the decisions such as marriage, having children and buying a house. Others are faced with some big bills in the form of tuition and rent.
On top of that, post-secondary students have had a hard time getting good jobs that pay well in the economic downturn. As a result students may not be able to earn enough money over the summer to finance their education and may have to work part-time while going to school.
As spokesperson for Young & Free Alberta, MacDonald writes a blog and creates weekly videos to offer budgeting tips, coupons and online deals to students.
"I know you hear it a hundred times over but the best way to save money, at least during the school year, is to pack a lunch," MacDonald said, "If your are even spending 5$ a day on a little lunch then that can add up to over $450 this semester alone. That's a lot of dough."
Bringing a water bottle and refilling it as needed also helps save money. She also tells students that buying textbooks at a university bookstore may not always be the best bargain and they may be able to find a used textbook at a much cheaper price. Students are also ahead of the game if they can avoid racking up credit card debt.
"Try not to use your credit card if you don't have the money. You might think 'Oh well, I get paid in a week so I'll just use my credit card and then pay it off after.' But this can be a slippery slope for students because unexpected expenses may arise and create huge problems," MacDonald said.
Servus launched a scholarship program two months ago where the public can vote for their favourite applicant. For more information and to access MacDonald's tips go to youngfreealberta.com.
