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HomeMy WebLinkAboutThe Citizen, 2017-02-09, Page 10jgowing @ hurontel.on.ca RR 2 Bluevale 519-887-9248 Fax 519-887-9454 PAGE 10. THE CITIZEN, THURSDAY, FEBRUARY 9, 2017. FINANCIAL 2017 After graduating, financial planning can be tough Important years When students graduate and find themselves out in the real world, finances become that much more important. Here are some tips for those just graduating to ensure their finances stay in good shape during those crucial years. (Ms photo) MS – Millions of students graduate from colleges and universities each year. Upon earning their degrees, many students shift their financial focus from paying tuition to repaying their student loans. Student Loan Hero, a loan consolidation and management company, says Americans owe nearly $1.3 trillion in student loan debt. The average member of the class of 2016 can expect to have $37,172 in student loan debt upon graduation. That's an increase of six per cent from 2015. The Canadian Federation of Students says the average college graduate can expect to owe around $27,000 at graduation. Student loan debt is not the only financial hurdle college graduates face upon graduation. Graduates need to learn how to make their money go far and start thinking about investing in the future – even though many graduates earn entry- level salaries upon graduating. The following tips can help grads manage their money and take control Money tips for millennials NC – Check out these great tips and financial advice for young adults— perfect for students, new grads, those entering the workforce, and everyone in between. • Become a money savvy student: Become informed about student assistance programs to see if you're eligible for grants and loans. Research federal and provincial support and explore work/study options at your school of choice. Apply for scholarships in your school and community, even if you think you don't qualify — many bursaries list ideal candidates, but the recipients often aren't able to tick off every box. Once you graduate, look into repayment assistance plans. • Cash or credit: It's easy to get caught up buying everything on credit, especially online. But this creates a slippery slope where you can quickly and easily spend a lot without realizing it. Try only paying for things with cash instead. If you must use a card, find one that has a rewards program that fits your lifestyle and offers tangible benefits, like free movies, the option to put points towards your student loans, or travel miles to visit home. • Take advantage of discounts: Student discounts are everywhere — travel, hotels, public transit, museums, tourist attractions, your favourite clothing shops and more. Do a little research before you buy something to find out if there's a price cut available• it never hurts to ask. • Smart saving: Don't wait until you're working full-time to see a financial advisor about the best ways to save and spend your funds — even if the only money you have to work with comes from student loans and part-time earnings. The earlier you develop a plan for the future, the closer you will be to achieving it. • Direct deposit: Did you know that even if you didn't earn any money and are 19 years of age or older, you may still be entitled to a GST/HST credit? Make sure to complete your tax return and sign up for direct deposit to ensure that your payments go straight into your bank account. It's the fastest, safest and greenest way to get your payments. You'll be able to access these funds whenever you need them; perfect if you're travelling or studying away from home. Sign up for direct deposit by visiting your financial institution or go to directdeposit.gc.ca for more information. Book Your Ad Now for the 2017 IPM Issue Distributed to all homes in Huron County and western Perth County (through Canada Post) plus all campers staying at the Match RV site, with copies available for match goers to pick up - 35,000 copies in total Call The Citizen 519-523-4792 or contact sales representatives Brenda Nyveld e-mail: ads@northhuron.on.ca JACQUIE GOWING ACCOUNTING Accounting, Income Tax & Business Management Services Monthly Bookkeeping Tailored To "YOUR" Needs • Reconciliations • Personal, Farm • Government Remittances Business & Corporate • Payroll • Electronic Tax Filing All services available on site or at our office of their personal finances. • Save a portion of your paycheque: Newfound freedom may tempt grads to go on spending sprees or indulge in a few too many luxuries. Budgetting, which includes saving a portion of your paycheque for the proverbial rainy day, can set up a nest egg that will come in handy when unforeseen expenses pop up. Grads who plan to move back in with their parents can save even more. Grads also can set up automatic contributions to savings accounts so they are not tempted to spend money lingering in their checking accounts. • Establish credit: Grads should begin establishing credit profiles as soon as possible. Open a low- interest credit card account and make payments on time, paying the balance in full whenever possible. A strong credit rating will be a significant financial asset in the years to come, influencing everything, including a person's ability to make big-ticket purchases such as cars and homes. • Take advantage of employer- sponsored retirement plans: New grads may not be thinking about retirement, but the earlier adults begin saving for retirement, the more money they will have available to them when they do stop working. Take advantage of employer- sponsored retirement plans. • Protect against identity theft: Grads should keep careful track of their money and spending so they will know if they have been victimized by a security breach. Many people, and especially young people, live much of their lives online, making them highly susceptible to identity theft if they are not careful. Grads should always be aware of money coming in and going out of their accounts while also making sure to never share sensitive information online. • Pay off debt: Pay off high - interest debt first. Explore consolidation when repaying student loans and examine options regarding income -based repayment, which ties monthly payment amounts to income levels rather than total debt. The future is just beginning for new graduates, and making smart financial choices is a large part of the years ahead. Sholdice FINANCIAL SERVICES PEAK Investment Services Inc. Susan Alexander, CFP CLU CHS EPC Doug Sholdice 472 Turnberry St. PO Box 69 Brussels, Ontario NOG 1H0 www.sholdicefinancial.com Phone: 519-887-2662 Find a job or advertise a job on the Jobs In Huron section of our website www.northhuron.on.ca Let's get your money working • Does your advisor explain fees, holds and loads that they can place on your money? Does recent market volatility have you worried about your investments? Does your advisor understand your concerns? Do they reach out to you when markets are down, or are they hard to reach? Are your plans on track? Are you correctly invested for your future needs & risk tolerance? Let's Talk I can help John Keown Financial Security Advisor - ! Freedom 55 Financial A diwisfon of London Life Insurance Company 519-955-1782 johns.keown@f55f.com Freedom 55 Financial and design are trademarks of London Life Insurance Company.