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Training for your career is an exciting time in life, but it can also be a time of financial stress for many. As a student, or apprentice, you generally have less income coming in. That doesn’t mean you need to let money become a major stressor in your life, though. Here are a few simple tips to keep you in the black.
Create a Budget
To some this may be obvious, but many have never had to deal with the financial pressures of independent life. Creating a detailed budget lets you literally see what you have coming in and going out. Once you have everything listed, start going through your expenses and see where you can cut down. For example, could you buy groceries and pack a lunch instead of eating out? There is almost always a way to reduce your expenses, you just should understand you have options and choices.
To learn how to create a student friendly budget, use this resource:
Needs vs. Wants
While we are still on the topic of budget, if you find that your money isn’t stretching far enough, it might be time to really think about what a “need” is and what is a “want” is. Cable TV, that’s a want. Car and gas money, also a want (public transportation is a much more affordable option for most). New clothes, nights out with friends, restaurants and fast food, these are all wants! This doesn’t mean you shouldn’t do them occasionally. Just make sure they fit within your plan and be ready to go without them for a time if things get tight.
Credit Cards
Having your own credit card is the fastest way to build up good credit in your name. It’s also the quickest and easiest way to rack up debt because of high interest rates. A good rule to use is, never purchase anything on your credit card that you don’t have the money for in your account. Every week (or even better, every time you make a purchase) transfer the money from your bank account to your credit card. This lets you build your credit without ever having to pay interest. When signing up for a credit card be sure to shop around for the best deal. There are many zero annual fee offers available, many with cash back or points options as an added perk.
Learn about the different type of student credit cards and find out which one would suit you best.
Click here to view the side by side comparison:
https://www.greedyrates.ca/blog/best-student-credit-cards-canada/
Student Loans/Financing
Very few parents are paying for their children’s post secondary education or career training anymore . That means apprentices need to find a way to cover the costs of their program fees on their own. Apprentices can spend up to $8,000.00 in the first two years of their apprenticeship! There are a range of financing options available, from private financing through a banking institution, apprenticeship grants and apprenticeship loans. Take your time before deciding anything and really look through all the options. What is the interest rate and how is it applied? When do I have to start making payments? How long do I have to pay the money back? These are just a few of the questions you will want to ask yourself before signing anything.
Click here to view the funding options for apprentices:
www.collegeoftrades.ca/wp-content/uploads/FINANCIAL-RESOURCE-LIST-Feb-2018.pdf
If you are unemployed and looking for work in the electrical field and need assistance. Employment Ontario, funded by the Government of Canada, has a variety of supports, services and funds available for you and employers.
Visit the links below to view funding options for youth, second career and training incentives:
As an apprentice, you can access loans for tools, receive incentive grants and completion grants during the process of your apprenticeship. As an apprentice, you can claim unemployment when you go for your in-class block learning for the 8-10 weeks. The apprenticeship pathway of learning allows you the opportunity to, “Earn as you learn.” On the job you will be able to budget and save as you accumulate your hours. When you’re ready to go back to school, you will only be earning 55 per cent of your income while on unemployment.
Scholarships and Bursaries
There are tons of scholarships and bursaries set aside for students and apprentices, you just need to do a little digging. Many local organizations offer scholarships for scholastic achievement in your graduating year of high school. Some institutions offer bursaries as an incentive to attract more students to attend their program. At Support Ontario Youth, we give out a number of scholarships each year to men and women who show promise in a recognized trade in support of their apprenticeship. You have plenty of options!
Training for your future career is exciting! A university or college degree are not your only options. There are some great advantages to choosing an apprenticeship. Not only will you gain valuable work experience and get your foot in the door for a fulfilling and financially rewarding career, you will also have the ability to earn a pay cheque while you learn! If you are smart with your money, you may even complete your training with little to zero debt! Now that’s something to be excited about!
Scholarships and Bursaries:
http://www.supportontarioyouth.ca
http://www.apprenticesearch.com
http://www.gtaskilledtrades.ca/jobs.php
https://www.scholarshipscanada.com
https://ontarioscholarships.ca
http://www.findmyscholarships.com
https://scholarship-grants.org
Sources:
Related Topics: Apprenticeship Finance Scholarship
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This Employment Ontario Program is funded in part by the Government of Canada and the Government of Ontario.
