EP005 Biggest Mistakes Made When Educating Young Adults About Student Debt

It’s hard to be a post-secondary student in today’s economic society. The grades you need to get into post-secondary schools are high and the cost of tuition gets more expensive with each passing year. Although there are often grants, scholarships, and other financial programs available, many post-secondary students use credit cards and student loans to put themselves through school. In fact, 9 out of 10 post-secondary students carry at least one credit card to help make ends meet.

On today’s episode, I’m sharing some startling Canadian student debt statistics that are impacting our young adults. I’m also discussing the three biggest mistakes people make when educating young adults about student debt, student loans, and using credit cards as well as how to avoid these mistakes and plan for a better, more financially fit future.

 

“Credit cards are neither good nor bad. It’s all in how you use them.” – Tracey Bissett

This Week on Young Money:

  • Evaluating costs associated with obtaining a post-secondary education
  • Education costs often overlooked or ignored
  • The importance of budgeting for post-secondary expenses
  • What to consider when creating your budget
  • Understanding the economic realities of post-grad life

 

Key Takeaways:

  1. Don’t just look at the surface costs of post-secondary education
  2. Make a budget to detail all your educational expenses
  3. Assess cashflow vs expenses and adjust accordingly
  4. Post-graduation, figure out your current and expected expenses
  5. Recognize it’s perfectly normal to not be able to afford all of your wants and needs immediately out of school

 

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Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!

 

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