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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.

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

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