Student Money Tips to Start the School Year
Heading back to class this fall? Check out these money tips from Kawartha's Branch Ambassadors, who share advice they wish they'd known.
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Managing your money can be confusing when you’re starting out, especially if no one ever really taught you how it works. That’s why we went to our Branch Ambassadors to share their best advice for hitting the ground running this semester. We asked them: “What do you wish you’d known about money when you were a student?”
Their answers are honest, practical, and based on real-life experience. Whether you’re in high school, college, university, or just starting your financial journey, this is the kind of advice we wish we had heard earlier.
1. Take Advantage of Student Perks
Your student ID can unlock a lot more than just library access – including fee-free banking.
“So many businesses offer discounts, especially in college towns. You’ll never know unless you ask. And don’t forget – Kawartha offers fee-free banking for youth and students up to age 26!”
Jessica D., Branch Ambassador, Cornwall
2. Start Saving Early (Even Just a Little)
Saving even a small amount consistently can have a big impact over time.
“Start saving 10% of everything you earn. You won’t miss it – but you’ll love seeing how it grows!”
Sue T., Branch Ambassador, Burk’s Falls & South River
“Pay yourself first – automatic withdrawals into a savings account on payday can be a game-changer.”
Hope B., Branch Ambassador, Hunter Street Financial Advice & Lending Centre (Peterborough)
3. Understand Your Savings Account Options (Especially TFSAs!)
Tax-Free Savings Accounts (TFSAs) are powerful tools – but not always easy to understand when you’re just starting out. No matter your savings, you’ll benefit from tax-free growth and tax-free withdrawals – making this account the perfect place to stash your cash.
“TFSAs are easier to use than you think. Even if you make a mistake, it can be fixed. Take advantage of not paying taxes on the interest!”
Jacob C., Branch Ambassador, Lindsay
“I wish I’d known how TFSAs worked! Now I teach everyone how to calculate their contribution limit, since it varies based on when you turned 18.”
Jonathan S., Branch Ambassador, Lansdowne Place (Peterborough)
“Placing the funds I set aside for school and rent in a savings account would have made a considerable amount of interest.”
Kristen E., Branch Ambassador, Chemong (Peterborough)
Did you know? When you choose a credit union over a traditional bank, you’re making a conscious decision to support a community-centred financial institution that has your best interests at heart. Together, we can build a stronger, more sustainable future for our communities.
4. Build Credit Smartly – And Always Pay the Minimum
It’s tempting to just chip away at credit card debt when you have extra cash, but it’s important to always make at least the minimum payment every month. This will keep you in good standing with your card provider, avoid late fees, and help you to build a good credit score.
Another tip is to avoid credit cards with annual fees. Our Cash Back Mastercard® offers no annual fee, plus you can earn cash back on your purchases, including groceries, transit, and streaming services.
“Always make the minimum payment!”
Margie P., Branch Ambassador, Smiths Falls
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“Even if you don’t pay the balance in full, you have to pay that minimum payment every month to maintain your credit!”
Tanya A., Branch Ambassador, Rockhaven (Peterborough)
5. Plan Ahead for the Future
Thinking long-term isn’t always easy when you're juggling school, work, and life – but it pays off.
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“Financially plan for the future. I wish I had made a 5-10 year plan when I was younger – whether for school, a house, or retirement.”
Rachel C., Branch Ambassador, Burk’s Falls & South River
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“Meet with a financial advisor! They’re not just for wealthy people. They can help you make a savings plan.”
Hope B., Branch Ambassador, Hunter Street Financial Advice & Lending Centre (Peterborough)
6. Be Smart, But Also Give Yourself Some Grace
Financial responsibility isn’t about depriving yourself – it’s about making room for both your needs and life’s surprises.
“Always leave a bit of spending room for unexpected things – so you’re not depriving yourself either.”
Crystal C., Branch Ambassador, Burk’s Falls & South River
Want to talk to someone about your finances?
It’s never too early (or too late) to start thinking smart about money. From building credit to setting up savings goals, the habits you start now can shape your future more than you realize.We’re proud of the diverse experiences and knowledge our team brings – and we’re always here to help you take the next step, whether you're starting your first job or planning your next chapter. Open an account online or book an appointment with one of our advisors today!
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