Managing income and expenses

Student loans awarded by the government are meant to help you pay your tuition fees and certain basic expenses. But even with extra income from a part-time job, you may not have enough income to cover all of your expenses.

What options are available to you?

  • Taking out another loan
  • Using another credit product such as a line of credit, a car loan, a personal loan or even a credit card

If you do, every month, you'll have to pay:

  • the balance on your credit cards
  • your line of credit, if you've used it
  • your car or personal loan payment
  • plus the interest on all of these

As you can see, accumulating credit cards and loans so you can keep living off credit can end up costing you quite a bit. The best thing is to start developing good consumer habits now. Otherwise, you'll have a hard time keeping your head above water and your debt load will only get heavier.

Budgeting: a great place to start!

Nothing beats making a budget for efficiently managing your financial affairs and clearly focusing your needs and your repayment ability. This means making up basic spending rules for yourself so you can make the most of your money. This step is even more important if you have a limited income. When you apply for financing for something you really want to do, you'll see that having a well-defined budget will make the process a lot easier. To learn more, see Drawing up a monthly budget.

Desjardins scholarships

Did you know that Desjardins Foundation and caisses award hundreds of scholarships every year? Learn more about Desjardins Foundation scholarships.

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