More Money, Less Stress: Your Guide to Smarter Student Finances
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Think about your desk at the height of exams - stacked with textbooks, old coffee cups, and scattered notes. The clutter makes it hard to focus. The same thing can happen with your finances. Multiple accounts, hidden fees, and money stress can pile up and feel overwhelming.
Students already have a lot on their minds. Between classes, assignments, a social life, and maybe even a part-time job, it's easy for finances to fall to the bottom of the list. A "financial declutter" is a simple way to clear the noise, take control of your money, and make room for what truly matters.
Here are four easy steps to get started.
Step 1: Automate Your Savings
The first thing to simplify is saving. The "Pay Yourself First" method means setting aside money before you spend on anything else, like, rent, books, or late-night pizza. This is a game changer. Even $25 a month adds up and builds financial confidence.
How to do it: Log in to your online banking right now and set up automatic transfer from your chequing to a savings account. Schedule it for the day you get paid or receive student loan funds. With Northern Birch you can transfer funds between accounts free of charge, and our premium savings account helps you save more with a higher interest rate.
Step 2: Spot the Hidden Fees
Fees for everyday banking are often buried in your statement - and they add up quickly. They can include things like transfers between accounts, taking cash out of an ATM and monthly account fees. You'll be saving yourself money by uncovering hidden fees and reducing them.
How to do it: Download your latest bank statement and highlight any of these common fees:
- Monthly account fees
- Charges for low balances
- Interac e-Transfer® fees
- ATM withdrawal fees from other banks
In a transparent financial relationship, you shouldn't have to worry about surprise charges. With Northern Birch, you won’t pay fees on chequing and savings accounts - no matter your balance. Plus, with over 3,500+ Exchange network ATMs across Canada (including hundreds in Toronto and Hamilton), accessing cash is easy, and free.
Step 3: Consolidate & Simplify Your Accounts
You may have a savings account at one bank and a chequing account at another. Having multiple accounts can make it hard to manage your finances. The minimalist approach is best here; it’s time to consolidate.How to do it: Choose one primary chequing account to be your financial "home base." Direct all income (from work, parents, or loans) and payments through that account so you can have a clear view of your cash flow in one place.
Step 4: Use a Budgeting App (to Track, Not Restrict)
The word "budget" can feel restrictive, but it’s not about saying no - it’s about giving yourself the freedom to say yes and spend confidently on the things you value.
How to do it: Track your monthly purchases using a budgeting app or your online banking statement. Seeing that you spent $100 on coffee last month might inspire you to make it at home more often freeing up cash for something you want more, like concert tickets.
Building Your Financial Foundation
A decluttered, stress-free financial life starts with simplifying your daily banking.
With a Northern Birch no-fee account, there are no monthly fees, no transaction limits, no hidden charges, free Interac e-Transfers® each month, ding-free ATMs, plus service that puts your first.
Ready to simplify? Become a member today and get a $75* bonus to start your "future self" fund.
Next up:
Helping Students Thrive - Discover how Northern Birch helps students save money, build credit, and achieve financial goals.
Northern Birch Credit Union supports you on your journey towards financial well-being. The information in this article is provided as an educational overview. Each member’s financial journey is unique. We encourage you to talk to us – we can help you reach your financial goals.
*Offer subject to change at any time. Terms and conditions may apply. Visit our website for details.
