If you want to set yourself (or your kids) up for success, it is crucial to understand the consequences of taking on too much student debt. Yes, it is one way to be able to afford a post-secondary education which in turn could lead to a job with a good salary…but it could also hurt your chances of living a life that’s not tied down to years of debt-repayment.
For this episode, I chatted with one of my podcast listeners Allison from Manitoba, and she shares what she’s done so that when she graduates she’ll only have a small amount of debt to pay off. This includes her working year-round and during the summers, living extremely frugally, and not using all the student loans she was granted.
She is one financially savvy 21-year-old, let me tell you. And I know from personal experience because she did pay attention to her finances during university, she’ll have a much easier time after graduation.
Being debt-free (or close to it) after graduating will not only offer you more freedom and opportunities, but you’ll realize that you’ve already got some great financial habits. You’ll also be able to achieve some of your financial goals sooner and build wealth quicker thanks to the magic of compound interest.
One resource Allison mentioned a few times and inspired her to take on this frugal lifestyle, was Mr. Money Mustache. He’s actually Canadian (woot woot!) and is mentioned by listeners all the time, so make sure to check out his stuff!
I also mentioned in this episode that I interviewed my sister who graduated from university almost a year ago. Here’s the video of our interview (and she said she was nervous to do a Facebook live stream with me, ha!).
I spent a good chunk of the past few years creating resources to help you with your money, and life and adding more balance into the mix. Check them out on my resources page.
Got a story that you think would be good to share on an episode of the Listener series? Please email me!