A basic understanding of how to manage personal finances is crucial for young adults who may be moving out on their own as they pursue post-secondary education, training or employment.
The Financial Consumer Agency of Canada (FCAC), an independent federal government organization, has a number of free resources for students, parents and teachers.
“As students move from secondary to post-secondary education or training, their financial needs change significantly,” said Ursula Menke, commissioner of FCAC. “Whether they want to learn more about the costs of leaving home, sources of funding for their education or how to better manage their money, FCAC has lots of objective information to help them.”
Financial Basics resources, developed in partnership with the Investor Education Fund, covers managing expenses, credit and debt; protecting oneself from fraud; and saving for the future.
FCAC’s website offers teachers, students and parents a one-stop location for free, objective information. Moving Out on Your Own explains all the expenses people will incur when they move into their own place for the first time: ongoing costs like rent, utilities, laundry, parking, as well as the one-time payments such as moving expenses, furniture, cable and Internet connections and a security deposit.
Paying for Post-Secondary Education is a comprehensive guide for anyone looking to fund post-secondary education. It provides an outline of the costs, and also suggests ways to save and find other sources of financial support. The Student Budget Worksheet lists possible expenses which can be compared to the money available to pay for them—it also does the math for you.
More information is available on the FCAC website.