Worst Blunders Students Make with Their Money Part III

Welcome back to the final installment of this blog series. We’ve saved the best for last. Here you’ll learn two very important life skills. Time management is an incredibly important life skill and having a part-time job will not only allow you to earn an income but will enable you to learn time management skills early. Planning for your future is also a very important life skill, because well, your future is something that never goes away and being financially prepared is essential.

If you missed the first two installments you can check them out here: http://www.myblueprint.ca/worst-student-money-blunders-part2

Not having a job, even when you have time to do so. Although school can occupy a lot of time, if you manage your time efficiently you can probably come up with a few hours a week to dedicate to a part-time job. Speaking with guidance counsellors at your school can be extremely beneficial in finding out which local employers are looking for help. As well, check out your local recreation centres as they usually have job listings posted. Not only is it nice to earn a small income, having a job also prepares you for managing money later in life.

Not planning for the future. Retirement is years and years away for you. We get that it’s obviously not top-of-mind as a teenager but it doesn’t hurt to start putting a little money away early, it’s actually incredibly beneficial. Visiting your bank and inquiring about setting up an RRSP will help you understand the benefits of starting to save early on. You will thank yourself later! If you leave this until your thirties, it is often more difficult to save money as other major expenses tend to happen during these years.

Thanks for reading this blog series! What did you learn? Let us know in the comments section below.

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