November is Financial Literacy Month, and we know you have a lot of questions when it comes to your money. In order to get you all the information you need to thrive and answer all of your burning money-related questions, we have a special episode of Building Better with Brandon, powered by TD, where we dig into what you need to know.
Are you a college or university student trying to make your money last and your budget work? We’ve all been there, and we have some tips to help ease your money woes and make your funds work for you.
Latanya Monteith Housen from TD is the Regional Manager, Black Community Business Development, Metro West. She shared that students who are looking to do the most with their money should consider booking an appointment with a personal banking associate.
“That person is equipped with information [and] advice and can lead you to tools around accessing your total income as a student, and budgeting tips,” Monteith Housen said. ”We also have that on our TD personal banking website, that goes into a student portal that allows you to look at the major aspects of budgeting and how TD can help.”
Monteith Housen says it’s important to remember all of your different sources of income. That includes everything from bursaries, scholarships, and loans, to part-time jobs and familial support.
“It’s just a matter of assessing all of the sources of income that you have, setting up a savings plan, [and] also being able to break down those lump sums over a monthly period to understand what your income versus the expenses that you have as a student may look like,” she explained.
“And make sure that you’re sticking to that budget and plan so that you’re funded while you’re sitting your exams and all that.”
When you start practicing those good financial habits as a student, it helps you keep up good practices after graduation. But people make financial mistakes, and that is okay! So if you’re looking at a number that doesn’t exactly spark joy, don’t worry, there are ways to improve your credit score.
“The best thing to do is get credit counselling, which is to assess the debt you have and what are the steps you need to take to pay down that debt in the shortest time possible,” Monteith Houssen explained.
Another way to improve your credit score? Cash secured credit cards.
“Reignite a new credit path and strategy. Also, make the payments on time, and repay within the time period,” Monteith Houssen explained.
“So now you’re creating a new repayment schedule and a new payment history that supports increasing that credit score.”
Investing is another hot topic when it comes to managing your cash flow. Monteith Houssen says the first step is to start saving.
“A savings habit will lead you to an investing habit,” she explained.
Monteith Houssen shared different ways to invest your cash, how TD supports small businesses, info on TD’s Black Customer Experience and so much more valuable information on this episode of Building Better with Brandon.