DISCLAIMER: Before anyone gets their proverbial shorts in an knot, Trade School Expert does not advocate "cheating" of any kind (stuff our lawyers made us say!).

Student Cheat Sheet Number 1, May 21, 2009: Five Money Management Tips for indebted Private Career College Students. By Harris M. Rosen.

These tips have been extrapolated from various credible sources but are also based on my own personal experience as an eternal student: I completed 8 years of post-secondary studies plus my year as an articling student. Then the Bar Admission Course Examinations. Three of those years were spent away from home! I have the good fortune of being a practicing lawyer today with a reputable downtown Toronto law firm, but I was as broke as could be when I graduated.  Getting solid, and non-exploitative financial advice as a student is critical because the shackles of a student loan are like having a reverse retirement savings plan (more like a retirement avoidance plan): most students take many years to repay their loans. Here's what hindsight taught me (not to mention a great personal financial advisor and some financial rags that I frequently read today… but ignored as a student):

Small expenses add up to large expenses over time: If each time you cut down on the small luxuries below, consider paying down a credit card or student loan, or allocating the money to your mortgage payment should you be fortunate enough to own a property. Weekly interim payments (or at least payments above and beyond a minimum monthly credit card payment) will look good to a creditor, especially if you are a student. Ask your financial advisor what you should do with your newly found stash of cash, resulting from the following change in habits:

1. Bring a healthy meal and some snacks to school: you'll save money and you'll be feeding a healthier lifestyle because you'll have control over what you are consuming;
2. Cups of designer coffee will cost you big time, but say that you really enjoy these small luxuries and just cannot give them up cold turkey, try cutting these expenses in half. You will still be shocked at how much money this saves you;
3. Work part time if it won't unduly interfere with your ability to complete your program successfully. Many of us have no choice in the matter: we have to work while enrolled in programs to finance our studies. However, and if you have the luxury of doing so, try to work in your chosen vocational field prior to graduating. There is nothing like experience, and you'll get paid for it too!
4. Track what you spend on anything, including the cost of money itself (interest). At the time of writing interest rates are low but the cost of carrying a credit card balance (for example) is still significant: try not to;
5. Ask for help when you need it. Whether the bank of mom and dad, or just a close friend, now is not the time to be shy.

Stay tuned as the focus of our next "cheat sheet" for students and prospective students will be how to obtain financing for your Program from Employment Ontario.