20 Questions for Student Finances

Graduating high school and pursuing a career or becoming a post-secondary student is a new level of independence. As you take on more responsibility to manage your time and your daily routine, many decisions once handled by your parents or teachers are now yours. This is often true when it comes to finances.

One of the biggest adjustments you’ll make is learning to manage your own money. From paying for books and tuition to paying for groceries, social activities and rent, making financial decisions can quickly become an everyday part of your life.  Whether you’re living at home, living in a university residence or in an apartment with other students, there are ways to set yourself up for a successful year.

Building healthy financial habits will benefit you long after graduation

Money doesn’t have to be uncomfortable to talk about, and creating open and honest conversations with friends and classmates can help you learn more about others’ experiences. Having a better understanding of your financial situation, knowing reliable places to find support and building healthy financial habits will benefit you long after graduation.

We want to encourage you to chat about money amongst your friends, family or even a financial advisor. We’ve put together a list of 20 questions that can spark a productive conversation about finances and how you can think about money differently.

These questions are meant to raise your understanding of personal finances, consider new perspectives and get you thinking about your future. If you have any questions about topics in these questions, please reach out to a member of our team.

Budgets and Saving

1.    How do you create a budget and what expenses should be included?

2.    What strategies can help you stick to a budget?

3.    What are the benefits of “setting it and forgetting it” when it comes to saving money?

4.    Why is having an emergency fund important?

5.     What is one expense students can reduce to save money?

Debt

6.    How can debt become more expensive over time?
7.    What is the difference between good and bad debt? 
8.    How can I prepare for student loan payments before graduation?
9.    What’s the difference between paying the minimum required or paying more?

Credit and Credit Cards

10.    What is a good credit score and why is it important?

11.    What factors affect a credit score?

12.    What should you look for when choosing your first credit card?

13.    What are some common mistakes made with credit cards?

14.    How much of your card’s credit limit should you use?

Investing

15.    What’s the difference between investing and saving?

16.    Why do people invest their money instead of keeping it in a savings account?

17.    What are some common types of investments and what ones are right for me?

18.    What are common investing mistakes people make when they start out?

Future Planning

19.    If you invest $50 per month starting now, what will that look like in five years? Ten years?

20.    After graduation, in the long-term, what are your financial goals? Do they include travel, owning a vehicle or a down payment on a home?

If this feels overwhelming, or if you haven’t yet heard about some of these concepts, don’t panic. This is all part of the journey to understanding finances, your personal financial situation and developing a better relationship with money. Personal finance is unique for each person and there are no wrong answers to these questions.

If you have questions after reading this list or want to talk to a financial advisor about topics you discussed with a friend, read in a book or saw on TikTok, we can help. One of our Financial Advisors would be happy to meet with you to get you on the right track. You can book an appointment online, by calling 902.492.6500 or by emailing info@cua.com.