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Money Advice? kthnx :) Options
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SwobyJ
Posted: Thursday, May 08, 2008 2:22:49 PM

Rank: Senior Student
Groups: Member

Joined: 3/12/2008
Posts: 123
Location: Owen Sound
So.. basically what I 'have' now is:

-$100 bank balance
-$950 (out of $1000 limit) bank credit card balance, due to paying $700 for residence deposit

Not too great eh? I currently work 7-15 hours a week for $8.90 and hour @ Staples, but I'm trying to get a new job (probably at Bluenotes - having interview today), and either 2 part-time jobs, or 1 full time job for the summer). My paycheques right now range from $150 on a BAD two weeks to $250-270 on very good weeks, hours-wise. When I need to buy anything (cell phone bill, food outside of home, now clothes, etc), it is expected that I pay for all of that. I'm 18...sigh.

I am a former crown ward, living with my aunt and uncle, who don't wish to contribute to paying my education in any way, shape, or form. Due to OSAP Crown Ward grants/etc, their income does not matter a bit, and in fact, I get sizable grants from OSAP for living with them and still being in school (oh those Crown Wards and their dropping out! angel).

I recently did the OSAP estimator (btw I am headed to Carleton U in Ottawa for Honors English for at least 4 years) and it said for the 2008-09 school year they can actually give me about $11,500 for the year, and only $7000 of that is actual loan (due to grants). This is about 3/4 of what I need for the year, so with my summer job and possible bursaries/awards/help from other family I should be fine for at least the first year. My course (with residence) needs at least $15,000 for the year, but I would like $16,000-$17,000 to be safe because I tend to go out a lot to restaurants for food (lol).


So.. my question is basically what kind of advice could the experienced posters on the forum give to me? I NEED to pay off the credit card ASAP, I know this, and by golly I WILL win that 'Ideas that Inspire' Contest, which would take care of all that and more! (I know, I know, I'm setting myself up for disappointment for that lol)

Just, what else should I do?

My own plan:
-work the same hours (or along those lines) until summer
-work 2 part-time jobs or 1 full time job in the summer to raise (potentially) $2000-3000 as long as I don't go spend happy (MUST-NOT-BUY-VIDEO-GAMES-OR-TOO-MANY-LUNCHES!)
-not work during first semester just so I can actually get used to 'post-secondary' life and study patterns
-try for a part time job second semester, just for like.. 2 evenings and one full day a week tops, preferrably on campus, but there is a Staples 10 minutes away from Carleton...
-work either at home or still in Ottawa next summer, depends on what my boyfriend chooses to do, as long as I have a good job.
-and so on

I am LUCKY that I can get so many bursaries potentially (from my school I'm applying, also from Carleton, also from OSAP, and other areas), and that I qualify for so much financial-need/personal circumstance assistance, or else I would be.... a Staples Sales Associate all my life (NOOOOOO!).



...but yeah, anything people could give me to make this all easier?
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa big grin~~~
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Kaylya
Posted: Thursday, May 08, 2008 2:46:32 PM

Rank: Student Body Vice-President
Groups: Member

Joined: 3/4/2008
Posts: 817
Location: Ottawa
Obviously - pay off as much of that credit card balance as you can by the due date.

If you are used to managing work and school in high school, it shouldn't be a big deal to work your first semester of university.

Set up a separate savings account that earns more interest (e.g. with ING). When you get paid, put most of your money into it, and just leave yourself a small amount to spend. Work it out for yourself what is reasonable for you. But if you are taking in about $100 per week and have a bank balance of $100, you've got a lot of spending to cut back on.

There are 2 Staples that would be easy to get to from Carleton - the "Ottawa Core" (#4 and #7 buses drop you very close) and "South Keys" (O-train and a bit of a walk) stores.
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SwobyJ
Posted: Thursday, May 08, 2008 7:52:15 PM

Rank: Senior Student
Groups: Member

Joined: 3/12/2008
Posts: 123
Location: Owen Sound
Kaylya wrote:
Obviously - pay off as much of that credit card balance as you can by the due date.

If you are used to managing work and school in high school, it shouldn't be a big deal to work your first semester of university.

Set up a separate savings account that earns more interest (e.g. with ING). When you get paid, put most of your money into it, and just leave yourself a small amount to spend. Work it out for yourself what is reasonable for you. But if you are taking in about $100 per week and have a bank balance of $100, you've got a lot of spending to cut back on.

There are 2 Staples that would be easy to get to from Carleton - the "Ottawa Core" (#4 and #7 buses drop you very close) and "South Keys" (O-train and a bit of a walk) stores.


Thanks smile. I intend to pay off most of the card by the end of June.

I'm used to managing these things, true... but I'm also terrible for getting used to new locations. Taking the first semester off work would help me orient myself a LOT better.

Once I'm done paying off credit, I'll be saving 1/2, using 1/4 to pay off credit card (I use it for cell phone bills most of the time; the residence was obviously a big thing for me...), and keeping 1/4 to go out/pocket money, with the remaining to be put into savings.

I am 90% sure I got the job after my interview today with the Bluenotes manager (and so is she), and she suggested trying for Bluenotes while in school if I turn out well this summer because "they may be looking for people like you" big grin.

As for Staples, I think there is one on Bank St. yes? Is that the 'Ottawa Core' one? It's quite small compared to the one I currently work at lol... I would not have much of a problem working there.


But how well do you think I am doing for going to school in Sept? I know the credit card is...bleh...but otherwise, with OSAP and summer money (and bursaries, and possible scholarship)...would I have enough? (for an Arts student like myself)


and again, thanks so much!
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa big grin~~~
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SwobyJ
Posted: Saturday, May 10, 2008 2:36:08 PM

Rank: Senior Student
Groups: Member

Joined: 3/12/2008
Posts: 123
Location: Owen Sound
Anyone?
~~~Accepted offer to Ba Honors English @ Carleton Univerity, Ottawa big grin~~~
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eco
Posted: Saturday, May 10, 2008 5:55:44 PM
Rank: Valedictorian
Groups: Member

Joined: 3/7/2008
Posts: 535
Location: toronto
Honestly, and my teachers told me this as well... if you can not work during school, DON'T. I know its doable, and you need the money, but if you can pay for school, do, because it will give you more time to study.

I saw "crown ward" on OSAP too..

wtf does "crown ward" mean?
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Kaylya
Posted: Sunday, May 11, 2008 11:26:06 AM

Rank: Student Body Vice-President
Groups: Member

Joined: 3/4/2008
Posts: 817
Location: Ottawa
eco wrote:
Honestly, and my teachers told me this as well... if you can not work during school, DON'T. I know its doable, and you need the money, but if you can pay for school, do, because it will give you more time to study.

I saw "crown ward" on OSAP too..

wtf does "crown ward" mean?


Wikipedia wrote:
A Crown ward is a term used in Canada to describe a foster child who has been made the legal responsibility of the government. For example, once a child has been removed from their family (due to abuse, neglect or because the parents volunteered or were convinced to give up their child in order to receive assistance for their child) the children are then called Crown wards.



To SwobyJ, both Staples locations I described are on Bank St, but in opposite directions and quite far apart (Bank is very long smile. The Ottawa Core store is pretty small for a Staples; it's located on a commercial street downtown where most of the stores are fairly small. It's one of the bigger stores in the area though; the grocery store is bigger I think but that's about it.

I believe the South Keys one would be more your typical suburban box store surrounded by parking lots, etc. (I'm not that familiar with the South Keys area though, but that's the type of area it is).

For reference, none of the Bluenotes locations are particularly convenient to Carleton, but they're not particularly inconvenient either in that they are all located along the Transitway (the bus only lanes with periodic major stops as opposed to frequent stops). Rideau Centre (downtown) is physically closest, but based on how the buses work it could be faster to get to St. Laurent or Bayshore. Orleans would be furthest.
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