End of school year leaves students with empty wallets

Mar 23, 2017 | Biz/Tech, News

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By: Victoria Sheba

As the school year comes to an end, many students’ bank accounts dry out.

“I tend to focus more on working in the summer, and not going out much, so i have a lot of money saved up which helps, Lynette Israel, a first year University of Toronto student, said.  “It’s hard to manage my money, because I’m a full time student and part time worker.”

Israel said same deposits into her savings account eventually adds up.

Statistics Canada data shows, people aged 20 to 24 years are 41 percent worse off financially than their parents were in 1970s.

Although there are different reasons as to why students are spending more, some students speculate that education and dressing are the two common factors.

Many students struggle with their expenses. They need to work all summer to cover some of their expenses during the school year.

Sara Yassawi, a fourth year York University student, works during the summer break.

“As a student i can work twice as more. Those earning are my safety net if i ever need time off during high stress periods,” Yassawi said. “Some tips for saving money that u do is put money aside and make sure i do not touch it whats so ever. If i find myself trying to take some out, i immediately stop and walk away,” she said.

One good tip for students, according to Israel, is to stop compulsive shopping.

“I’ll go to the store to get ice cream, but find myself leaving with a bill of $120, only because I decided to grab anything that said sale on it.”