budgeting – NEWSMAGRENFREW

Being a student is serious work if you approach what you do with integrity.

The formula is well understood. Go to school and concentrate on the reason for you being there in the first place, and I’m not talking beer pong here.

Do what you need to do, make the most of the experience, budget your money, and if there’s time and necessity, get yourself a part-time job to help with the bills or possibly enhance the quality of your student life.

You’ve done all that can be asked. You worked a part time job throughout high school and managed to save some money. Maybe your parents are helping you foot the bill for college or university. If not, or if not enough to significantly move the affordability needle, then you apply for OSAP — Ontario Student Assistance Program — for an interest-free loan, and possibly a significant grant, to help you get to where you’re going.

September turns to April and you’ve got a year under your belt, but it’s expensive, and sure OSAP will likely be there for you again, but it’s not like you’re going to be dining out on Oysters Rockefeller with just OSAP.

So you need a summer job. Preferably one that allows you to remain in your hometown, and not have to travel. A job that pays a decent summer student wage, provides marketable experience, and allows you to sleep in your own bed every night with your cat Sparky at the foot of your bed, just like always.

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A debenture is a financial product. More specifically, it’s an investment product where an investor or investors lend their money out over a fixed term and containing a fixed rate in borrowing costs. In English, that means money is lent by people who have it to people who need it, but the people who need it can’t pay it back in full or in lump sums other than the agreed upon yearly payment. So, with a thirty year debenture, the borrower has to pay the agreed upon allotment every year for the entirety of the thirty years.

It’s good and bad for both parties, or pro and con if you like that better. For the lender, you get steady payments every year that you can count on, and at a rate of interest that’s locked in. So there’s some security there that the investment will continue to yield the anticipated returns. There is no change to the interest rate and no change to the term. And the borrower can’t pay it off early and rob you of potential earnings. If the interest rates in general go down, your investment is protected and secure because it’s locked in at the fixed rate.

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Tag: budgeting

THE ISSUE OF SUMMER STUDENTS

MOVING FORWARD WITH A DEBENTURE