Some students get a crash course in timely and effective money management when they start post-secondary school and have real-world expenses like rent, utilities, and groceries for the first time. According to a recent student finances poll, more than three quarters of students wished they knew more about managing money when they started school, and some wish they had known that a budget is a useful way to keep control of spending.
Here are three ways students can get smart about managing their money by going digital.
1. Instant access: Sign up for online banking or download a mobile banking app to make banking and paying bills more convenient.
2. Make your smartphone your wallet: Need to pay back a friend who covered dinner last night? You can send money to anyone in Canada with an email address and access to online banking. Or use a mobile wallet to manage your money and gift cards.
3. Use free budgeting tools: There are great apps and online tools to help you out, like the RBC student budget calculator that can help you figure your costs for the school year. The myFinanceTracker included with RBC online banking can keep you on track of your budget by showing you where you are spending your money and how much you have available to put towards savings.
Find more money advice for students online at rbcroyalbank.com/student-solution.