Three quotes on saving and borrowing
1: Saving money from a summer job
- Create a summer budget
- Use the 50 30 20 rule, 50% for essentials, 30 for entertainment, 20 for savings.
- Open a checking and savings account
“School may be out, but new work might be on your mind. If you’ve started your first job this summer or are a college student on break, ensuring your summer income lasts all year is crucial.” - penncommunitybank.com
2: RESP
- government grants boost your savings
- you have a variety of investing options
"Contributing to an RESP allows you to grow your savings tax-free. What’s more, since this money is intended for a child, the taxable portion of the withdrawal will be allocated to that child, at a much lower tax rate than yours." - nbc.ca
3: student loans
- Fixed and low Interest Rates
- No Credit History Is Required
- No Cosigner Required
"There are many different types of college financial aid available to college-bound students, with student loans being an option that many students consider. Roughly 46 million students have federal student loan debt." - sofi.com