It’s one thing to source funds for graduate school, but knowing how to manage and spend your money wisely is another thing. You see, graduate school isn’t solely for advancing your career development and strengthening your research skills: It’s also an excellent time to get right with money by practicing healthy financial habits.
The choices you make in grad school, like living within a budget, creating a repayment plan, and building good credit, can help put you on the road to financial success. On that note, here are a few things to consider.
Set and stick to a budget.
It doesn’t matter how much money you have at your disposal—it’s important to make savings a priority, and one way to do so is by having and sticking to a budget. Choosing the correct bank account is an easy way to keep track of your spending. Among students, Simplii Financial and Bank of Montreal (BMO) offer an everyday banking app that has become increasingly popular. Simplii, for example, is one of the best online Canadian banks that’s also been featured in the Canadian press. It’s a trademark and division of CIBC (Canadian Imperial Bank of Commerce), which caters to people with minimal banking and investment needs.
They also offer bank accounts for Canadians in United States dollars as well as Canadian dollars. The Simplii mobile banking app is an exceptional online bank account that offers a great mobile experience. New clients can add their Simplii card to their mobile wallet to pay at checkout with Google Pay, Apple Pay, or Samsung Pay.
You can get a registered or nonregistered savings account with high-interest savings rates or a no-fee chequing account. Also, the Simplii visa credit cards provide straightforward banking services such as direct deposit and cheque or cash withdrawal on over 1000 CIBC ATMs with zero ATM fees attached to Simplii clients. They also have an attractive referral program, and you can visit their site for more information on their banking services. This includes interest rates, cashback, privacy practices, handling of data, global money transfer, foreign exchange rates, transfer fees, banking upgrades, referrals, future updates, promotions, and more.
Choose a part-time course.
Studying part-time allows you to earn an income on the side. This way, you can better manage your finances and won’t be broke throughout your program. Your best bet is to opt for an online program like an online MBA degree.
As a part-time student, you can opt to attend an affordable online MBA program. Online classes are widely available regardless of the state you’re in. For example, you can study for an MBA online in Ohio in an institution such as the Ohio University College of Business, Ashland University, or Cedarville University (or any other college of business) and combine your online degree with a part-time job. This way, you’ll still have access to coursework and course material, and lots of MBA specialization options. These specializations include business analytics, data analysis, business economics, data, analytics, digital marketing, and business law.
This means that even if you don’t have sufficient prior work experience with an online MBA program, you can continue with your studies while working and gaining professional work experience. As such, you’ll join the unique band of seasoned MBA graduates.
Learn the basics of investing.
As soon as you’ve decided that graduate school is the correct choice for you, begin making financial arrangements. Understanding the difference between saving and investing money is critical. Also, if you’re looking for reliable financial advice on social media, be mindful to verify the credentials of these so-called financial experts. Look for people who are certified public accountants (CPAs) or registered investment advisors (RIAs) as a place to begin your search.