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Financial Planning

Budgeting

It is crucial to create a budget that balances your expenses with your income. If you have more money going out of your account than coming in, it is important to take control of your finances. Below are some resources to help you plan your budget:

 

 

Ways to Save Money

  • Student Discounts - Many grocery stores offer student discounts. It is always a good idea to ask. Some stores include:
    • Sobeys – 10% off on Tuesdays
    • Atlantic Super Store – 10% Optimum Point increase on Tuesdays
    • Victory Meat Market – 5% off on Tuesdays
    • Lawton's – 10% off with store card
    • Bulk Barn – 15% off on Wednesdays
  • Flyers – Shop and compare prices through Reebee or Flipp.
  • SPC Discount Card - through your subscription, you are able to get discounts at clothing stores, restaurants, on websites, and for travel.
  • Store Memberships - Some of these collect points, include you in special offers, or even have student specific discounts.  
  • Thrift Stores – These are a great way to save money on almost anything you might need. Some popular Fredericton thrift stores include:
    • Value Village – 371 Bishop Dr.
    • Bellwether – 384 Queen St.
    • Hospice Boutique – 525 Dundonald St.
    • Second Showing – 1299 Hanwell Rd.
    • My Consignment – 5 Trinity Dr.
    • Salvation Army – 275 Main St.
    • Seed the Need – 176 Main St.
    • Mission Thrift Store – 387 Sunset Dr.
    • Greener Village – 686 Riverside Dr.
    • My Closet – 280 Main St.
    • Habitat for Humanity ReStore – 800 St. Mary’s St.
  • Shop Locally and Seasonally
    • The Boyce Farmer’s Market – 665 George St. (Saturdays only)
    • Goody Shop – 701 Albert St.
    • Friendship Convenience Store – 606 Albert St.
    • M&M Food Market – 1111 Regent St.
    • Mail N Mart India’s Groceries – 1111 Regent St.
    • One Nation Market – 440 Kimble Dr.
    • Victory Meat Market – 334 King St.
    • Hanwell Village Mart – 1761 Hanwell Rd.
    • St. Mary’s Supermarket – 150 Cliffe St.
    • Victory Meat Market – 334 King St.
    • Peter’s Meat Market – 230 Main St.
  • Free and Low-cost Entertainment – Fredericton offers many activities that are free:
    • Visit Odell Park with gorgeous flowers, wildlife, and space for both summer and winter sports.
    • Walk or bike on over 115km of trails. Take a stroll over Fredericton’s famous walking bridge! Rent a bike through the J.B. O’Keefe fitness center.
    • Take a walk or swim at Killarney Lake  
    • Listen to music. You can often hear free bands at local cafes or bars, outside in Officer’s Square, or at special festivals throughout the year such as Harvest Music Festival, and at The Cap.  
    • Visit an art gallery. Beaverbrook Art Gallery is home to many famous artists, and students pay by donation only, from 5-9pm. You can also visit Gallery 78 and check out some of the galleries along Queen Street.
    • Go ‘window shopping’ at one of Fredericton’s markets. The Boyce Farmer’s Market, The Cultural Market, and the Northside Creator’s Market are just a few places to explore. 
      Visit a waterfall. Dunbar Falls and Garden Creek Falls are close by! You can easily Google directions for these and more.
    • Join a STU club or society and get together with them to share interests.
    • Attend events, workshops and other opportunities available on stu.ca/events.  
  • Consider Needs vs. Wants
    • Consider your phone plan. Reduce the amount of data you are paying for and try to use Wi-Fi wherever possible. Also, try to refrain from upgrading to the newest device if your current one works fine.
    • Use your meal plan or make something to eat at home before ordering takeout or going to a restaurant.  
    • Save on transportation. If you have the ability to walk or bike instead of taking a cab or buying a car, this can save money. Fredericton Transit partners with the STUSU to provide full access to their bus system to full-time STU students. Campus even has Safe Ride to help you get home safely and taking the bus is free with your student ID, pick up in JDH.  
    • Resist impulse buying. Keep track of your spending and your budget to avoid excess spending.  

Banking

Most banks offer student accounts with no monthly fees and unlimited transactions. Make sure to do your research before committing to a bank. You can even ask about extra incentives or rewards being offered to students. Conveniently, there are many banks close to campus offering student deals.  

 

Make sure to monitor your bank account. Use online banking to track your spending habits and check your statement often to ensure there are no fraudulent purchases being made on your account. If you notice a purchase that you don’t recognize, make sure to notify the bank right away.  

 

When paying for something with your credit card, pay it off immediately or put as much toward it as you can. This will prevent you from going too far into debt and will make it easier to only buy what you know you can pay off.

 

For more information on managing your finances, check out the Government of Canada Financial Tool Kit or attend a Financial Literacy Workshop here at STU (for more information and workshop dates, email careerdevelopment@stu.ca).  

 

STU also offers a Personal Financial Planning course (BUSI 3013). This course introduces techniques of personal financial planning and includes topics such as planning strategies, managing credit and debt, personal income tax, and the development of personal financial plans.