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Carrick on money newsletter: Tips and tools for university students

Man using a bank machine

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Today's newsletter was compiled by personal finance editor Roma Luciw.

In the last five years, Globe and Mail personal finance columnist Rob Carrick and I have visited college and university campuses across the country, talking with students about money. We start our financial literacy sessions by going over what we think are some of the most pressing money-related topics young adults will face during their school years: managing student loans, learning to budget, how to handle debt, and what awaits them in the job market.

When we open it up to questions, we are asked about housing, credit scores, bank products and how to get started investing. We're happy to talk about anything financial; the important thing is getting these conversations going. Here's a list of Globe and Mail content on topics students often want to discuss. If you are a student, read it. If you know a student, pass it along to them.

1) How to navigate a relationship with your bank.
In Millennials, banks are not your friends, Rob shows students how to evaluate the value of a student bank account. The overall message here is that banks are not your friends – or your enemies. They are companies you do business with, so do your research, defend your interests and don't forget to shop around.

2) What is a credit score and why should I care about it?
With many students borrowing money for the first time, interest in credit scores – and how to maintain a good one – is high. This story looks at what goes into determining your credit score and how to check it. The basic message here is not to panic. Pay what you owe on time and limit your overall borrowing, and your credit score will be just fine. Here's a video I did on this topic.

3) Ultimate investing guide for Gen Y, part one and two
Although they don't have any money coming in (yet), students are always curious about investing. Rob's ultimate investing guides – here's part one and here's part two – are designed to help young adults find their footing without getting clobbered by fees and commissions.

4) Housing – when will I be able to afford to buy?
Real estate is another hot topic among Canadian students. To help you start thinking about your future and current housing decisions (which by no means need to involve buying; check out this video about how renting is not a waste a money), I will steer you to some excellent online tools we at the Globe have built. Check out our Can I afford to move out calculator, our Where in Canada can you afford to rent tool, and lastly, our When will I be able to afford a downpayment tool.

For more student-related stories and videos, visit our Gen Y money page. If you'd like us to come to your campus, send me an email. If you are a student with a money-related question, tweet it to us using the hashtag #genYmoney.

Subscribe to Carrick on Money
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.

Today's featured financial tool
With the Bank of Canada raising interest rates this week, here's a Globe and Mail tool to show those of you with a fixed-rate mortgage how much your monthly payments could change when it comes time to renew.

Ask Rob
Do you have a question for Rob Carrick? He is away on holiday this week but send it our way. Sorry he can't answer every one personally. Questions and answers are edited for length.

In case you missed these Globe and Mail personal finance stories
– About half of Canadian workers living paycheque to paycheque: survey
– The BoC has put every mortgage holder on alert. Ten things to ponder now (for Globe Unlimited subscribers)
– Tax matters: Mistakes to avoid when transferring assets to other names
– She's 32 and saved $100,000​ for a condo, here's how

Featured Video
Gen Y money: What to do with your money if you'll never buy a home

More Carrick and money coverage
For more money stories, follow Rob on Twitter and join the discussion on his Facebook page. Millennial readers, join our Gen Y Money Facebook group.

Send us an e-mail to let us know what you think of my newsletter.

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