Tips for Students Who Want to Save

With spring underway, university and college students who are enjoying a well-deserved break from their studies will soon be joined by their high school counterparts. In the summer, students earn money that will help them get through the next school year. For many, this money is the difference between a financially stressful school year and one where the student can focus on “job one,” which is to do well academically.

The concept of saving for the future is something that does not come naturally to everyone. It takes discipline and practice to save, just like it does to kick a habit, to diet, or to change a particular behaviour. Parents can influence a student’s behaviour by acting as a positive role model. Allowing a child to observe financial selfdiscipline helps students understand value and offers encouragement. And sharing tips and ideas about how to make saving a regular part of one’s lifestyle can prove valuable.

Set a weekly savings target: Determine, in advance, a reasonable amount of spending money needed each week during the summer. Then, translate that dollar amount into a percentage of the individual’s regular pay cheque. For example, consider the situation where the individual feels they have spending needs over the summer months of $100 per week, while their weekly pay cheque amounts to about $400. In this case, the goal would be to set 25% of the weekly pay aside for spending and target 75% as the amount to be saved weekly. Moving 75% of the weekly pay into a separate savings account helps isolate the savings using a clear, easy-to-understand target. A student who is 18 or older may want to consider using a Tax-Free Savings Account (TFSA) for this purpose.

E.O. & E.


This commentary is published by the Institute in consultation with an editorial board comprised of recognized authorities in the fields of law, life insurance and estate administration.

The Institute is the professional organization that administers and promotes the CLU and the CHS designations in Canada.

The articles and comments are not intended to provide legal, accounting or other device in individual circumstances. Seek professional assistance before acting upon information included in this publication.

Advocis*, the Institute for advanced financial education.

(The Institue”), CLU, CHS, FHF.C and APA are trademarks of the financial advisors Association of Canada (TFAAC).

The institute is a wholly-owned subsidiary of Advocis. Copywrite TFAAC. All rights reserved. Unauthorized reproduction of any images or content without permission is prohibited.

Copywrite  ISSN 0382-7038

Contributors to this edition:

James W. Kraft, cpa, ca, mtax, tep, cfp, clu, ch.f.c.
Deborah Kraft, mtax, tep, cfp, clu, ch.f.c.

About The Author

Mark Schneider
Mark Schneider is one of Canada's leading Chartered Financial Planners. For over 30 years he has helped hundreds of regular Canadian families grow small fortunes through consistent planning and wise advice. He holds the following designations: CFP, CLU, CHFC, CFSB

Get ready for your new life. It’ll be a great ride!


MA Scheneider

Perspectives Articles


It was this ugly headline on the BBC that got me thinking we should be...


When we first wrote Depression and It’s Link to Your Money, we t...

Schneider Insurance Update

Stock markets have continued to move considerably higher since our las...


Watch this 50 second video, and then read the rest of the article. &nb...


Government tax revenue (when not wasted) is what builds countries into...

Schneider Insurance Update

Despite a terrible fall season in both stock and bond markets, we’ve...

We Celebrate Savers

At M.A. Schneider Insurance, we believe the saver deserves to be celebrated.

After all, it’s the saver that is conscientious every day to gradually create wealth for all.

That habit not only creates security for them but for their families and for the community as a whole.

We think they sometimes lose sight of how important they are.

This blog is here to help them. To help inspire them to stay the course and ultimately lead the great lives that they deserve.

Here’s What to Expect

1. Insight we gather about what’s going on that may affect the long-term quality of your life…

While there is a lot on the Internet, we know that making the best decisions for your life is often based on knowing just what your options are.

2. We hope that understanding what’s going on will help with perspective on what you can do.

3. New innovation and resources you can seek out.

This blog will offer an insight into the future because whether we like it or not, we’re going there. We’ll do the research to find the innovations that you should know about.