5 Best Ways to Overcome Financial Issues

Malav Sejpal
4 min readJan 22, 2021

An article specially for high school and college students by my own experiences

Photo by Sharon McCutcheon on Unsplash

In 2019, On average nearly 75% of Canadians have some type of outstanding debt or loan. (Statistics Canada)

Today, I’ll discuss some of the aspects and my own experience in money management specifically for those who are students.

It is not easy to step up with limited money and resources to fulfill our needs completely along with saving quite a bit for fees and other expenditures. It is certainly true that it becomes more backbreaking for the international students as they have a lot manage along with studies.

Well, to be honest, I do not want you to put a whole ton of thought into budgeting. It is as simple as that, after initial setup, it shouldn’t be an item of too much concern once you have structured everything correctly and fixed your spending habits.

  1. Have a Budget

What comes into your mind when you see the word “budgeting.”? Do you think an individual member of the house just sitting every month, writing down spending and earning and available funds at the end of the month? It’s called micromanaging, where you note down every penny of spending and earning. Well, that is not the best technique.

Income-Expense= Savings is the general formula that is highly used by citizens. However the best way to work with money should be,

Income - Savings = Expenses

This formula illustrate take portion of your saving first when your paystub arrived at your bank (kind of fix percentage of your total income), then you pay your credit card bills and other expenses. This is the best and easy way to make the budget.

Following this pattern will allow you to minimize your expenses because you already used approximately 10–15% of your income.

“Save money like it is going to save you”.

2. Cook most of your meal at home

You’d be surprised at how much money you can save by cooking food at home. It is not about sacrificing your tastebuds by quitting the junk food but better invest some extra time to go to your nearest superstore or Walmart and stock up on ingredients for a week.

Malav Sejpal

I ain’t writer but I just like the @medium