Oct 9, 2018
Murray Baker is the author of The Debt-Free Graduate: How to
Survive College or University Without Going Broke. Having
sold over 200,000 copies, his book reached #3 on the Toronto Star
Bestseller list. As a recognized influencer in the field, he has
also been interviewed by a number of media outlets,
including The Globe and Mail, The National Post, The
Vancouver Sun, The Toronto Star, Canada AM,
CBC Newsworld, Breakfast TV, Money Talks and many more. He has
worked in financial literacy for over 20 years, writes for
the Vancity Good Money Blog and manages
Financial Empowerment for Family Service of Greater
Today, Murray joins me to discuss how to take action and
debt-preventative measures in small and manageable steps. He shares
how pursuing your passion can lead to financial freedom and how to
alleviate or prevent student debt. Dipping into his wealth of
knowledge, we also get down to the nitty-gritty of student loans,
part-time jobs, and financial planning.
“If I can instill one thing… it’s the importance of saving
early and the magic of compound earning.” - Murray
This Week on Young
Baker’s current work in financial education and strategic
your financial goals are paramount.
consumerism influences people, their spending habits and their
Building a manageable savings plan, no matter your
Murray’s financial turning point.
is compound earnings and how it could positively impact
money mistakes students and graduates make.
- How to
use goal setting as a spending control
Top Tips for Students To Avoid
- Start looking at how you are going to pay for post-secondary
- Look at non-repayable funding options
first including 1) part-time/summer jobs 2) loyalty
points (HigherEdPoints) and 3)
scholarships, grants or bursaries.
- Treat government loans as a top-up, not as your
primary source of funding.
- Research scholarships or bursaries early in grades 9 & 10
so you can learn what skills you may need to demonstrate and can
tailor your activities in grades 10, 11 & 12 to acquire or showcase
- Look into part-time jobs whilst you’re
- Hold off on credit cards as soon as you
- Incorporate goal setting into your financial
Top Tips for Graduates Managing Their Student
feel hopeless - proactive strategy and goal setting can
empower you to take control of your finances.
- Start saving early - small amounts add up! No matter
your salary, try to save small, manageable
- Track your spending and know where your money is
going. Consider budgeting, assessing your cash flow and
building a contingency fund.
- If you have student debt, avoid taking on other debt
including credit cards and car loans for a few years
after you graduate.
- Have a complete understanding of how much debt you’re in and to
- Keep your student loan debt separate from your other debt- use
caution when taking on consolidation loans. Remember that
student debt interest is a tax deduction on your income tax return
and if you are unemployed/underemployed you may qualify for payment
relief on your student debt.
- Ask for loyalty points for gifts so you can paydown student
debt with other people’s money. (HigherEdPoints)
Connect with Murray
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