From students to professionals, it’s clear that many Canadians are credit constrained and it’s really taking a toll on everyday lives. Sometimes when our own financial situation is pressurizing us, it, unfortunately, provides us with the feeling of hopelessness. This makes us feel like just giving up, or worse; allowing our debt to pile up so high until it becomes unmanageable. 

According to the MNP Consumer Debt Index, 50% of Canadians say they are $200 or less away from becoming insolvent at month-end. But how are we coping with this often-unexpected debt load? In comparison, only one in four people surveyed felt that they could handle the cost of an unexpected funeral for a family member or paying for school for themselves or others, in their current financial state. So, in this present climate, where many Canadians are clearly swimming in debt, how do we approach university schooling? 

As confirmed by, tuition fees for bachelor’s degrees in Canadian universities cost anywhere between $550 and $56k – Bachelors in Medicine, Engineering, and Social Science are among the most expensive study programmes. So unless you have saved in advance for tuition fees or your parents can assist you, a loan is the only option.  

Graduating from your degree is usually a time of celebration with family and friends, and a time to reflect on the journey you’ve had from the moment you applied for your programme to the friends you made and most importantly, the exciting prospects coming your way. But now, it seems that leaving university is the start of a brand-new story; a journey of debt.  

According to Hoyes, student debt in Canada is on the rise. In 2018, student debt contributed to more than 1 in 6 (17.6%) insolvencies in Ontario. This has consistently risen each year since this study began in 2012. Following this, roughly 22,000 ex-students across Canada filed for insolvency in 2018 to deal with this debt. 

At Marble, we want you to concentrate solely on your studies. Whether you are searching for tips on how to manage your expenses before taking out your student loan, or already a couple of years into your studies and looking to change your spending habits.  

Check out our four tips on areas you can address to avoid financial stress for when you graduate and maybe even save you some money. 

#1 Do you really need that subscription? 

When it comes to procrastination, students take home the gold. While reflecting on our own studies in the Marble office, we all agreed that we would do almost ANYTHING to put off reading that book required for class or finishing that essay. Nowadays, we have the biggest distraction of all; the internet.  

With a wide range of platforms available online for us to get lost on, we do come across many that are not free. There are so many TV & movie platforms that charge a monthly subscription and as tempting as it is (it’s hard for us too!) you don’t need to subscribe to them all. Subscribing to multiple iPhone apps, movie and tv websites and music streaming services can cost the upper of $500 a year in total. So, over four years (the average duration of your degree) it could be costing you $2000. 

Our solution: How about you choose one you enjoy the most and unsubscribe to the rest? We are not saying you shouldn’t spend some of your money on things you enjoy, just not all of it. This move will not only help you save some money but also your time. Overall, helping you avoid that procrastination during the busy exam seasons.


#2 Cabs? Uber? Utilize public transport

We’ve all been there; late for class, meeting friends or simply, “it’s raining”. Catching a cab or calling an Uber can be fine every once and all while, right? But when you’re constantly busy and in a rush, this option may seem like the best one and become too much of a habit. But if you get a $20 Uber twice a week for around 25 weeks of your academic year, that could cost you $1000. 

Our solution: Canada has one of the best transport systems in the world; from SkyTrains to our bus services. If this doesn’t tickle your fancy, why not connect with some friends and see if you’s could work on a rideshare agreement?


#3 Don’t forget to switch off the heating!

It’s winter and it can get very, very cold, so we understand that your bills can be high. But do we need to leave the heating on, all night? 

Our solution: Layer up! Wear sweaters around your house and maybe invest in a high-quality housecoat. This will save you from unnecessary high bills that hurt your bank balance.


#4 Have a night in, avoid the night outs!

We love to eat out! From trying out the newest restaurants in our area to visiting the local breweries with friends. But how much is this costing us? If we go out three times a week, we could be forking out a shocking $200 weekly. This is all well and good occasionally, but throughout your university degree, it’s time to be more conscious of this sort of spending. 

Our solution: Eat in! Drink in! Try inviting your classmates over to your house instead and host a ‘potluck’ style dinner party. Not only will this be kind to your wallet, but it will create a more personalized environment for your friends. Try it every once in a while. You and your classmates will appreciate a night away from the hustle and bustle of a busy bar, and the impact it will have on your wallet. 


Are you interested in learning more about Consumer Proposals or how to increase your credit? How about some key financial terms to help your overall financial literacy? Visit our blog now to discover how we can help.  


About Marble Financial Inc. (CSE: MRBL; OTCQB: MRBLF) We are a group of forward-thinking financial technology experts that fully understand the benefits and drawbacks of credit in Canada. Marble helps Canadians increase their credit to gain access to prime lending, through our industry-leading proprietary technology solutions Fast- Track, Score-Up, and Credit-Meds. Our proven strategy guides our customers back to a meaningful credit score, 50% quicker than traditional methods. Since 2016, Marble is proud to have empowered thousands of Canadians to a positive financial future. We continue to establish ourselves as leaders in financial wellness.