Managing student debt while living in an increasingly expensive B.C.

With the beginning of the school year just around the corner, some students are bracing for the debt that often accompaniespost-secondary education.

Despite the B.C. NDP's campaign promise of eliminating theinterest on student loans, the rising cost of living in British Columbia can lead to financial strain on students and their parents.

But money coach andfinancial planner Leslie Gardner says it's possible to manage a student loan in a smart way that won't leave you in the red for long.

Gardner offered up tips for students onB.C. Almanacwithguest host Angela Sterritt.

Work out your budget

Gardner says, while it can be difficult working out a budget for those who never have before, it is essential.

Being aware of your tuition and having rough estimates of associated costs is the first step.

"You know what you're going to need. Factor in food and entertainment costs and come up with what you need for a month," saidGardner.

The second step, Gardner says, is determiningwhere the money comes from.

Is there anything you can cut out of your budget

Many people who have graduated from a post-secondaryinstitution and landed a well-paying job can still feel a financial crunch in the early years. Gardner says the first step isto review your budget and see where adjustments can be made.

She says considering asecond job or even selling valuables isn't a bad idea either.

She cautions that not acknowledging the debt is there can be very detrimental in the future and "buckling down" to pay off the debt should be prioritizedearly on. Borrowers should live off the paycheque of the main job and any extra money that can be found should go directly towardthe debt.

"It's tough.It's going to be reallytough," saidGardner.

Stay at home if you can

Gardner says while it's not possible for everyone, it's much cheaper to stay at home while attending apost-secondary institution, not just for the obvious dorm or rental costs but because of the extra cost associated with travelling home for the holidays.

If staying at home isn't an option, Gardner, says costs can be cut elsewhere during campus life. Rather than buying everything brand new during the first year of school, she says to pick up usedbooks wherever possible.

Also, avoid buying a car during school and use the bus pass that is often included in the tuition.

Get a job at the end

Gardner stresses the importance of actually starting your careerat the end of schooling. When finding a summer job between semesters, she advises trying to find a role that utilizes the skills you're learning in school, because that role often turns intoa long-term position.

Do your research and focus on courses or degrees that will lead to professional development, as it is possible to go into a field where there is no demand for employees.

And finally, take advantage of grants and bursaries. Gardner says that while they often require a short essay, it's worth it to pick up any extra cash you can along the way.

With files from B.C. Almanac