Financial advice to my first-year self

As told to TD Stories. Interviews have been condensed and edited for readability.

University and post-secondary students have a lot to think about: school, extracurriculars, career plans and often, money.

According to a recent survey conducted on behalf of TD, more than three quarters of post-secondary student respondents said that financial stress had a negative impact on their wellbeing and academic performance.

Nearly a quarter don't know how to build or maintain a budget, and more than half aren't currently investing. However, almost 90% said they wanted to learn more, especially about low-budget investing options.

While there's no one-size-fits-all approach to budgeting, saving, or investing, we spoke to three final year students about the financial advice they wish they heard in first year – advice that would have helped them budget better, invest more, and ultimately, stress less about money.

Here's what these three students had to say about their finances.

Arabella H.

Global Business and Digital Arts

University of Waterloo

• Track your spending: Use a budgeting app, spreadsheet, or simple phone note to help understand where your money goes each month
• Plan for the near future: Estimate expenses for your upper years, such as rent and groceries, so you can save with purpose
• Start investing when you can: Learn about registered accounts, such as TFSAs, and consider investing a little bit at a time, if your budget allows

I started a budget in my first year, but I abandoned it pretty quickly. I think I had a whole spreadsheet for tuition, housing, and meal plan expenses. At the time, my parents were helping me with tuition and some day-to-day expenses, so I didn't track my spending as much as I should have.

As I moved up in school, I started getting less financial support from my parents. I also got a part-time job on campus – a lot of my friends did too. Once we were earning our own money, I found we all were paying more attention to our finances.

I started saying no to plans in favour of saving money. My values had changed a bit. Before, I'd just say yes to everything.

I also began investing in second year. One of my friends opened a TFSA, thanks to advice from her older sibling. My older sister encouraged me to do the same. From there, it kind of just became like a ripple effect. Everyone started talking about TFSAs, which helped us all get a crash course on investing.

If I had to give advice to a first year, I'd say to open a registered account, like a TFSA, and start investing. I'd also tell them to track their spending, whether it's a formal budget tracker or just a note on your laptop or phone, to get a better understanding of where your money's going.

If I had been more aware of how much I'd be spending on rent or groceries going into second year, I would have been way more mindful of my spending – and savings – in first year.

Brynn M.

Chemical Engineering

University of Toronto

• Search widely for funding: Look beyond just your school for scholarships and bursary opportunities offered by local, national, and international organizations
• Don't self-select out: Apply for these opportunities even if you're concerned about your grades or assume the competition is strong. You never know unless you apply
• Think strategically about work terms and summer jobs: Co-op placements and summer jobs can help cover your tuition and build up your savings if working during the school year is difficult, or too much of a balancing act with sports and extra-curriculars

I chose one of the most expensive bachelor's degrees in the country, so there wasn't enough in my RESP to cover my tuition. My parents said they'd help me out in my first and second years of university; after that, I would be on my own financially.

In my first year, I was pretty careless with how I spent my money. I was living in residence with a meal plan, so I didn't think too much about saving. I saw the money in my bank account from summer jobs as fun money.

Once I started having to pay for my groceries and tuition, I realized I needed to be more organized and mindful of my spending. I'm a varsity athlete on U of T's track and field team, so between a heavy courseload and athletics, I don't have time to work during the school year.

After first year, I worked as a camp counselor, and after second year, I started getting summer jobs in my field, including a 16-month co-op placement last year – standard for many Canadian engineering programs.

While working, I was fortunate to live at home, which helped me build up my savings.

One piece of advice I'd give to first year students is to look into scholarships and bursaries. There are so many opportunities out there, not just through your school, but through other local, national, and even international organizations as well. Sometimes, there are only a few applicants for each award, so your chances of earning one might be quite high.

A colleague at my co-op placement told me about a scholarship for students in my field. I almost didn’t apply because I didn't think my grades were strong enough. I decided to just go for it and ended up winning the award, which I put towards my tuition. It's really helped reduce my stress this year.

Another tip for first year students is, don't disqualify yourself before applying for these awards because you never know. I know everyone says that but for me, it was such a real thing.

Claudia

Chemical Engineering

University of Toronto

• Put those student perks to work: Take advantage of student discounts, freebies and any services already included in tuition to help reduce everyday costs
• Treat your summer as a saving window: Try to set a savings target and think about automating transfers into a savings account to help your summer earnings last throughout the school year
• Build consistent money habits: Track your needs, wants, and investments each month, and consider investing in a TFSA as soon as you're eligible — even with a small contribution

I didn't grow up in Canada, and my parents don't live here. I had to figure out banking here on my own. Here are some of the things I've learned so far.

There are so many ways to save money when you're a student. I'd encourage first year students to take advantage of the many freebies and discounts available, like discounted public transit. And why pay for a gym membership or boutique fitness classes when you can access an on-campus athletic centre if it's part of your tuition?

During the school year, I work part-time teaching fitness classes and have also done tutoring. I make a few hundred dollars per month, which helps cover my fun expenses. I earn the bulk of my money from summer jobs, which have included internships in my field.

Going into the summer, I set a target number or percentage of what I want to put into savings, and to hold myself accountable, I set up auto transfers from my chequing to savings accounts.

I try to think of summer as a saving window instead of as a spending window. You're often earning a full-time income, but it’s got to last you throughout the year.

I wish I had opened a TFSA much earlier than I did. Even small contributions, like $20 per month, can add up. The key is not to just put money in, but to invest it. One advantage we have as students is time; the money in a TFSA can compound and grow. By the time you're in fourth year, you might have more money than you initially put in.

Tracking your spending is important, too. I budget with a simple Excel sheet. For me, that looks like separating out needs, wants, and, investments.

Budgeting for me has become a habit; it's second nature. I fill out my budget template every month. I'm being mindful of where I'm spending, but I'm not restrictive. There's no point in earning and saving money if you're not enjoying it. The key is finding that sweet spot, while also being mindful of the future.

About the TD Survey

This TD survey, conducted using the Leger Opinion panel, ran from July 29, 2026 - August 17, 2026, with a nationally representative sample of 1,750 Canadian adults, including n=255 post-secondary students aged 18-29, and n=255 parents of post-secondary students. The results have been weighted by age, gender, and region (and in Quebec, language) to match the population, according to Census data. For comparison purposes, a probability sample of 250 has an estimated margin of error of ±6.2%, 19 times out of 20.