A renewed program is available to Continuing Student Scholarship recipients who are attending spring courses at Ambrose. Up to half of your award can be allocated toward spring course tuition and the other portion can be allocated toward fall tuition.

Please contact financialaid@ambrose.edu to implement.

Also remember to apply for Financial Aid by June 1.  Application is available online on Financial Aid homepage.

Questions? Contact Roxanne Poelstra

financialaid@ambrose.edu

Dr. Gary McPherson Leadership Scholarship - $2,000

Have shown outstanding leadership, especially in the area of disability, and/or initiative to improve the lives of other people while attending Ambrose

Apply Now 

Continuing Student Scholarships

- $500 and up

One application form for multiple Ambrose endowed and
annual awards for students returning to study at

Ambrose in the fall. Recipients will be notified early May.

Apply online by February 28: Undergrads or Seminary

Financial Assistance - $500 and up

One application form for multiple bursaries. Students will be

matched to a bursary or financial assistance if they

demonstrate financial need.

Apply online by June 1

Questions? Contact Roxanne Poelstra

financialaid@ambrose.edu

Tips to manage your debt

Higher costs and interest rates mean that you may need to adjust your budget to find the right balance between daily spending and paying down debt.

Managing your finances means finding the right balance. Inflation and higher interest rates signal that you may need to adjust your budget to find the right balance between daily spending and paying down debt. The right balance will depend on your financial situation and goals.

This Financial Literacy Month, learn about good versus bad debt and how to manage your money in a changing world.

How to manage your money when interest rates rise

A rise in interest rates can cost you more to borrow money. Plan to pay down your debt as much as possible, starting with the highest interest rate first so you pay less money towards interest.

Learn how interest rates work and what to do when they increase

Make a plan to pay off your debt

Decide on a strategy for paying off your debt based on the types of debt and the amount of debt you owe. Taking steps to manage your debt can help you take control of your finances and increase your financial resilience.

Get tips on paying down your debt

What to consider before borrowing money

Responsible borrowing can help you build a good credit history. However, using credit to spend beyond your means could put you at risk of no longer being able to manage your debt.

Ask yourself these questions before borrowing money or using credit

Know your rights when borrowing money

The interest rate for your loan is included in your loan agreement. Find out what your financial institution must tell you about interest rates when you borrow.

Learn about your right to information

For other information regarding Ambrose Awards, please contact:

Roxanne Poelstra
Financial Aid & Awards Coordinator

financialaid@ambrose.edu
(403) 410-2938

Book an Appointment

I virtually attended a national financial aid workshop and I loved every session because of the many learnings that are available. Kerry K. Taylor did a session: GET A Fresh Start WITH YOUR MONEY (Taylor, Kerry K., 2022). I really loved her BUDGET WITH BUCKETS tip. Ya, I know. Budgets. But stick with us because this is different whereby a little bit of behavioural science is used to switch up the budget game.

Rethink. When it comes to budgeting, we all have different needs, priorities, and preferences. Some of us prefer tea, everyone else is weird. But regardless of your caffeine status, you're more likely to have better financial wellbeing if you take the time to create a budget that reflects your lifestyle.

Know where your money goes

The first step to budgeting is knowing exactly where your money goes. Start by tracking your money for about three months, and make a note of everything you earn and spend. My bank app now has different pictures for my eating out, groceries, transfers, shopping, investing, payroll deposits, etc. Once you have a good idea of your regular income and costs, you can build a budget to suit your needs.

Start Piecing Your Income

‘Piecing’ involves splitting your income into accounts (or pieces), with a specific budget for each.  It’s a helpful way to manage your spending and saving.

Here is my big-picture pieces (with percentages) that reflect how we generally think about saving and spending. The Pie Plan Pieces is less about the small details and more about the big picture.  

A simple approach is the 50:15:15:10:10 method:

• Plan 50% of your income for essential living expenses (shelter, groceries, bills).
• Plan 15% of your income for lifestyle costs.
• Plan 10% of charity and or a tithe.
• Dedicate 15% of your income to save for the future or pay off the past. You may need to increase this category if you're aiming to reduce more debt or increase your savings.
• Expect the unexpected with 10% dedicated to missed or forgotten expenses. What's the unexpected? The Unexpected piece is a life preserver for day-to-day budgeting. It's common to be overly optimistic about reducing expenses or earning more money, and this over-optimism can easily blow up your plan.  It's also easy to forget a once-a-year expense, so use this category to keep your budget in balance.

How you slice your dollars into pieces is up to you – we're all different so plan your pie to meet YOUR needs. If it's not working today, go ahead and adjust it for tomorrow.

Setup your accounts

Once you know how much to slice into each piece, divide your income accordingly each time you are paid, and automate it to an account. This is a great way to keep you on track with your spending so you only spend what you’ve dedicated for each specific purpose.

The Pie Plan Pieces is most cost effective if your bank allows you to make several fee-free sub-accounts under your main bank account. Being able to transfer money back and forth without a fee is also key. Many online banks and credit unions offer sub-accounts for dividing your money into categories.

It's easier to stick to a plan and not overspend because you can see how much money you have in each sub-account. And ya, be flexible.

What we've done is create a system and an environment to help you budget WITHOUT needing to rethink every step, every time you spend or save money. Plus, automating your budget reduces the need to keep making decisions (which can be exhausting) AND puts good new habits into play. This Pie Plan Pieces uses the science behind mental accounting to link your budgeting categories to dedicated bank accounts.

Good job! You read it, now determine your Pie Plan Pieces. Enjoy your tea, bubble tea, or whatever.

Become a Squawkfox Insider:

Get Kerry's free (and infrequent) newsletter and join over 50,000 subscribers: www.squawkfox.com/squawkfox-insider

A renewed program is available to Continuing Student Scholarship recipients who are attending spring courses at Ambrose. Up to half of your award can be allocated toward spring course tuition and the other portion can be allocated toward fall tuition.

Please contact financialaid@ambrose.edu to implement.

Also remember to apply for Financial Aid by June 1.  Application is available online on Financial Aid homepage.

Congrats! Here are my top 4 tips

1. Do you have a Student Loan? Make sure you know what repayment looks like and set yourself up for a good credit score for years to come.

2. If you are continuing on to graduate school, check out their website for funding and connect with their financial aid & awards office. Knowledge First Financial Graduate Scholarship Awards is one you could check out.

3. Do you have a spending plan of action? You may be looking for work or already have something lined up. Be on top of your finances by setting a plan. Credit Counselling Society has a good budget calculator and I also recommend the Government of Canada budget planner.

4. Do you want Money coaching? Financial Aid & Awards Office offers that and is open during the summer too. Set an appointment.