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How to Adjust Financially Now That Things Are Opening Up

Written by Samantha Moss

Learn how to adjust financially to a “new normal”, and then play Just for Funds. You could win $1,000 just for playing!

 

Things are starting to open up again which means we have a lot to talk about, especially when it comes to adjusting financially. But first, here’s a quick recap of the last 12+ weeks!

Lockdown started in the middle of March and basically dismantled life as we once knew it. People geared up to go to their local grocery store as if they were heading into an apocalypse just to grab some toilet paper. All the while, some people decided to stay home entirely and experiment with DIY bangs. Online dating came to an immediate halt. Carol Baskin won the internet (kinda). Murder hornets were a thing. Until they weren’t. Online shopping became increasingly popular and some people even found moose in their swimming pool. Oh, and just when you thought things couldn’t get any weirder, many high-schoolers lost out on their proms, graduation ceremonies and summer employment.

It wasn’t all bad, though. Many of us saved some major cash from not having to commute to work or school. The Canadian government came in clutch with a $9B relief package for students. We got refunds on some of our pre-booked travels. Retailers gave us some epic deals with free shipping, and food chains gave us discounts with free delivery.

So if there’s anything we’ve learned throughout all of this, it’s that we’re much more adaptable than we give ourselves credit for. And now that things are starting to open up again, we’ll probably have to adjust our routines and figure out what a new normal is going to look like – mentally, socially, and financially.

Here are some tips to adjust financially once things start opening:

Switch up your work-outs with some outdoor activities.

The world is starting to open up at such a convenient time! The weather is getting warmer, which means there will be more opportunities to get your daily dose of exercise through biking, rollerblading, or whatever else you’re into. Soak up some vitamin D, and re-familiarize yourself with the world outside! Our advice? You may want to consider trading that gym membership fee for a more budget-friendly alternative.

Take advantage of student discounts.

For a limited time, you can enjoy up to $95 in total value with CIBC Student Offers!

Basically, you can get $601 when you open a CIBC SmartTM for Students account and complete qualifying actions,$25 cashback after you make your first purchase within 4 months of activating your CIBC Dividend® Visa* Card for Students2, and a $10 value SPC membership free every year as an eligible CIBC student client3.

Plus, with an eligible CIBC student or youth account, you’ll automatically receive free exclusive access to SPC+. It’s kind of like a regular SPC membership, but way better because it’s free and you’ll even get bigger discounts and over 450 deals, special experiences, and more4.

That’s not all! When you open an eligible CIBC student account, you’ll even receive an automatic entry into SLN’s Full Ride giveaway for a chance to win $35,000 to help cover the costs of tuition◊◊.

When it comes to optimizing available student deals and discounts – the time is now!

Reassess your shopping habits.

Summer is alive and well, which means we can all probably find an excuse to buy something new. Shorts. Bathers. You name it. But things are a little different this summer because we just spent the last 3+ months looking for things to do remotely. For many of us, that “something” involved taking advantage of all the COVID deals online with our favorite stores. So, now might be a good time to give the shopping a bit of a break, and see how often you’re actually using your quarantine purchases.

Plus, you can tell us about your thriftiness and creative money-saving hacks in our Thrifty and Thriving Scholarship for a chance to win $1,0005!

Make adjustments as you go.

If there’s anything we’ve learned through the whole COVID experience, it’s that life can change at the turn of a dime. That’s why it’s always good to set a dynamic budget plan that leaves room to pivot financially. Once things start to open, you’ll start to get a feel for what your new normal is going to look like. Plus, you might realize that COVID has forced you to live without certain things that perhaps you never really needed in the first place. Now is a great time to reassess your expenses and make any necessary cuts!

Speaking of unnecessary expenses, we recommend opening up a CIBC Smart for Students account. Youll receive unlimited free transactions including Interac e-Transfer® service6, and youll pay $0 monthly fee for as long as you’re a student, so you can have money for things like textbooks and tuition. Youll even get to enjoy the benefits of the account for 6 months after you graduate! To top it all off, youll also get $601 when you open the account as your first CIBC chequing account, provide us your email address, register for CIBC Online or CIBC Mobile Banking, and complete three qualifying Visa*Debit purchases using the CIBC Advantage Debit Card® .

And don’t forget, this offer is included in the $95 total value student banking bundle. Basically, you can add it to the $25 cashback you’ll get after you make your first purchase within 4 months of activating CIBC Dividend Visa Card for Students2, and the $10 value SPC membership you’ll get for free every year as an eligible CIBC student client3.

So basically, now is a great time to make the most of your student status! Making the necessary financial adjustments could simply mean opening up a CIBC bank account that is tailored to your specific student needs.

Are you ready for a “new normal”?

Test your knowledge with Just for Funds. You could win $1,000 just for playing!

 

† NO PURCHASE NECESSARY. Open July 16th, 2020 at 4:00 pm Eastern Time (“ET”) to August 15th 2020 at 11:59:59p.m. ET to legal residents of Canada who are sixteen (16) years of age or older and are current students of an accredited Canadian university, college or secondary school. One (1) $1,000 prize available. Odds of winning depend on the number of eligible entries received. Math skill test required. Full Contest Rules available here.

‡ The “Up to $95 in total value Student Offers” begins on June 2, 2020 and is available for a limited time consisting of the following components:

1. The Smart for Student $60 Offer begins on February 29, 2020 at 12:01 a.m. (ET) and ends on October 30, 2020 at 11:59 p.m. (ET). Offer only open to Canadian residents who are not holders or joint holders of a CIBC chequing account. To qualify, open a CIBC Smart Account for students and provide your email address. Within two (2) months, you must: (i) register for and sign on to CIBC Online Banking or CIBC Mobile Banking; and (ii) complete at least three (3) eligible Visa Debit purchases with your CIBC Advantage Debit Card® from the Account. Offer cannot be combined with any other offer, reward or rebate, unless otherwise indicated. The cash reward will be deposited into your account five (5) months after you have completed the required transactions. Other conditions apply. Visit a CIBC banking centre or visit cibc.com/studentoffer.

2. You can qualify for this offer if you apply and are approved for a new CIBC Dividend® Visa* Card for Students starting June 2, 2020. Offer is available for a limited time. If you apply and are approved for a new CIBC Dividend® Visa* Card for Students, you will receive a one-time $25 cash back on your first purchase made within the first 4 monthly statement periods. Cash back is awarded at the end of the year as a credit on your December statement. Offer applies to newly approved card accounts only; transfers from an existing CIBC credit card to a CIBC Dividend® Visa* Card for Students are excluded. This offer is not transferable. This offer may be withdrawn or changed without prior notice at any time. This offer may be revoked if you appear to be manipulating or abusing it, or are engaged in any suspicious or fraudulent activity, as determined by CIBC in its sole discretion.

3. The $10 SPC membership fee waiver for Students Offer: To be eligible for a free SPC membership, you must hold an eligible CIBC product at the time you register for the membership, which you must do through CIBC online or mobile banking. Eligible CIBC products include a CIBC Youth or Student bank account, Student credit card or Student line of credit. A complete list of eligible CIBC products can be found at cibc.com/spc. Joint account holders of eligible CIBC products are not eligible for membership. You must also be a legal resident of Canada who is fourteen (14) years of age or over, but under the age of thirty (30) years if the eligible CIBC product you use to qualify for the membership is a student line of credit. The membership will automatically renew and remain in effect for as long as you hold an eligible CIBC product.

4. To be eligible for a free SPC membership, you must hold an eligible CIBC product at the time you register for the membership, which you must do through CIBC online or mobile banking. Eligible CIBC products include a CIBC Youth or Student bank account, Student credit card or Student line of credit. A complete list of eligible CIBC products can be found at cibc.com/spc. Joint account holders of eligible CIBC products are not eligible for membership. You must also be a legal resident of Canada who is fourteen (14) years of age or over, but under the age of thirty (30) years if the eligible CIBC product you use to qualify for the membership is a student line of credit. The membership will automatically renew and remain in effect for as long as you hold an eligible CIBC product. Trade-mark/registered trademark of Student Price Card Ltd.

5. NO PURCHASE NECESSARY. Open February 21 2020 at 4:01 pm Eastern Time (“ET”) to September 30 2020 at 11:59:59p.m. ET to legal residents of Canada who are sixteen (16) years of age or older and are current students of an accredited Canadian university, college or secondary school. One (1) $1,000 prize available. Odds of winning depend on the number of eligible entries received. Math skill test required. Full contest rules here.

6. A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC bank account(s) using the transfer function on CIBC Online Banking, CIBC Mobile Banking, CIBC Telephone Banking and at CIBC ATMs. Wire payments, and transactions in foreign currency (including cheques written in currencies other than the account currency).

◊◊ NO PURCHASE NECESSARY. Open January 1st, 2020 to December 31st, 2020 to legal residents of Canada who are sixteen (16) years of age or older and are current students of an accredited Canadian university, college or secondary school. One (1) Grand Prize available to be won consisting of: one (1) cheque for $8,750 made payable to the winner; one (1) 1-year GIC for $8,750 opened in the winner’s name; one (1) 2-year GIC for $8,750 opened in the winner’s name, and one (1) 3-year GIC for $8,750 opened in the winner’s name. Odds of winning depend on number of eligible entries received. Math skill testing question required. Full Contest Rules

®Registered trademarks of CIBC or its subsidiaries.

* Trademark of Visa Int., used under license.

The CIBC logo is a trademark of CIBC, used under license. Interac e-Transfer is a trademark of Interac Inc. used under license.

*Opinions expressed are those of the author, and not necessarily those of Student Life Network or their partners.