Research suggests many students see room for improvement in their
    finances as they start the school yearTORONTO, Aug. 18 /CNW/ - Students heading to university or college this
September may be excited to leave home and start the new school year, but
industry research suggests students may also be preoccupied by money concerns.
    Industry research suggests those aged 18-25 are among the least
financially satisfied Canadians, with only 23 per cent satisfied with their
current financial situation.
    "We know that concerns about money can distract students from getting the
most out of their education, which is why it's so important to take control of
your finances before starting the school year," said Colette Delaney, Senior
Vice-President, CIBC Retail Markets. "The good news is that students can take
steps now to improve their outlook on their finances and help them focus on
their studies instead of worrying about their money."
    Students can take charge of their money and gain confidence in their
financial situation by following a few simple tips:-  Minimize your everyday banking costs: You have enough expenses to
       worry about as a student, and everyday banking shouldn't be one of
       them. Cut costs by opening a bank account with CIBC Advantage® for
       Students benefits. Full-time students attending an accredited Canadian
       university or college can open a CIBC bank account with free everyday
       banking (including free withdrawals at CIBC bank machines), no monthly
       fees and no limit on the number of monthly transactions.

    -  Make a budget: Setting a budget allows you to determine your monthly
       and one-time costs in advance, helping to keep your finances on track
       for the month. It only takes a few minutes to complete a budget using
       the online budget calculator at www.cibc.com/ca/student-life. Review
       your budget regularly and make adjustments as you go. This will enable
       you to identify opportunities to cut costs, curb unnecessary spending
       and start saving.

    -  Keep track of your spending: Using a debit card and reviewing your
       account history online will allow you to see exactly where you are
       spending your money and will help with budgeting. If you choose to use
       a credit card, look for one that offers tools to help you stay on top
       of your spending. CIBC CreditSmart credit management tools help track
       and manage spending by organizing purchases into 10 common categories.
       You can create customized monthly budgets online and set up Spend
       Alerts that notify you when you've exceeded your customized budget or
       are nearing your credit limit.

    -  Establish credit and manage it well: Start building your credit
       history by choosing the right kind of credit card and using it
       responsibly. The CIBC Classic Visa Card for Students gives students
       convenient access to credit with no annual fee. Ideally, you should
       pay your balance in full each month and use your card for emergencies
       only.

    -  Avoid ABM fees: Locate your bank's nearest ABMs and save money by
       sticking to them for all your bank machine transactions. With the
       convenience of over 3,800 bank machines across Canada, CIBC clients
       can avoid additional service fees incurred from other bank or 'white-
       label' ABMs by seeking out their nearest CIBC ABM, or by using their
       debit card when making purchases.

    -  Start saving towards a goal: Once month-to-month expenses are budgeted
       for, you may be in a better position to save for something you want,
       like a Spring Break trip or a new laptop. Determine what you want to
       accomplish and ensure your short-term savings and long-term
       investments are working as hard as they can to earn you a higher
       return. Consider a product to help grow your savings, like the Tax
       Free Savings Account (TFSA), that allows you to shelter your money
       from tax and still have access to your money if you need it."By following these simple tips, students can gain a better understanding
of their finances and feel more confident about their financial situation,"
said Delaney. "Taking control of their finances means students can better
enjoy their university or college experience."
    More useful financial advice, calculators, product information and
articles about student life written by students can be found at
www.cibc.com/ca/student-life.
    For more information and advice, visit www.cibc.com or your local CIBC
branch, or call 1-800-465-CIBC (1-800-465-2422).

    CIBC is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC offers a full range of
products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at www.cibc.com.