THE ONTARIO LAWYERS’ ASSISTANCE PROGRAM

Getting a Handle on Money

This article is about money. I had fears about writing this because I saw three traps I could fall into. Firstly, I could recite a lot of do’s and dont’s, tell you about saving 10% for your retirement that, right now, you cannot even envision or tell you to pay your bills on time. But, that does not cut it when the reality is that you have student loans for undergrad and law school studies and that you will graduate owing money. You work summer jobs to save as much as you can and you may be working one or two jobs right now. I will try not to offend you with irrelevant suggestions that are more appropriate for a different time and place in your life.

The second trap is to say that, despite knowing your financial stresses, just accept it and learn to live with it. Mistake! I will not presume to patronize or dismiss this real issue.

The third trap is to be basic. To pick any of these, I chose this one to try to give you some simple, hands-on suggestions that are small but can impact your overall financial situation. Also, hearing about a few things is not as overwhelming as doing a comprehensive financial plan when you are in debt and not sure what your future income will be.

Needs and wants – This sounds so simple but it is not. Some things are non-negotiable – tuition, books, rent, food. You must look after these or you cannot stay in law school. What do you need to get a job? One focus here is clothing. I went through law school on loans. I came from a family with no money to spare and, so, paid my own way. I had to look like a professional especially for potential work situations or moots or social events. The solution for me was one good suit with a clean shirt always pressed and ready to wear. The women I knew had one dark-coloured business suit with trousers and a skirt, white blouse and shoes along with an evening dress, usually black that could be worn with the same shoes. Instant transformation.

So, what are wants? Usually those things that right now you cannot afford! Hopefully, needs and wants are not the same things.

Food costs – We all have to eat but there are smart ways to cut down on costs and get the maximum health benefits. Certain foods slow down your brain and thinking processes, Complex carbohydrates, breads and sugars cut concentration. Breads take a lot of energy for your body to process. Complex carbohydrates like spaghetti actually make you sleep. Pasta at lunch will make you nod off in afternoon torts. The chocolate bar to give you instant energy does just that. It gives you a quick boost of blood sugar but the level drops as the sugar is quickly burned off. Your blood sugar falls lower than it was before and you are more fatigued.

Some tips. Stick to proteins and simple carbohydrates. Some precedents. For long-lasting energy in mid-afternoon or anytime you need a lift, eat 10 – 12 almonds. You can buy these in a bulk food department or store. Or, eat a yogurt, preferably plain. These foods fuel you (food is the fuel of your body so using low grade instead of super grade fuel makes you feel poorly). This energy is slow released and constant.

Drink lots of water. Avoid coffee or soft drinks. The caffeine in coffee makes your blood pressure rise and your pulse quicken. Soft drinks add sugar to your system and make your internal organs – pancreas and liver - work to digest it. Increased water (8 glasses a day – ugh, that is hard) will have you peeing a lot but your body will detoxify wastes and you will feel better. Water is cheaper (I had to get money in here somehow) and a bottle is easily refillable at a fountain. Spring water is not a pre-requisite to health unless the water at Osgoode comes out brown from the taps.

For meals, high protein foods help your brain to be fueled more effectively. Here’s a meal suggestion. It may sound a bit gross but it is healthy, inexpensive and great for weight control (especially for someone like me who reaches for chocolate or comfort foods when I am under stress). A mixture of cottage cheese with tuna and a boiled egg, no salt, does a number of things. First of all, there is no bread. It is not fried in grease. It is easy to make. It can be transported to school in one of those margarine containers in an insulated bag with some ice or a cooler and keep for a while if you do not have a fridge to put it in. Nutritionally, you get dairy, protein and fish that is full of omega and fatty oils that are great for brain functioning.

A diet of eggs cooked any way (but preferably not fried), fish, nuts, fruits (dried are acceptable from the bulk food stores), chicken (beef sometimes) and water will make you feel a lot better. These are cheaper grocery items as well. Ordering in a restaurant becomes simpler and cheaper. Chicken caesar salad is a great meal. Most menus items are fried and sandwiches have just a bit of nutritional ingredient and are more expensive.

Please do not think that I am unaware that you are under time pressure. Sometimes a quick cafeteria meal gets you through. But, if you share your meal times with others where you generally socialize or talk law and food is not your prime focus, bringing something healthy will not detract from your goal. If you going out for a nice meal, enjoy the food although you can still make healthy choices that are cheaper.

For credit tips, you can go to www.creditcanada.com . Going to www.lpic.ca , www.olap.ca and www.lpac.ca will give you other hints.

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