In high school, I was the one with the cheap LG phone on a $13/month plan, because my mom had pounced on this limited time back-to-school promotion from “Robbers” Wireless several years ago. I was the one who went out for lunch with my friends, only to sit in the food court eating my slapped-together, quite dry and tasteless turkey sandwich. I was the one who mooched off of everyone else, because my friends got fed up with my cheapness. I was the one who would only run the car for a couple minutes in the morning (keep in mind, we’re talking Saskatchewan winters here) because I hated spending more on gas than necessary. So trust me when I say, I know how to save money.
It was the summer after graduation, especially by August when student fees were due, that I began to realize I couldn’t complain anymore about being broke. University is extremely expensive, so everyone is broke. We’re all in this together. However, there are ways to maximize our account balance, which fall under two main categories: don’t spend, or save your earnings.
First of all, create a budget. You know what works for you, so give yourself a weekly quota of money to spend on necessities, and a certain amount for extra items. This amount completely depends on the person. If you know that you will end up shopping or seeing a movie in your multitude of free time, make sure you factor in this amount. Once you create a budget, stick to it. Review your budget every week, and make sure to hold onto all receipts. I know most of us won’t keep a bill for fast food, but it will help keep track of your spendings.
The simplest way to avoid overspending is to use cash. With debit, credit, and WAT cards, spending is easy, because the piece of plastic has no inherent value. Entering a pin is so second nature that we give it no thought. Cash is different. We’ve all said “I think I have change, I don’t want to break a twenty”. A twenty dollar bill makes us feel rich, and it hurts to part with it. You’ll think twice next time you’re about to purchase an unnecessary item if you are paying with cash. It’s not as easy to whip out a wad of bills than a debit or credit card. Not that students have wads of cash. But I’ve found that taking out cash monthly definitely reduces my spending habits.
I am a strong proponent of water fountains. Think about it: you’re saving money and the environment all at once. When I fill up my water bottle after buying lunch, I have a feeling of accomplishment watching the count of plastic water bottles saved increase by one. If you think that water is somehow tainted, then that is all psychological. Even in high school when the water fountains weren’t particularly appetizing, I still refused to buy water. This doesn’t sound like a big deal, but it’ll add up when you’re buying overpriced water that is free from the water fountain (or even just the sink), not to mention adding one more plastic bottle to a landfill. If you invest in a reusable water bottle, it will quickly pay itself off.
If you are in school right now, then you likely are not working. However, keep this next tip in mind for your co-op semester, because I speak from experience. In high school, despite complaining about being “broke”, I was also the one working twenty to twenty-five hours a week in order to save up for school, which was significantly more than any of my friends were, and I was saving rather than spending it. Since I started working, every few months I would invest majority of my paycheques, which is beneficial in several ways. Primarily, it makes you feel broke because your account balance is low, which make you hesitant to spend. In addition, this money will grow without any additional work on your part. Alternatively, you could open a savings account separate from your regular chequing account and transfer money into it from each paycheque. As long as you know this money is not available to be spent, you will find it easier to save.
And finally, financial aid. I am the last person who likes to admit this, but I should’ve listened to my parents. My rebellious side made me take extra hours at work just because they told me to work less. They repeatedly urged me to look into scholarships, awards, bursaries, etc. but I procrastinated and soon was so busy with school that I only ended up completing a handful of applications. I hate to admit it, but my dad was right. He said a few hours spent applying for scholarships was time better spent than working as a cashier. If successful, I could’ve made a $1000 an hour at that time, rather than $10. It’s never too late, so continue to look into scholarships to help pay your tuition. Who can say no to free money??
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