If there’s one thing that can cause stress that rivals finals, it’s worrying about paying for the next term of school. With that said, uWaterloo engineers have the benefit of having co-op to assist in paying for tuition but, let’s be serious – with Waterloo having one of the highest tuition fees for an engineering program in the country, co-op isn’t going to sustain these expenses.
Over the years, I’ve gathered a few tips for saving money that will benefit any first year (or any year, for that matter) in the long run as you become aware of the significant investment you’re making in coming to university.
1. Spending on small things
Let’s start with the easy stuff. Ask the upper years in your program to sell their books to you or look online on used book sites catering specially to Waterloo students instead of buying it from the Waterloo Bookstore. While I’m all for extra study materials, I’ve found that some classes, while they are recommended, have textbooks that are not needed to master the material. If anything, do the research necessary to discern whether it’s worth that extra cost.
In addition, food is a major cost for the average student. Take the time to learn how to cook rather than spending four times the amount a week eating out. While I appreciate that you are, more or less, carnivorous, it is easy to see that purchasing meat and meat-based dishes (ready-made) will put a serious dent in your budget. The less prepared your meat is, the more you’ll save. Furthermore, look for student specials that are available on certain weekdays at different grocery store chains. For example, Zehrs is known to have a 10% student discount on your entire purchase. Get to know when these specials are and make more frequent groceries trips as you’ll be able to take advantage of ‘on sale’ items that change every couple of days. Finally, St. Jacob’s market is a great place to get produce for less which usually ends up tasting better. Make a day of it on Saturday by taking the 21 bus from Conestoga Mall or visit the SLC on Thursdays at lunch to peruse the selection usually brought by the sellers at St. Jacob’s.
2. Keep track of spending money
It’s advisable to be aware of how much money you’ve spent. For starters, create a budget for the term that details how much you have in your bank account (after tuition) and allocate amounts to rent, food, school supplies, entertainment, etc. What’s important is to be realistic with the values you allocate. Finally, always having some money set aside for contingency is advisable as I’ve found that I’ve needed it once every other term. Take the time every fortnight to collect all the receipts you have acquired so far and make a tally of the amounts you’re actually spending and adjust your values accordingly. Not only will you get an idea of how much you need to spend on each category, you’ll also plan better for subsequent terms. What’s critical is that you remain realistic on what your spending habits are.
3. Cash over credit
Using a credit card for purchases can lure you into a false security where you’re not really aware of how much you’re spending. In order to keep your spending under control, carry cash around rather than carrying around your credit card when going out on excursions. By doing so, you’re automatically putting a cap on your spending and are physically handling the money you’re using up rather than hiding behind a piece of plastic. If you’ve specifically budgeted for a big purchase, feel free to use your credit card for the purpose of improving your credit score.
4. Real estate
If you have enough to have some spending money in the bank, make a point of saving up so that you can invest in real estate around the Waterloo region. Do the research and look into how much you can put into a down payment and base your house-hunting search on that. Not only does this save you the hassle of finding a place to live every time you are on school term, having roommates that pay rent in your household will automatically ensure that mortgage payments are covered. What’s even better is that, after university, your property will still be a source of income to you.
Another way to do save money on your housing is to look at the student classifieds. There are two times to look for a place, either super early or super late in the term. Looking really early for a place will allow you to pick up places that offer a nice space with reasonable rent as these are snatched up quickly. If you can handle the pressure, it may also be beneficial to look for housing a couple of weeks before the start of term in the student classifieds. Most students who want to sublet their place will often lower their asking price and will throw in expenses like utilities and internet (which can add up) with their asking price. Be ready to look at a lot of places in a really short space of time and making snap decisions when you see something good. With that said, being a sublet during the spring term is especially good since everyone outside of co-op will be looking for someone to take over their room.
I hope these tips are a good way to start on being savvy with your money and getting that extra bang for your buck. Take them as inspiration to find other ways to save money and put it towards something that will benefit you financially in the future.
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