Today I’ve got a guest post from none other than my little sister Sarah! She’s just about to finish her second year of university and is what I call a real frugal fashionista. She knows the value of a dollar, works and studies hard, and is well on her way to finishing her degree completely debt free! She’s also an amazing writer if I do say so myself. Take it away sis! – Mo’ Houses
Being savvy with money must run in my family since I’ve managed to beat the odds and go against the stereotype of being another poor college student. Ever since I graduated high school in 2010, I have managed to keep my bank account at a reasonable and ever-growing number. After I graduated I decided to take a year off and pursue some goals and dreams of mine, while working part-time to save money for school. A few months into my gap year, I realized my job and I were not a good fit and unfortunately the decision left me unemployed for three months (in the dead of winter no less, wahh). This meant I had to learn fast how to save my pennies! That same survival instinct from being jobless led me to embrace my scrimper and saver attitude when I started my first year of university. Although I still live at home and don’t have to pay rent, I pay for my schooling, car, cellphone and social life through the earnings I get from my part time job, which means I’m always looking to save a buck or two. Hence, I thought I’d share my top tips to save money (and still have a life!) while being a full-time student with you lovely readers:
1.) Eat Breakfast (or Dinner) Before School
Although Tim Horton’s tantalizing treats and french vanilla lattes are very tempting in the morning, I have saved so much money from eating at home and bringing my own coffee and tea to school. I have both morning and night classes, which means I apply the same routine to my night classes too. I eat something before I leave and always bring some snacks for later.
2.) Always Check Amazon
It’s a fact that school bookstores are expensive. My wallet has thanked me countless times now because before each semester starts I check my reading list for my courses and ALWAYS see if Amazon is selling those same books for a fraction of the price. They usually do and they ship uber fast, which means I skip long lines at the bookstore too!
3.) Embrace Public Transit
I have owned my car for three years now, but that does not mean I am going to pay $7.95 for parking every time I drive up to campus to attend a one-hour tutorial. So instead I park my car near the closest bus or skytrain stop and enjoy the ride. Although I have to pay $140 for this monthly transit pass each semester, I know it saves me more money in the long run. Furthermore it’s a great opportunity to sleep or study on the way to school.
4.) Prepare and Plan for Nights Out
Going out on the town can be super fun or messy depending on your night, however what never changes is the regret you face the morning after you realized you spent way too much money on those tequila shots you did not need! I found that if I calculated my costs, such as cover fee, taxi/transit ride home, and drinks/food, then I could take out a set amount of cash, leave the credit card at home, and not fear what my Visa bill would look like the next day. Also, pre-drinking is another awesome way for lowering costs.
5.) Separate Your Fun Money from Your Serious Money
Like any good budget guru will tell you, when you get your paycheque, set aside a certain amount of money that you can deem your fun money. These dollars and bills can be spent guilt-free because you set aside the other part of your paycheck for school and other costs. Even if you aren’t getting paid much every bit helps and you can always adjust the amount you split accordingly to each incoming paycheck.
Student life is stressful enough, so knowing that I can alleviate some of that stress by managing a key aspect of it helps me enjoy my academic career more! Thanks for having me guest post Jess!
What are some of your top tips and tricks you’ve picked up from your academic journeys?