Student Budgeting

College or university courses teach you more than just specific job skills; they teach you how to gather, understand, evaluate and apply information. And all of these skills are critical to managing your finances as a student.

The bulk of the school bill is in the cost of living during the time it takes to graduate, which can range from anywhere from four to eight years! So you’ll need to control your living costs if you want don’t want to spend the rest of your years living on a student’s budget.

One of the best financial strategies is to remember the rule of kindergarten: sharing. Having roommates can help keep housing costs down, and joining a car co-operative provides you with the convenience of having access to a car without the huge cost. You can also save a few bucks by sharing items such as food, furniture and electronics with your roommates.

It’s common for textbooks to cost more than $100 and secondhand copies sell out fast. One trick for reducing costs is to get in touch with students a year ahead of you and arrange to buy their texts at the end of term. Many schools have buyback programs that connect buyers and sellers. Additionally, some courses require the newest edition of the textbook, but oftentimes the previous edition only has a few minor changes. Check with the professor if the previous edition is suitable for the course, as this will save you a significant chunk of change.

A computer is essential, and most school bookstores offer discounts on equipment and software. That computer can also help reduce costs by becoming an all-purpose entertainment centre. Instead of running up phone bills, opt for a computer-based phone system such as Skype, which allows you call anyone anywhere for free. Skip the TV and cable costs by watching TV shows and films online. Add a good set of speakers, and your computer becomes a first class stereo with access to radio stations worldwide.

Learning how to cook healthy food not only saves you money, but it also prevents the health problems that go with the steady diet of high-fat, high-starch meals that are standard cafeteria fare. Homemade curries, stir-fries and soups, cooked in bulk once a month and frozen, will give you the power to resist that beckoning pizza flyer. Even if you’re on the school’s meal plan, give your health and your wallet a break by skipping overpriced convenience foods. Carry a thermos of home-brewed coffee and a supply of nuts and dried fruit for snacking.

For more ideas, many financial aid offices recommend The Debt-Free Graduate by Murray Baker, which offers a wealth of tips and strategies for Canadian students on how to cover the cost of school without racking up a load of debt. If you’d like to speak to a financial representative about various options for paying for school, we encourage you to contact us at 306-842-6641.