Managing your money as a university student is a difficult task. It is so tempting to spend your hard-earned money on that pick-me-up treat on campus, new clothes for an upcoming party, or that school hoodie that everyone is wearing. However, my goal today is to offer you tips and tricks to help you save your money for whatever short or long-term goal you have in mind.
First things first, if you are hoping to save or spend your money wisely, having a job during your studies is crucial. I am not saying to work crazy during the school year but a part-time job will be able to cover your basic expenses. There are several options when it comes to having a job. You can work on campus through the Work-Study Program (which you can find in your uoZone account under the Finance and Jobs section), around campus (like at the Rideau Centre or the ByWard Market), near your home, or even remotely.
When it comes to saving money, one of the easiest things to do is open a savings account and actually use it. Instead of letting your money sit in your chequing account where you’re more likely to spend it, move a portion of your paycheck to savings as soon as you get paid. A good trick is to figure out how much you need for essentials like rent, food, and bills, then stash whatever’s left. Over time, those small amounts add up, and you’ll thank yourself later when you have enough for that dream trip or a big purchase you’ve been eyeing!
On a different note, when it comes to spending money, I understand that we all want to buy things we want and don’t necessarily need. However, we shouldn’t have to limit ourselves from having fun! There are many ways to spend less on the items you want. Some obvious strategies include buying items on sale and shopping at thrift stores like Value Village, Plato’s Closet, and even our Free Store here on campus. You can also take advantage of student discounts like the SPC (Student Price Card) and the Discount Program offered by AETSA (for my fellow Telfer students). These benefits allow you to spend less and save more!
In conclusion, managing money as a university student requires a balance between earning, budgeting, saving, and spending wisely. By following these simple yet effective tips, you can develop healthy financial habits that will benefit you in the long run. Remember, small changes today can lead to significant savings and financial stability in the future!