Saving cash during the school year mission one
I believe that while you're here, the biggest challenges you encounter should be about your schoolwork, not your finances. For that reason I've scoured books, magazines, and the Internet, reading a wide collection of websites promising money-saving tips for students in preparation of this guide for you.
I shared them with Andrew
Payne, Fanshawe Student Union's
vice-president in charge of finance,
to give you the very best in tips and
advice to hang on to more of your
cash this year.
“A great way for students to save
money throughout the year is to
make a budget (and to stick to it),”
Payne advised. “There are example
budgets online at every major
bank's website and there's even
one from the college. It can be
found in the Money Matters guide
at fanshawemoney.ca.
“In fact, that website offers
much more than simply a budget
guide,” he continued. “It's the
place to go if you're interested in
applying for bursaries, awards,
scholarships, OSAP and even work
study. It's the place to start if
you're on the hunt for financial
information here at Fanshawe.”
With that in mind, here are some
of the most important things to
keep in mind regarding your
finances this year at school.
Time to become the banker
Learn to crunch the numbers —
estimate your income and expenses,
and revisit it often. Mark down
your actual expenses (and keep
receipts) so you can see what
you're spending your money on.
Whether it's a notebook or a
spreadsheet, this habit can have a
big impact on your year.
Write a reminder in your planner
every week, or make it a file that
pops up on your computer when
you start it up, so you see it every
day. Not only do you get a clear
picture of where your money is
going, some of those expenses can
be deducted later for taxes, or at
least used for sympathy from your
parents.
Most banks offer free services to
students — no transaction fees,
better rates of interest, etc. Make
sure to let your bank know that
you're a student, and see what they
can do for you.
Always set aside some money for emergencies
Illness, homesickness, unexpected
school expenses; have money
set aside for the unpredictable, like
when something goes wrong with
your computer or car, because it
will. And definitely leave your
credit card back at home, because
you're likely going to have enough
debt once you graduate.
Similarly, you should keep the
money for your fixed expenses
(like your rent, utilities, maybe car
insurance) separate from everything
else, even your variable
expenses (like groceries). Sure,
this seems like a no brainer, but
watch closely. There is no worse
feeling than realizing you're short
on cash for a big bill.
Create meal menus and a shopping list (and stick to them)
The act of considering what you
need and writing it out will help to
prevent a lot of impulse shopping.
Try to consider meals that feature
beans, pasta, and rice, since these
things are inexpensive and generally
go a long way.
Making meal menus and plans is
the best way to ensure you don't
forget any essential ingredients for
supper — otherwise you might just
give up and order in. It's not only
hard on your funds, it's hard on
your body (Freshman 15, anyone?).
Do what you can to avoid buying
food at variety stores. Milk
may cost about the same there as
anywhere, but beyond that, it's
way more expensive than going to
a proper grocer. Even snacks like
potato chips are needlessly expensive
at convenience stores.
Clip coupons and get discounts wherever you can
There are a lot of ways to save
money on the purchases you
already have to make. You've
probably heard of the Student
Pricing Card, right? They're on
sale in the Fanshawe Bookstore,
and they are a great way to get a
chill percentage off of your purchases.
And speaking of stores, you
might as well check those that you
shop often for membership cards
and programs that can save you
money. You might be able to sit on
their computer with a student status,
which can help in the future.
There are coupons in your student
handbook, too, and a lot available
online if you look.
Here's one for your bookmarks: Save.ca, a Canadian website funded
by manufacturers that will let
you choose from a list of available
coupons online, and then mail
them to you! This service is free
and coupons are available for food,
toiletries, cleaning products, even
pet food! Get a free account and
start right away.
Partner up with your friends and roommates
Nothing creates a sense of community
or family like food. Get
together with your friends or roommate
and shop together — carpooling
will save time and money in
shopping, and it saves you from
having to go alone all the time.
You should definitely cook
together, too; you'll be able to eat a
lot better with a better variety of
food available. Plus, having help in
the kitchen will save time in preparation
and cleanup, and let's be
honest, nobody enjoys the cleanup.
Be smart with your school supplies
Common supplies, like pens,
pencils, paper, and general stationery,
are considerably cheaper at
discount stores than at major shopping
outlets. Realistically, there are
Dollarama and Giant Tiger locations
close to campus, and you can
save your money for your bigger
purchases.
Not that you shouldn't be careful
with those, though. Many of you
will need to buy a computer, so ask
yourself what your needs for one
really are. If you're only really getting
one to take notes and write
homework assignments, then you
don't necessarily need to blow
your budget on a state-of-the-art
machine.
Give a hoot about your books
Though there are times when you'll need the most current edition of a given book or textbook, often you can get away with previous editions. Check the reference section in the library and phone nearby bookstores to check for the titles you need.
And check with other students — you could save money buying books from someone who doesn't need them anymore, at the same time giving them more money than they'd get by selling them back to the campus bookstore as used.
We live in a free country
Take advantage of free seminars, lectures, activities and more offered here in the community. The public library is a great resource for things like this, but so is the school — follow Fanshawe College on Twitter (@fanshawecollege) for alerts on free speakers and sessions that come to the college. Having more experience and perspective will only help you in your classes in the end.
Keep in mind that your tuition here at school includes the cost of a bus pass for the city, good for an entire year. We may not have the best transit system going, but a trip downtown will take you to a lot of places of interest, and it's a great way to get around for cheap while considering the environment.
Try to cut out expensive habits
We all have our indulgences, whether it be cigarettes and rich coffee drinks, or beers on a patio. These things can cost a lot of money as time goes on, not to mention the toll they take on your body.
Do your drinking where the specials are; we've worked hard to put together a guide of all of the best bars and restaurants in London, including their food and drink specials. Flip a few pages from here and check them out, and save your money while you're at it.
If you can't cut these things out of your lifestyle, include them in your budget. Make allowances for your indulgences so that you aren't just spending all your pocket cash on them and dipping into your bank account later.