Although you could be excused for being nose-deep in your books, it’s time to take a minute to think about how you’re managing your finances. Do you have any kind of budget? Or are you spending on the fast?
Cost of university is prohibitive and there are endless opportunities to spend your hard-earned dollars or student loans. With a few minor changes now, you could help yourself save a lot of cash over the course of time.
Budgeting
Making a monthly budget is the first step to maintaining a clear view of your financial situation. Budgeting gives you a big-picture view of your money, so that you can make well-informed spending and saving decisions. It can help reduce the amount of debt you’ll be carrying after you graduate. Because, be honest, you don’t wish to enter the professional life with $35,000 of debt.
1. Make A BUDGET
Make a spreadsheet and then compare your expenses and income the following year. Are you making the right decision (income more than expenses)? Great! Make sure you’re saving money each month.
If your account is in the black (expenses over income) You’ll need to examine ways to cut your expenses or increase the amount you’re earning every month.
Explore the UBC’s Financial Planning page to get useful Budgeting resources such as a basics worksheet and a budget planner. There’s also a handy online cost calculator which you can use.
2. Track your spending
Write down each purchase you make or use a budgeting application such as Mint, Wally, Mvelopes or Goodbudget.At site chiangraitimes.com from Our Articles By keeping track of what you spend, it will help you spot patternsand help you be more aware of how much money you spend and will help you figure out whether you require a change.
3. DIFFERENTIATE ‘NEEDS’ from ‘WANTS’
While it may seem like something that is simple however, you’ll be amazed by the ability we have to rationalize some of our spending decisions. The savings of buying only the things you require gives you more freedom in budgeting in the long run.
4. STICK TO YOUR BUDGET
Making a budget is simple part. Following that, you have to implement it. Remember that a budget cannot be a fixed thing. The contrary, it is designed to be flexible. This means that it is updated when circumstances alter.
School
The costs of college can be high. cost can pile up most especially in the months of November and December, when tuition is due and you need to purchase the textbooks required for class. If you make smart choices and putting in the extra work, you can reduce the impact of these big expenditures on your money.
5. Find out about free money!
Although we all know that money isn’t a tree (#SAD! ) but there’s several places to get it free.
Find out about scholarships, awards or bursaries. Some scholarships do not receive lots of applications. It’s worth putting in the effort and pursuing it.
6. ASK QUESTIONS ABOUT HOW YOU pay your school fees.
Avoid paying costs for housing or tuition with credit card because there’s a 1.75 percent charge is added on into the overall. In the case of a tuition bill of $3,000, you’ll lose more than $30.
Pay using a different method, such as a bank wire or a cheque. Visit our Paying Tuition webpage to learn about the payment options available to you.
7. Do not waste your meal plan DOLLARS
If you’re a resident and you have meals on a plan, the most efficient option is to use your meal plan’s basic funds to go to the in-residence dining halls. You’ll receive a discount of 25% on each purchase.
You can also enjoy the benefit of a discount of 5% when you use your flex dollar when you shop at UBC Food Services locations.
8. SAVE MONEY ON TEXTBOOKS
Buy second-hand textbooks donated by former students via Craigslist, Kijiji, or Facebook groups like UBC Used Textbooks.
The UBC Bookstore even has a rental program for certain books. Also, don’t forget check Amazon for great bargains.
9. SELL your Textbooks
When you’re finished with a textbook, return it and donate it back to UBC Bookstore or Discount Textbooks or find the right student to use the book.
Food/Grocery
Beyond rent, the largest expenditure per month will likely be food. Although eating out every day is the most convenient way to go, it’s also the most costly. Adopting a self-help approach to food consumption is a smart approach to both save money and work on your cooking abilities.
10. COOK AT HOME
The amount of time you go out for dinner each month can save you huge sums of money. Make big meals and store the rest in Tupperware containers. Bring leftovers to school, and then heat them up to save money on food.
There are microwaves located all around campus, so really, there’s no excuse. You can use this map for a great starting point for finding the microwave nearest to you.
11. BUY IN BULK
When you buy in bulk, you make the most of every purchase. Shop with your families and friends, and then purchase family packs. Separate food in plastic bags and then place food items in freezers to be used later.
12. PLAN YOUR MEALS
If you’ve planned your meals for the upcoming week, the exact items you’ll need to purchase. Create a shopping list as well as shop strategically. Purchase only what you will need. This helps to reduce wasted food at the close of the week.
13. COLLECT YOUR OWN COFFEE
If you spend $3 on coffee every day at $1.50 per cup it will cost you $600 in the course of the school year. That’s right, $600.
Instead, purchase large quantities of coffee beans and then make it by yourself. Find a travel mug, and take it on your trip to the university to keep your coffee warm.
14. COUPONS COUPONS COUPONS COUPONS COUPON
Grab the most coupons you can, and use them to cut down on your food bill.
Shopping
In the era of consumerism which we live in, it’s easy to get caught up in the Arcade Fire’s words: “Everything Now. Being able to resist the urge to shop frivolously is the best way to conserve money.
Of course it’s impossible to avoid purchasing specific things. If you’re going to purchase something, take steps to cut down on the amount you’re paying for.
15. REFUSE to IMPULSE BUYS
This is why it is essential to distinguish between things you require and the things you’d like. If you are planning to purchase a “want look at your budget first , and then see what you can afford.
Don’t purchase at the moment without considering the implications.
16. SHOP IN DISCOUNT STORES
At the local dollar stores, you should be the first stop when you’re looking to buy household goods, school supplies and more. Thrift stores are excellent for secondhand clothing and Vancouver’s got quite a large selection of them.
For a start, go to for yourself the Salvation Army in Kits, F As In Frank on Main Street, Community Thrift and Vintage in Gastown or at the Wildlife Thrift Store on Granville Street.
17. Purchase generic products, AVOID NAME BRANDS
This is pretty straightforward. For food, medicines bathroom, toiletries, or other household products, pick the less expensive general-purpose option instead of the brand names that are top of the line.
When you shop at the grocery store, shop for the products that are house-brand. The money saved adds up over time.
18. ASK for information about student discounts
Although many stores offer discounts to students, these deals aren’t usually advertised. Do not be afraid to inquire with a store employee. Keep your student ID handy. Make a request and (sometimes) you will receive.
Entertainment
Extracurricular activities and a social life are essential for making your college experience enjoyable. The challenge is figuring out how to have fun and not break the budget.
19. Select social activities that won’t Cost money
Go hiking, cycling or even go sightseeing or an afternoon stroll in the park. Activities that make the most of Vancouver’s proximity to nature are the most enjoyable. Here’s a list 25 free activities in Vancouver.
20. TAKE ADVANTAGE OF UBC CAMPUS ATTRACTIONS
If you’re an UBC student, it is possible to get free access or significant discounts when you visit a number of UBC institutions, such as for instance the UBC Aquatic Centre as well as the ARC and the Birdcoop Fitness Centres, the Museum of Anthropology, the Nitobe Memorial Garden, and the Morris and Helen Belkin Art Gallery.
21. CONNECT WITH A CLUB
The UBC clubs are a great way you can get involved and get to know fellow students. There are thousands of clubs within UBC and they’re always organizing social events.
Go to the AMS website for a full list of clubs.
Do not be afraid to reach for assistance
A lot of students avoid reaching in to helpers who could assist them until it’s to late and they’re already in financial trouble. Avoid doing this. If you’re struggling for money, reach out to those in your vicinity for help. Inform your family. Your parents or grandparents should ask to make a donation or to grant you the loan.
It is also possible to contact Your Enrolment Services Advisor for guidance on what you should do. ES Advisors can help you craft a budget and a solid plan for easing your financial woes.