7 Tips to Save Money During University!

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Graduating from university was one of the greatest achievements in my life so far, but I can strongly say that aside from a degree, it's the experiences I've had and lessons I've learned during my journey that really makes it an achievement. When I got accepted into my university of choice, I never took budgeting into consideration; I just knew I was moving to a different city and needed to learn how to survive as soon as possible.

During my first year of university, I blew a semester's worth of student loans within the first three months to the point where I had to live off of 50¢ ramen noodles by the fourth month, and could barely afford gas to visit my parents. I was the epitome of a broke college student, but I can help you avoid becoming one!

Here are a few tips to keep in mind as you move out for university on a budget:

1. Don't buy everything brand new

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• During my first year, my roommate and I immediately took a trip to IKEA and purchased new furniture for our apartment, and needless to say, we spent way over our budget. A big tip I will share for this is before looking into purchasing brand new items, check if anyone you know has anything to dispose of (whether it's an old couch, desk, kitchen appliance, etc.) You can also try checking your online buy and sell resources for discounted items. If you're a big crafter, try to DIY some of your furniture and decor! You can also check out our post for a cute and easy DIY hanging shelf for under $10!

2. Textbooks

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• Most courses indicate that textbooks are required on the syllabus. My biggest hack during university was not purchasing any new textbooks after my first year. I've always found a way to purchase second-hand textbooks or look for online copies (sometimes for free) and even managed not to spend a single cent on textbooks for some semesters. Join a textbook buy-and-sell group on Facebook to look for used copies and supplies!

3. Invest in items that will save you money in the long run

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• If you're a caffeine addict like me, you may want to invest a couple hundred dollars on a good coffee or espresso maker. Although this may seem extensive as a single purchase, compare this to how much you'd spend on overpriced coffee on the daily over four years - you'll save so much money for sure! Try doing this for other things that you use on a daily basis because trust me, those small expenses will eventually build up.

4. Consider transportation costs

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• One thing I failed to consider in my budget during my first year was transportation costs. This may include gas, parking, bus tickets (if not already included in your tuition), and even transportation expenses when visiting your family back home. Make sure to include this in your monthly budget so you don't have to sacrifice other things just to pay for gas.

5. Scholarships

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• Scholarships may sound intimidating, but they're surprisingly easier to obtain than I thought. Although some scholarships may require a certain GPA or essay entry to apply, some are fairly simple to enter so don't hesitate to apply to as many grants and bursaries as possible and you'll have an array of cheques coming in for you in no time!

6. Collaborate with friends and roommates

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• If you live with other people, share your home expenses such as common groceries and items. If you plan on buying items in bulk (which I recommend for items such as paper towels and toilet paper), share a Costco membership if any of your friends are down. If you live alone, some of your friends may be willing to split items in bulk to help you save!

7. Become a savvy shopper

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Be on the lookout for deals from your local grocery stores. Some places offer rewards programs, and some even send coupons straight to your home. This also applies to fast food restaurants (I recommend prepping your own meals every week, but sometimes you just don't have the time to do so). These savings may be small, but they'll definitely save you in the long run!

Budgeting and managing your finances can be intimidating at first, but with some practice, you'll get a hang of it in no time (it took me a few years to learn my own method and I'm still learning). With that being said, you can download our free budget tracker by filling the form below to start keeping track of your monthly budget. For more tips on how you can start and keep track of our budget, check out this post.

Don't be discouraged when you go over your budget sometimes - it happens. As long as you're trying your best, everything will work out in the end!

We'll talk to you next week!