You’ll be able to excuse yourself by your books, it’s time to take a minute to analyze how you’re handling your money. Are you on any kind of budget? Or do you make a lot of money on the fly?
University can be expensive, and there are endless ways to spend your hard-earned cash or student loans. If you make a few small adjustments today, you can help yourself save a lot of money in the long run.
Setting a budget for the month is the first step in staying on top of your financial situation. A budget gives you a broader perspective of your budget, so you can make informed budgeting and spending choices. It can help reduce the amount of debt you have when you graduate, because I guarantee you, you do not want to be entering the work world with $30K of debt.
1. Make A BUDGET
Prepare a worksheet and evaluate your earnings and expenses for the coming year. Are you in the green (income higher than expenses)? Great! Be sure to save money every month.
If you’re struggling to make ends meet (expenses are higher than your income) You’ll need find ways to lower your spending or increase what you’re making every month.
Check out UBC’s Financial Planning page to find useful budgeting resources including a budgeting basic worksheet and the budget planner. You can also use a simple cost calculator online that which you can look up.
2. Track your spending
Note down every purchase you make or use a budgeting program like Mint, Wally, Mvelopes, or Goodbudget.Read about article At website Recording what you spend will help you find patternsand help you be more aware of where your money is going and allow you to determine whether you require an adjustment.
3. DIFFERENTIATE «NEEDS» vs «WANTS’
Although it might appear to be an obvious distinction but you’ll be amazed at how well we can rationalize certain spending decisions. The savings of buying only what you want gives you greater flexibility with your budget in the long run.
4. STICK TO YOUR BUDGET
The budgeting process is the simple part. The next step is to apply it. Remember that a budget is not a permanently fixed thing. On the contrary, it is intended to be dynamic. Also, you should update it as things shift.
University is expensive and the charges can quickly add up particularly in the months of September and January, when tuition is due and it is time to purchase the textbooks required for class. By making the right choices and also putting in a bit of extra effort, you can lessen the impact of these big costs on your wallet.
5. Check out the opportunity to earn free money!
We all know that money isn’t a tree (#SAD! ), there are an abundance of locations to get it free.
Make an application for awards, scholarships and bursaries. Most scholarships don’t get large numbers of applications, so it’s worthwhile to put in the time and trying to get it.
6. Be aware of how you pay school fees.
Do not pay your house or tuition costs with credit card as there is a 1.75% fee is added on onto the amount. If you make a tuition payment of $3,000, you’ll lose an additional $30 that is lost.
Utilize a different payment method such as a bank wire or a check. Go to our Paying Tuition Page to find out more about payment options.
7. Don’t waste your meal plan DOLLARS
If you’re an in-house resident and have already purchased a meal plan, then the best option is to apply your meals allowance to eat in the on-residence dining halls. Here you’ll receive a discount of 25% on all purchases.
You may also receive discounts of up to 5% when you make use of your Flex dollars for purchases at UBC Food Services locations.
8. SAVE MONEY ON TEXTBOOKS
Buy old textbooks that were used by students from Craigslist, Kijiji, or Facebook groups such as UBC Used Textbooks.
The UBC Bookstore even has a rental program that is available for some books. Also, don’t forget take a look at Amazon for bargains.
9. SELL your Textbooks
If you’re done with your textbook, sell it back for a donation to UBC Bookstore or Discount Textbooks or look for a new student who requires the book.
Alongside rent, the most significant monthly cost is likely food. Although eating out on a regular basis is the most convenient choice, it’s also expensive. Doing your own eating out is a great method of saving money and improve your cooking skills.
10. COOK HOME – COOK
Reducing the amount of times you dine out in a month can save huge sums of money. Make big meals and store the remainder in Tupperware containers. Bring the leftovers with you to school, and then heat them up to save money on meals.
There are many microwaves across campus, so really, there’s no excuse. This map can serve to serve as a helpful starting point for finding the microwave nearest to you.
11. BUY IN BULK
Shopping in bulk can help you get the most value from each purchase. Shop with your colleagues and purchase family packs. Separate food into plastic bags , and then put food items in freezers for future use.
12. Plan YOUR MEALS
When you plan your meals and meals for the coming week, you’ll know the exact items you’ll need to purchase. Make a list of your shopping needs and shop in a planned manner. Only purchase what you’ll need. This will also help reduce the amount of food leftover at the end the week.
13. Make YOUR OWN COFFEE
If you consume a cup every day coffee at 3 dollars per cup that could cost you $600 in the course of the school year. I repeat, $600.
Instead, buy some coffee grounds in large amounts. Then, make it at home. Buy a travel mug and take it for your visit to campus. It will 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 expense.
In the current era of consumerism the world we live in, it’s quite tempting to desire – in the Arcade fire’s words–everything right now. Staying away from the temptation to spend excessively is the best method to save money.
Of course there’s no way to stay away from buying specific things. So , when you’re forced to spendmoney, you should take steps that will reduce the amount you’re spending.
15. REFUSE IMPULSE BUYS
This is a good reminder to differentiate between the things you need and those you would like. If you decide to spend money on a «want consider the budget first and determine the amount you’ll be able to spend.
Don’t make purchase decisions instantaneously without thinking about the consequences.
16. SHOP IN DISCOUNT STORES
It’s important to visit the Dollar Store. be your first destination whenever you’re in the market for household goods, school supplies, and so on. Thrift stores are excellent for secondhand clothing and Vancouver’s got quite a many of them.
To start, you can look up your local Salvation Army in Kits, F As In Frank on Main Street, Community Thrift and Vintage in Gastown or in the Wildlife Thrift Store on Granville Street.
17. Purchase generic products, AVOID NAME BRANDS
This is easy to explain. No matter what it is, whether it’s food or medicine items, toiletries or household products, select the less costly generic brand instead of the high-end name brands.
At the grocery store, buy products from the company you know and trust. The money that you save is added up in time.
18. ASK the school about student discounts
Many stores offer discounts for students, discounts for students are not always advertised. Don’t be shy to inquire with a store employee. Be prepared with your student card. Inquire and (sometimes) you’ll get.
Social activities and extracurricular life are essential for making your university experience enjoyable. The hard part is figuring out how to enjoy yourself without breaking the cost of the.
19. CHOOSE SOCIAL ACTIVITIES THAT DON’T cost money
Get out and cycle, go hiking at the beach, take a tour, or an excursion in the park. Activities that utilize Vancouver’s closeness with nature are ideal. Here’s a list of the top 25 free things to do in Vancouver.
20. Make the most of UBC CAMPUS ATTRACTIONS
As a UBC student, students get an unrestricted access or discounts when you visit a number of UBC institutions, including The UBC Aquatic Centre and the ARC and Birdcoop Fitness Centres, the Museum of Anthropology, the Nitobe Memorial Garden, and the Morris and Helen Belkin Art Gallery.
21. SUBSCRIBE TO A CLUB
Universities are great ways to participate and get to know fellow students. There are many clubs available at UBC and they’re constantly hosting social gatherings.
Go to the AMS site for a complete listing of clubs currently available.
Do not be afraid to reach for help
Oft, students do not reach out to anyone who could assist them until it’s for them and they’re in financial difficulties. Don’t do this. If you’re strapped for money Reach out to the people around you for help. Tell your family members. You can ask your parents and grandparents to pay you money or for a loan.
Contact your Enrolment Services Advisor for advice on what you should do. ES Advisors can help you make a budget as well as a solid plan for easing your financial worries.