I hate it, you hate it, but we all know we have to talk about it: money.
Welcome to the Financial Rundown. I’m probably not qualified to give you any financial advice, but just because I’m bad at following my own, doesn’t mean you can’t benefit from it.
Whenever I look at my spending habits, I realize that it’s always the little things that add up. The problem isn’t me spending huge amounts at a time, but each time I spend $5 on a coffee – it is so little that it doesn’t seem like a huge deal. But oh, is it ever. Little spending can really kill your “extra spending” part of the budget. I’m pretty awful at sticking to a budget, so instead of giving myself free reign on how to spend, say, $50, or going to the opposite and saying “No more spending at all,” I found a good middle ground; because most of these purchases are poorly planned and really aren’t essential, so, it really wouldn’t kill me to not spend any money on these things. Cutting some things out for a while will not only help save me more than a few dollars by the end of the week, but it’ll also usually result in me having less desire to even buy them again.
1: That Snack With Your Coffee
I’m sure I don’t have to tell you that making coffee at home is much cheaper than spending $5 on a coffee at Starbucks; even if you get your coffee at Tim Hortons, that’s still about $2 a day. However, let’s not cut it out cold turkey. We’re all students, sometimes you just need that caffeine. But you know what you don’t need? That extra muffin and/or cookie. The thing is, you could be getting much healthier snacks, like fruit or nuts, at the grocery store for a fraction of the price and these won’t leave you feeling heavy and tired. I’m not one of those people that are against sugar, but let’s be honest, a Starbucks cake or muffin probably has more sugar and calories than your entire dinner. By dropping that extra $5 purchase you can then start buying healthier snacks along with your grocery purchases, you’ll not only save money but you’ll also gain a healthier habit. If you want to attempt to drop that coffee purchase too, you’ll obviously save even more.
2: Fancy Bath and Body Products
Unless you’ve absolutely used everything you have, you probably don’t need that new bath bomb or that new shower gel. Now, I’m not saying you shouldn’t buy them when you need them, but your medicine cabinet should be depleted before you buy more. Look, I get it: there are fun scents and pretty packaging, and sometimes there’s just a great sale. But really, when you already have 3 bath bombs sitting on your shelf, do you absolutely need that 4th one? When you have that Lush gift set from your aunt for your birthday, do you really need to buy more soap? Remember, you’re a broke university student – it’s not about want, it’s about need.
3: Alcohol at Dinner
I’m not a huge drinker, but whenever I go out to dinner with friends, for some reason I always feel the need to order an alcoholic beverage. Fancy mixed drinks may be cute, but they can run upwards of $10 per glass. At the end of the day, that’s such a waste, especially in Montreal where the tax is 15% and so is the tip. The worst thing is, one drink really does nothing in terms of social lubrication. If you really want that buzz, there are other options: invite your friends over for a drink beforehand or go to somewhere where you can have cheap drinks afterwards.
4: Ubers or Taxis
You can look at the fact that Uber is leaving Quebec as a sign to use it as much as you can whilst you still can, or you can look at it as a chance to stop relying on Uber any time you feel lazy. I have a big problem with this. If I have half an hour to get somewhere, I’ll often procrastinate leaving and think to myself that, worst case scenario, I’ll get an Uber. But each Uber trip is approximately $10, and that $10 is absolutely not justified. Montreal has a great public transit system. If your destination is really far away, spend $3 on a metro ticket instead of a $10 Uber. Instead of taking a $40 taxi to the airport, spend $13 on the public transport system. It might take you longer, but that’s an extra $27 in your pocket to go into your savings, or more realistically, as a university student, your tuition or your rent.
Now these aren’t big changes, and they aren’t difficult, but you’ll be pleasantly surprised at how much money you can save when you look at your bank app as opposed to wondering why it’s at zero.
Images sourced from Creative Wife and Joyful Worker, Pinterest, Electric House, and The Independent