The beginning of the school year brings with it many challenges. One of them is the increased amount of money everyone spends as they get re-acclimated to life as a student. Some spending is not optional, such as the new and overpriced textbooks everyone has to buy. Some of it is habit; a daily coffee addiction kicks back in, or attachment to that one pizza place on campus that you’ve missed so much.
Well, here are four ways you’re spending money, and how to cut it down a little:
1. Textbooks
Wait, I just acknowledged that you have to buy textbooks right? Yes, but there’s no need to jump the gun on buying them right away. Some people have the urge to go out and buy their books the minute they get the syllabus, but as any upper year will tell you, that’s unwise. Often, on the first day of classes, the professors will discuss what you will be using the textbook for in class and whether or not you really need it. Be sure to ask if they’re fine with previous editions and try to buy it used or off of a previous student. Also, check out some used bookstores for any novels or smaller non-fiction titles. Places like BMV and Re: Reading are great for finding gently used books at discounted prices. Here’s a blog TO post on some other wonderful bookstores in Toronto: http://www.blogto.com/toronto/the_best_used_bookstores_in_toronto/
2. Food and Eating Out
Everybody needs food. Obviously. However, when school starts all those goals about eating healthy and monitoring what you eat fly out the window as you see schoolwork pile up and just want a quick bite to appease the hunger before returning to a 10 page research paper. That plus good-natured peer pressure from friends to join them for a bite after class starts adding up. While it’s not realistic to stop eating out altogether – and no one has time to home cook three meals daily – it is a good idea to give yourself a limit. Examine your budget, and figure out when you can eat out. Something like deciding to get lunch on campus twice a week and go out to a nice dinner on Saturdays can really help.
3. Starbucks and Tim Hortons
This is something I too am guilty of. I need my caffeine fix in the mornings, and I love the white chocolate mocha at Starbucks. I don’t even want to think about how much money I’ve spent there in the past few weeks. But while I refuse to give up caffeine, there are some ways I – and you – can still have coffee and not break the bank. Investing in a travel mug or cute water bottle is one way, plus buying a package of home blend coffee beans at your favourite coffee place and making it at home is cheaper in the long run. Same goes for all you tea drinkers. Limiting yourself to Starbucks or Tims only once or twice a week, or on days when assignments are due, is better for your wallet and will make you appreciate it that much more.
4. Retail Therapy
Shopping is fun, no question; especially when you’re exposed to cool unique styles on campus and want to make something for yourself. But one thing that a lot of people overlook is thrift store shopping. There’s a misconception that everything at a thrift store is dirty or gross, or that you will appear cheap if you admit to buying your clothes from a thrift shop. However, there are some amazing thrift stores in Toronto where you can find hidden gems at ridiculously low prices. The stuff they put on the rack has been cleaned and is in good shape as a rule. You can always find something unique or vintage at a thrift store, without having to pay an exorbitant amount of money for it. Some cool thrift shops in Toronto include: Double Take, Hidden Thrifty Store (run by a former Goodwill employee), Value Village, and obviously, Goodwill.
Hopefully these tips will help you on the way to a happier bank account. There are many easy ways to cut down on spending without cutting down on fun or time with friends (or caffeine). Look at your spending habits and think, what are some things you can cut down on that you don’t necessarily need?