There are a lot of things we have to worry about financially as students. Rent and food and tuition and books and clothes and—
I’m already giving you anxiety, aren’t I? Sorry.
Never fear! Her Campus is here with five ways to keep your spending in check and make sure you haven’t run out of money by Christmas.
1. Track your spending
The best way to stop yourself from spending money on things you’ll regret later is to commit to recording all your spending—you’re much less likely to blow 20 dollars on a cute new notebook you don’t need if you know that it’ll be written down later. You can either choose to use an app or a spreadsheet to digitally record purchases, a physical spending diary, or you can use an application like Mint that links to your bank account and inputs your spending data automatically. Recording purchases yourself forces you to confront your spending more directly, but you may forget to record something or get too lazy and drop the system altogether. While apps that link to your bank account save time and effort, there’s always the risk (however remote) that the website could be hacked and your banking information could be leaked. Whichever method you choose, the important thing is that you monitor your spending.
2. Differentiate between cash and card
Spending more mindfully with card and cash can keep your budget under control. Some people like to withdraw all their spending money for the month—groceries, transportation, clothing, etc.—as cash so that they have a visual on how much they have left. For those who have a detailed budget, if you choose to spend in cash, it may be a good idea to try dividing your money into jars to make your spending plan more tangible. For tutorials on how to go about this, look up Gail Vaz-Oxlade “magic” budget jars.
Conversely, if you’d like to access all your past transactions through online banking or an app like Mint, you may want to stick with your debit card for the majority of purchases. Personally, I use my debit card for most living expenses like groceries and school supplies, and withdraw my fun money for the month to use on things like fancy coffees and entertainment. Then, once the cash is gone, it’s time to tighten my belt and wait for the next month to buy that new pair of leggings. (And no, I don’t care if they’re galaxy leggings. They can wait.)
3. Take advantage of discounts and free stuff
As a student, you have access to many free resources that you may not ever again, so now is the time to seize opportunities. Using your UVic email, you can get access to Microsoft Office for free; you are eligible for promotions like the Student Price Card and student lines of credit. There’s plenty of amazing discounts out there, so start Googling them.
On campus, the food bank and free store in the Student Union Building provides a wide range of canned, dry, and fresh foods to students with a promise of confidentiality and absolutely no charge. They also provide donated items like clothes, DVDs, school supplies, toiletries, and even mini fridges. They’re open from 11 a.m. to 3 p.m. every weekday for browsing, and you can head to their website for more information on what they have available and delivery schedules.
More free stuff can be found lying around campus! In buildings like Cornett and Clearihue, people sometimes leave boxes of old books and binders in a hallway, free for anyone to take. And there always seems to be some booth or another set up somewhere on campus with people plying students with free swag or coffee to get them to listen to whatever they’re promoting. Keep talking—just pass the cream.
Another great tip is that Emmanuel Church on Cedar Hill X Road hosts a free student dinner every Tuesday at 6 p.m. I hear that they say grace at the beginning of the meal, but other than that, students aren’t obligated to be religious or subjected to any sort of preaching. Go for the food, and stay for the savings.
4. Grocery shop smart
It’s all too easy to get distracted by the shiny signs and new products in a grocery store if you haven’t planned ahead. My advice is to never go shopping without a list and an ironclad sense of self control to prevent you from impulse buying your way into poverty. Deciding what meals you’ll cook during the week before you shop makes your list more directed and helps you prevent wasted food and money by using food before it spoils.
Having even the foggiest idea of how much something should cost will stop you from spending too much money on something that you could buy somewhere else for less. If you’ve seen a particular item at a very good price before, wait until it’s offered at or near that price again if you can. Whenever there’s a sale on pasta sauce for two for $4, my roommate and I buy four jars that last us until the next time that sale arises. Keep an eye out for deals on items you purchase frequently, stock up when it’s at a good price, then play the game all over again.
The best place to shop near UVic, in my opinion, is the Save-On Foods at McKenzie and Shelbourne. With a free Save-On More card, you are privy to dozens of reduced prices and deals. The more you shop there, the more points you acquire, which you can then redeem for free items. After shopping at a Fairway Market for four months, I have also concluded that Save-On has excellent selection and cheaper prices than Fairway or Thrifty’s on most items.
5. Treat yourself selectively
We’ve all heard the self-care mantra “treat yourself,” but this doesn’t always feel possible when you’re scrimping and saving wherever you can. I sometimes feel guilty when I buy a coffee or a pastry on campus just because I feel like one—couldn’t I have bought pastries at the grocery store and brewed my own coffee to save money? Am I a terrible money waster?
Of course not. It’s perfectly fine to buy yourself a treat every now and then, but the key is to indulge consciously. Don’t cave in to every impulse just because you “deserve” it: that’ll send your finances right into the toilet. Decide when you have earned a lunch out or a new lipstick. Personally, I try to limit eating out to when I’m with other people, so that I save money on entertainment and food by combining social spending with food spending. Maybe you’ll plan to buy a new face scrub after you get an A on a midterm, or after a particularly hard week in the semester.
Treat yourself—but do it mindfully.