Let’s face it: on average, university students are close to broke. That’s why these money-saving tips are important for managing your personal finances this academic year.
The rising cost of living combined with the financial burdens tied to being a university student make it as important as ever for students to be wise with their money.
While the following tips will not completely fix the structural reasons behind many students’ financial struggles, the aim is to highlight strategies to save money as a university student and to start the process of becoming financially literate if you didn’t grow up in a context that instilled those lessons.
Create a budget and stick to it
The simple act of setting financial limits on different expenditures is an essential habit that all students should begin practicing. Budgeting allows you to limit spending your money on non-essential items while also giving you greater control over your financial present and future.
One of the most freeing aspects of setting a budget for yourself is that you can truly take control of your finances. Do you want to set money aside monthly for a few subscriptions? You can; Do you want to prioritize saving money to pay for tuition? That’s entirely in your control with a budget. If you set limits and goals for yourself, you can hopefully make space for the things that matter most with your money.
A good starting point to craft your personalized budget is to consider different budgeting methods. One strategy is to model your budget off the 50/30/20 rule. This budgeting mechanism suggests allocating 50 per cent of your income to needs, 30 per cent on things that you want, and 20 per cent towards savings and investments. Alternatives to the 50/30/20 rule include systems such as zero-based budgeting, and the cash envelope system, among others. Be sure to find a budgeting system that you are content with and can stick to.
Seek free services on campus
A substantial perk that comes with studying at Brock are the many amenities and free services you can take advantage of. These include benefits like counselling and free food, meaning that you have a wide array of free services at your disposal.
Some valuable services and amenities to use include the Universal Bus Pass (U-Pass), personal counselling services at Brock, and the gym (The Zone). These perks are offered at no additional cost for Brock students, meaning you can save money on transportation, mental health services and fitness.
The Brock University Students’ Union (BUSU) also offers resources for students at no cost, including tax clinics and programs to fight food insecurity across the student population through the Food First Program.
Student Discounts
Another great way to save money as a student is through student-exclusive discounts offered by Brock and through other avenues such as Student Beans. These student-exclusive discounts are a great tool to save money on everyday needs and fun purchases, making it easier to fit shopping into your budget.
As for discounts offered for Brock students, BUSU partners with establishments such as the Pen Centre’s Shoppers Drug Mart to offer Brock badgers a 15 per cent off discount for most regularly priced items. Show your Brock student ID and PC Optimum Card upon purchasing and enjoy the discount.!
You can also access preferred insurance rates as a Brock student for car, travel and home insurance from TD Insurance. Insurance tends to be an expensive fixed cost for many, meaning students can benefit from the Brock-exclusive rates at TD Insurance.
On another note, online services such as Student Beans unlock a wide array of online and in-store student discounts for thousands of brands. These include a 20 per cent off deal for H&M, free shipping on orders over $35 at Best Buy and 25 per cent off Under Armour backpacks.
Saving money is challenging yet essential particularly for university students. All hope is not lost, though.
Acting purposefully with money and diligently seeking new methods of saving money can make a huge difference in students’ finances and lifestyle.
