Having a budget doesn’t mean you have to give up on fun!

Being a student often means working with a limited budget, but that doesn’t mean you have to sacrifice all of life’s pleasures. In fact, it’s entirely possible to live on a student budget while still enjoying a fun and fulfilling college experience by using these 9 tips.

1. Make a budget

The most fundamental and effective tip for any student is to learn how to make a budget. Keeping track of your finances helps you stay aware of where you’re allocating your money and question your spending habits.

Create a template

First and foremost, to understand where your money is being spent, you need to lay it all out. The best way to track your money is by creating a template. The simplest template to make is breaking it down into two parts: income and expenses, then break this down monthly.

Tip: Use a premade budget template to start. Here are a couple links to free templates:

https://create.microsoft.com/en-us/templates/budgets

https://www.canva.com/templates/s/budget/

Track your spending

Pick one month and record your monthly income. Next, keep track of all your expenses down to the cent for that month. This can also be broken down into fixed expenses (i.e. rent) and variable expenses (i.e. clothes shopping) to get a better understanding of what can and cannot be affected month to month. Subtract your expenses from your income and there you have your net income for the month.

Review

It’s one thing to have a budget, but if you can’t make sense of it, what’s the point? Reviewing your budget is used to see if you are going over budget and where you have been spending excessively to then be able to adjust your spending habits accordingly.

2. Take advantage of student discounts

From discount grocery days to student spending cards, there are countless ways that students can take advantage.  Look out for these common places students can find discounts: restaurants, grocery stores, movie theatres, bookstores, gym memberships, and transportation.

Tip: Always carry your student ID, you never know when a student deal will present itself.

3. Use public transportation

Although it’s very tempting to just order an Uber everywhere (trust me I get it – especially in the winter), most university and college towns have great public transportation options.

• Check if your school offers free or discounted transportation options
• Find the bus stop closest to your house/apartment
• Find a friend to ride with you while you are figuring out the routes

4. Make your own coffee

Now don’t get me wrong, getting a coffee on campus while studying for hours on end is rewarding and completely understandable. But does that mean you need the $8 latte every single day? Probably not.

5. Shop at discount stores

Student living often means discount living.

Thrift stores

Thrift stores have numerous options for clothes, shoes, bags, décor, plates, and so much more. And remember, your entire wardrobe does not need to consist of thrift store finds but throwing in a few second-hand options can have a positive outcome on your budget.

Grocery stores

As we all come to realize at some point, grocery shopping is one of the biggest never-ending expenses of adulthood. However, there are options such as No-frills and Food Basics that offer groceries at cheaper prices.

6. Buy used textbooks

7. Find cheap or free activities

University or college can feel super expensive especially because you want to participate in so many activities. But not all these activities must cost crazy amounts of money, some don’t have to cost anything.

Movie nights

Many places across Canada have discount movie Tuesdays. Half-price tickets for as cheap as $5 gives you a fun inexpensive activity.

Fitness classes

Look on your school’s recreation page to see if they offer free guided fitness classes. Also, many schools have free gym memberships for their on-campus gyms – try and take advantage of this rather than spending too much on a gym membership elsewhere.

Free art events

If you go to school in a city or big town, there are often art and cultural events close to you that generally do not require a paid ticket. And even if you don’t live in a city, check out your campus events. These are often run by students and offer many opportunities to support your peers and join in on free cultural events.

8. Cook your own meals

Going from living at home where more often than not your meals are being cooked for you to moving to residence where the meal plan feels like a year-long all-inclusive resort, it can be difficult to start cooking for yourself. But students underestimate how much it can cost to buy fast-food or UberEATS all the time. Cooking your own meals can be a huge cost saver (especially if you are also shopping at discount grocery stores).

Tip: When you make dinner, make enough for leftovers for a day or two so you don’t have to cook every day.

9. Utilize your schools’ resources

Remember when you were paying tuition, and you decided not to opt out of those extra fees (or didn’t have the option)? Isn’t it time you take advantage of these perks you paid for? Personally, I didn’t even remember everything I was paying for and I definitely missed out on some great perks.

Libraries

The library is full of endless books and databases that are free. On top of that, the librarians have a wealth of information that is one free meeting away from you. They are there to help and you are already paying for their expertise whether you use it or not (so might as well take advantage).

Health services

Another campus resource that is being funded by your tuition. They also offer many programs that you would otherwise have to pay for.

Technology

Check what free applications you can download while you are a student. You can sometimes download Microsoft packages (Word, PowerPoint, etc.), AutoCAD, Adobe Creative, and more.

Career

Student guidance, career help, and countless networking events are accessible to every student – no need to pay for external resources.

Conclusion

University and college can be a whole lot of incredible fun – but it can also be expensive. Although budgeting as a student might seem daunting at first, with a little creativity and smart planning, it’s completely possible to enjoy a fulfilling and fun college experience without breaking the bank. Small changes like making your coffee at home, cooking your own meals, and using public transportation can have large effects. Being mindful of where you are spending your money through a budget and taking advantage of the resources at your disposal from your school are smart ways to be a smart spender. Saving money as a student isn’t about giving up all the fun – it’s about being mindful of where your money goes and finding clever ways to stretch your budget.

With these simple tips, you can enjoy the best of both worlds: a vibrant college life and a healthy financial outlook. Happy budgeting!