As the economy continues to recover, many people are still living pay cheque to pay cheque. However, if you’re a student, you may not have that option. You may not even have a paycheque to look forward to.
The good news is there are a few places you can tighten your belt, without having to suck in too much. Take a good look at your time and your resources, and see if you have room to implement a few of these changes.
While neither is fun or easy, you can become smarter about the way you spend your money. Keep in mind that the key to financial success is being aware of how you’re spending your money.
Save Your Money
1) Get a part-time job
There is no substitute for more income. Take an honest look at your schedule and see if you have time to pick up a few shifts somewhere. If you simply don’t have time for a job, don’t sweat it. You can find other ways to earn more income by finding alternative forms of employment.
2) Party smarter
Are your “entertainment” expenses too high? A night out with friends can be a great de-stressor, but also adds up in a hurry, with a cover charge, inflated drink prices, cabs, and coat checks. You can save money by finding more house parties. Or try having a few cheaper drinks at home before you go out, then show up to the bar later.
3) Brown Bag it
Eating out every lunch may cost more than you think. Doing groceries once a week and packing a lunch can save you a lot of money in the long run.
4) Look for the student discount
Students get discounts on everything from train tickets to movie tickets. Take full advantage. You’ve probably heard of SPC cards, but you may not realize how much they save you while you study.
5) Make a budget and allow it to change
You have hopefully already made a budget for the year, but you might have started to deviate from it. It happens. Don’t treat your budget as written in stone, but stay aware of it. Your expenses may change, so make sure your budget changes with it. The important thing is you’re watching your money go in and out, so you’re prepared when “surprise” expenses come up.