4 Budgeting Tips For University Students
The transition from high school to university is not an easy one and involves many changes. These include longer classes, tougher exams, last-minute essays, a brand new social life, and bills. Lots of bills.
Amongst many other things, budgeting is one of the most difficult parts of being a university student. It requires research, discipline and time management. Although the last two points are skills you need to develop on your own, we can definitely help you out with the research part. We’ve compiled a list of 4 realistic budgeting tips that can help you reduce the financial strain as a University of Waterloo student.
1. Create a budget
The most important part of staying on top of your finances as a student is to actually create a budget. This can be done through three major steps.
First, calculate your total income. This includes grants, scholarships, money from your job, etc.
The second step is to allocate how much money you’re willing to spend on certain things, such as entertainment, transportation, or books.
Lastly, subtract your expenses from your income and determine how much money you have left. Depending on how much you have leftover and your interests, you can create a guide on how much you will allow yourself to spend in a term. The student budget calculator provided by the university is a great way to crunch these numbers.
2. Enroll in a co-op program
This may not be applicable to all students, but if your program offers co-op, I strongly urge you to give it a try. Not only does it give you experience in an industry related to your program, but it is also a great way to alleviate your bills.
For four months of work, co-op students can earn up to $12,000, which will go a long way in helping you with your finances. The average co-op program provides students with 4-6 work terms, which gives you the opportunity to earn over $40,000 before graduating.
You can check out the average student earnings in your faculty for more clarity. If you are already in a co-op program or considering enrolling in one, it is very important that you have a budget. $12,000 may seem like a lot to earn in one term but a lack of planning makes it quite easy to spend a lot of it in a short period of time. Using the tips above will definitely help you spend efficiently.
3. Get a job
As stressful as university is on its own, having a part-time job is just one of the many ways that you can reduce financial stress. It can be tricky trying to create a work-study balance, but thankfully, the University of Waterloo has some amazing employment opportunities that allow you to prioritize being a student.
Work-study program: This is a program that provides part-time opportunities for full-time students that require financial aid. You can earn up to $2000 per term and you’re given the chance to work in a variety of departments, such as the optometry clinic, athletics or even theatre.
Campus Housing: There are so many job opportunities within campus that help you develop leadership, communication and organization skills. As a staff in Campus Housing, you will get to work with peers to create positive communities and enhance the residence experience.
WUSA: Waterloo Undergraduate Student Association is dedicated to representing students on and off campus and providing them with the assistance they need in order to accomplish their goals. If this is the type of impact you would like to make, then be sure to get involved by becoming a staff member.
4. Textbook Etiquette
Textbooks are by far, one of the most common expenses that all university students have to endure. However, there are a few ways for you to spend a little less and save money in the long run. The first way you can do this is by buying used textbooks from former students on Amazon or WUSA’s used bookstore. Just ensure that before you purchase, you have the right title, author and edition.
Secondly, digital books are getting more common nowadays. It wouldn’t be a bad idea to buy a digital textbook and split the costs with 1 or 2 other classmates.
Lastly, make sure you save your books and keep them in good condition. There are always people looking to buy used books for lower prices and although you may not make a profit, you can use the money you get from selling an old book to purchase a new one that you may need. You’re also helping out a fellow student which gets you brownie points in our books.
University is often your first dose of independence, so it is completely normal if you feel overwhelmed with having to handle some of these steps on your own. Don’t be scared to reach out to others for help. Many students face similar issues when it comes to finances and some of them may have tips that you’ve never thought of before. For now, you can use the tips outlined above to begin your budgeting journey!
