While you’re likely to be forgiven for being engrossed in your accounts, it’s a good idea for you to examine how you’re managing your budget. Do you have an established budget? Or are you spending on the going?

University is expensive and there are endless possibilities to use your hard-earned money or student loans. By making small changes now, you could reduce your expenses by a significant amount of money over time.

Budgeting

A monthly budget is the initial step towards being on top of your financial situation. Budgeting provides a comprehensive picture of your financial situation, to help you make educated spending and saving decisions. It can reduce the amount of credit you’ll need as you finish your education because, I’m sure you don’t intend to enter the workforce world with debts of $30K.

1. MAKE A BUDGET

Create a spreadsheet and compare your earnings and expenses for the next year. Are you in the green (income greater than expenses)? Great! Be sure to save money each month.

If your finances are in the red (expenses above income) Then you’ll need explore ways to reduce your expenses or increase the amount you’re earning every month.

You can visit the UBC’s Financial Planning page to find useful sources for budgeting, including a basics worksheet and an expense planner. Additionally, there’s an online cost calculator which you can look up.

2. TRACK YOUR SPENDING

Write down each purchase you make or utilize a budgeting software like Mint, Wally, Mvelopes and Goodbudget.you can find more here chiangraitimes.com from Our Articles Just keeping track of your spending will help you see patterns, make you more aware of how much money you spend and also help you decide the need to make changes.

3. DIFFERENTIATE “NEEDS” and “WANTS’

While it is an obvious distinction but you’ll be amazed at our ability to rationalize the rationale behind certain purchases. The savings of buying only items you’ll need provides more freedom in budgeting over the long term.

4. STICK TO YOUR BUDGET

The process of creating a budget is the simple step. Following that, you have to take it to action. Be aware that a budget is not a sacrosanct thing. It is intended to be dynamic. So update it when things shift.

School

College is expensive, and the bills can add up particularly in the months of November and December, when tuition will be due and you’ll need to purchase books for your class. By making smart choices as well as putting in extra work, you will be able to reduce the impact of these significant costs on your wallet.

5. SEEK OUT FREE MONEY!

We all know money doesn’t grow in trees (#SAD! ) But there’s an abundance of locations to get it for free.

Find out about scholarships, awards, and bursaries. Some scholarships do not receive many applications. Therefore, it’s worth the effort and applying for them.

6. Be aware of how you pay school fees.

Beware of paying your costs for housing or tuition with credit card as there is a 1.75 percentage fee is added onto the amount. If you make a tuition payment of $3,000, that’s an additional $30 that is lost.

Choose another method of payment such as a bank wire or a cash payment. Visit the Paying Tuition page in order to learn about your payment options.

7. Don’t waste your meal plan DOLLARS

If you’re in residence and have meals on a plan, the best choice is to utilize your meal plan’s meal money to dine at the residence dining halls. You’ll receive a discount of 25% on any purchase.

You can also get 5 percent off when you make use of your Flex dollars with UBC Food Services locations.

8. SAVE MONEY on TEXTBOOKS

Purchase pre-owned textbooks and textbooks from previous students using Craigslist, Kijiji, or Facebook groups such as UBC Used Textbooks.

The UBC Bookstore even has a rental service for certain books. Also, don’t forget to browse Amazon for deals.

9. SELL YOUR TEXTBOOKS

When you’re done with a textbook, sell it back and donate it back to UBC Bookstore or Discount Textbooks Try to find the right student to use it.

Food/Grocery

Beyond rent, the largest monthly cost is likely food. Although eating out frequently is the most convenient choice, it’s also one of the most expensive. Adopting a DIY approach to eating out is a good method to both save money and improve your cooking abilities.

10. COOK AT HOME

Limiting the number of times you dine out every month can save you large sums of money. Prepare large meals and place all the leftovers in Tupperware containers. You can take the leftovers to school, and then heat them up for savings on food.

There are microwaves located all around campus. Therefore, there’s no excuse. You can use this map as a good place to start for finding the microwave nearest to you.

11. BUY IN BULK

The bulk buying option helps you ensure the best value of every purchase. Shop with your the family and get family packs. Sort food items into plastic bags and store all the leftovers in the freezer to be used later.

12. PLAN YOUR MEALS

In planning your meals and meals for the coming week, we know exactly what ingredients you’ll need to purchase. Create a shopping checklist and then shop smartly. Only purchase what you’ll need. This also helps reduce wasted food items at the end of the week.

13. MAKE YOUR OWN COFFEE

If you decide to buy a cup of coffee a day for 3 dollars per cup it will end up costing your school $600 over the year. That’s right, $600.

Instead, you can purchase large quantities of coffee beans, and then make it by yourself. Find a travel mug, and take it for your visit to campus. It will keep your coffee warm.

14. COUPONS, COUPONS, COUPONS

Take advantage of the most coupons you canand then use them to cut down on your food expenses.

Shopping

In the current era of consumerism where we live, it’s highly tempting to seek out lyrics of Arcade Music. Staying away from the temptation to spend recklessly is the most efficient way to save money.

Of course, you can’t avoid buying certain things. Therefore, if you need to purchase something, take steps to decrease the amount of money you’re paying for.

15. Refrain from to IMPULSE BUYS

This is a good reminder to differentiate between what you need and the things that you would like. If you decide to invest money in a ‘want take a look at your budget first to see what you can afford.

Don’t buy instantaneously without thinking about the consequences.

16. SHOP IN DISCOUNT STORES

At the local dollar stores, you should always be your first stop when shopping for school supplies, and much more. Thrift stores are excellent for secondhand clothing and Vancouver’s got quite a lot of them.

To start, you can explore your local Salvation Army in Kits, F As In Frank on Main Street, Community Thrift and Vintage in Gastown as well as The Wildlife Thrift Store on Granville Street.

17. Make sure you purchase generic products. AVOID NAME BRANDS

It’s easy to understand. If it’s medicine, food such as toiletries or household products, select the less costly generic alternatives instead of the premium name brands.

At the market, buy the house brand products. The money you save will add up over time.

18. ASK about discounts for students

Although many stores offer discounts for students, these deals aren’t often advertised. Be sure to ask to a store representative. Keep your student ID handy. You can ask for it, and (sometimes) you’ll be given.

Entertainment

Social activities and extracurricular existence are vital for making your college experience enjoyable. The tricky part is figuring out how you can have fun and not break the budget.

19. Find activities in the social realm that don’t BURDEN MONEY

Enjoy cycling, hiking at the beach, take a tour, or strolls in the park. Activities that utilize the nature’s closeness to Vancouver are ideal. Here’s a list of 25 free things to do in Vancouver.

20. Make the most of UBC CAMPUS ATTRACTIONS

As a UBC student, you will enjoy no cost access or discounts when you visit a number of UBC institutions, such as the UBC Aquatic Centre as well as the ARC and the Birdcoop Fitness Centres, the Museum of Anthropology, the Nitobe Memorial Garden, and the Morris and Helen Belkin Art Gallery.

21. JOIN A CLUB

Clubs at UBC are fantastic ways you can get involved and get to know other students. There are millions of clubs in UBC and they’re always hosting social gatherings.

Visit the AMS site for a complete list of clubs.

Do not be afraid to reach out to get help

Most students won’t reach for help from people who could assist them until it’s late and they’re already in financial difficulties. Do not do this. If you’re financially strapped Ask those near to you for assistance. Contact your family. Contact your parents, grandparents or parents for money or to provide an advance.

You can also reach out to an Enrolment Services Advisor for guidance on what to do. ES Advisors can help you to create a budget or a effective plan to alleviate your financial burdens.