Last week, McGill’s Scholarships and Student Aid Office launched the Frugal Scholar Money Management Program—a service that helps students create a financial plan by using online tools to track expenses and deal with student and government loans. The launch was part of Financial Wellness Week, which featured workshops and student-run activities covering topics such as student loans, taxes, and affordable living.
Evelina Balut, associate director of scholarships and student aid and one of the organizers of the week, emphasized the Frugal Scholar Program’s open-door policy, stating that students are always welcome to confidentially discuss their finances with advisors.
“Part of my job is to be here for students [and] let them grasp control over their finances so we can teach kids to become smart consumers now, and for later in life,” Balut said.
The program also features an anonymous live chat system, which allows students to chat confidentially with peer advisors. Since this service is partially run by peers, Balut said it is more approachable for students who may feel uncomfortable or embarrassed by their current financial situation.
The Scholarships and Student Aid Office offered a workshop on the program as part of Financial Wellness Week. Other workshops included last Thursday’s “Living Thrifty” workshop, run by Shelby Levesque, a student ambassador for the Frugal Scholar Program. Levesque gave tips on how to spend less money, and encouraged students to spread awareness of the financial services McGill offers.
As a student paying her way through school, Levesque shared her outlook on money and how to maintain a healthy relationship with it. She emphasized the importance of keeping track of finances—short-term as well as long term—and keeping receipts to maintain a budget.
Levesque outlined many basic ways to save, in areas such as grocery shopping, gym memberships, and traveling. Some tips for groceries included collecting coupons and buying in bulk. While students may think it is convenient to go to grocery stores close to McGill, Levesque suggested taking the extra time to go to thriftier places such as Segal’s Market could help save a lot of money in the long-term. For travelling, she suggested couch surfing or staying with friends instead of paying for a hotel room.
Levesque emphasized that the Frugal Scholar Program can serve as an outreach to students, who remain unaware that McGill provides financial services.
“As a freshman, I wish I knew that McGill offered entrance bursaries,” Levesque said.
She said it is important for students to know that entrance bursaries are provided on the basis of need—they are not exclusive to students with high marks.
Anne Marie Trickey, U0 arts, said that it is difficult to deal with money matters while having a student’s social life.
“Going out is expensive,” Trickey said. “I can’t squander away money like all my friends, so most of the time I find it easier to stay home and watch movies instead.”
Levesque, however, discouraged students from feeling guilty about spending money.
Levesque said that every now and then, a small reward—like buying coffee instead of making it at home—can be satisfying, and can reduce chances of extravagant spending in the future. She also emphasized that living thrifty becomes easier over time.
“There are many ways to save,” Levesque said. “Once you start, it becomes a habit, then, a way of life.”
