In high school, they teach that keeping a balanced budget is simple arithmetic: paycheque in, expenses out. Always leave a little margin between the two to save for a rainy day, and live within your means.
What a romantic concept.
Most budget FAQs and resources out there aren’t designed for students. Beyond the privileged and lucky few, a student typically faces an unpredictable monthly income that seldom allows for rainy-day savings. We also face big bottom lines, and many surprise money-sinks that pop up when a bill goes unpaid in the forgetful exam season. These circumstances require creative penny-squeezing strategies, especially in the months following the expensive holiday season.
Tip 1: Go cash only. Carrying a plastic card around minimizes the impact of spending, and encourages a “what I don’t know can’t hurt me” attitude about small expenses that quickly build up. Seeing your money leave your hand will curb expenses and ensure that you keep tabs on yourself.
Tip 2: Assess your accumulating little expenses. Do you buy your java out every morning? Calculate how much you spend per month on coffee and other little things, and see if the investment in a French press and bulk-bought beans (or equivalent) won’t pay for itself in a short period of time. A travel mug will save you pennies and save the environment, too. (Travel mugs are also the only coffee containers allowed in most campus libraries.) Other expenses like breakfasts on the run and snacking and dining out also have a tendency to vaporize rent and bill money pools.
Tip 3: Look for opportunity. If your part-time job isn’t paying enough, consider your skills and see if you can’t pick up a part-part-time job as a freelancer. If you have mad editing skills, possess expert knowledge in an unusual field, or you’re a coding whiz, there may be an opportunity to earn supplementary income without leaving the comfort of your desk. Search for industry job boards online, and keep a running list of companies, big and small, that might benefit from your services.
Tip 4: Have an emergency exit. If you suspect that one month you might come up really short, it will put you at ease to have a plan in advance. Whether this is asking a relative to electronically transfer you what you need to cover your base expenses, borrowing in cash from a friend, or dipping into a long-protected pool of savings, know what the bank delays will be, and plan in advance before the bill is due. Keep a list of resources, including McGill’s in-course financial aid program, so you know where to turn when the going gets really rough.
Tip 5: Explore new hobbies. Being on a tight budget doesn’t mean sitting at home alone while your friends go clubbing. Montreal has a ton of free and cheap things to do, even when it’s cold enough to literally freeze your nose off. A quick trip to Google will provide plenty of suggestions, and so will keeping tabs on your campus papers and bulletin boards.
Tip 6: Sell off superfluous things. Have a video game, book, or piece of clothing that’s in good shape that you never use any more? Consider selling it on Craigslist or through a bulletin-board notice. This will give you some pocket money to take the edge off.
Tip 7: Keep a change jar. Turn out your purse and pockets at the end of every day, and when the jar is full, saunter down to a bank or change machine. In the meantime, that jar of change can be emergency bus fare or a beer money piggybank. Keeping all your change in one spot will make it easy to keep track of and save.
And finally, go easy on yourself. Remember that many famous people have had periods of bankruptcy and poverty, both in and out of university. Realize that missing a bill or two here and there, while not ideal, isn’t the end of the world. Keep a level head and celebrate your successes.
