- Be realistic. Don’t plan on cutting out everything that isn’t food, water, or shelter. It isn’t realistic and you will end up disappointing yourself when you can’t stick to a too-tight budget. Students need to relax, just be sure you’re not going too overboard financially while doing it.
- Communicate with your lender. Be sure you know how much you owe. The Ontario Student Assistance Program (OSAP) sends out annual statements that estimate what your monthly payments will be. If you have borrowed from elsewhere, be sure you know what their policies are on interest rates and any debt relief programs they may offer.
- Don’t be afraid to move in with family during school or after graduation. If you have somewhere you can live for free, there is no shame in taking advantage of that in order to save some money. You will be able to pay down you debts quicker. Once you have a positive balance in your bank account, thank whoever helped you with a nice dinner or a day trip.
- Talk to your parents. They know what it’s like to be in debt and they probably know a thing or two about how to get out of it. Take their advice.
- Don’t underestimate entertainment costs. Many students say this is their most overlooked cost. Get a better Internet plan and watch movies on Netflix instead of going to the theatre. Drink at home. Find ways to cut corners without sacrificing fun altogether.
- Clip coupons. It can be time-consuming and annoying, but comparing sales and clipping coupons can save you a good amount of money in one year.
- When you graduate, commit to getting out of debt. Once you have a job, keep your spending to the absolute bare minimum and put as much money as your lender will allow towards paying down your principal.
- Meet with a financial advisor. Most banks have financial planners who can help you design a budget for free.
- Take advantage of free services offered by your university. Carleton has a campus food bank and the Womyn’s Centre offers free feminine products. Making use of these centres (which are partially funded by your tuition fees) can save you some money.
- Don’t spend what you don’t need to. If you’re really cash-strapped, the reality is you might have to sacrifice your social life to some degree. Just know that it gets better and it will be worth it in the end.
