For most of us, being a university student and being broke go hand-in-hand. Many of us are hurting from Ford’s OSAP cuts, so here are some tips on how to manage and save your money as a student. Getting into the rhythm of making smart and responsible financial choices will make your current life as a student much easier and will set you up for success in the future. Now is definitely the best time to start building good habits—both your wallet and your future self will thank you. 

Make a budget: 

Students tend to underestimate the value of a good budget. Budgets are a life-saver when it comes to managing your expenses, so long as you’re capable of sticking to them, that is! Pick whichever method works best for you; it can be a pen-and-paper budget or one composed on your computer, tablet, or phone. Lay out your fixed expenses like your tuition and rent, and calculate your one-time expenses at the start of your semester, like textbooks. Think about what you expect to spend on food, transport, and bills monthly or weekly. Whatever’s leftover can then be designated for saving or for spending on non-necessities.

Set limits to your finances: 

Use your credit card only when absolutely necessary, and try to stick to debit purchases where you can. It is far too easy to get carried away with your credit card, and you shouldn’t overdo it. Building good credit for yourself should also be a goal to work towards; bad credit history is extremely debilitating, and a terrible foot to start your adult life on. 

There is a multitude of other strategies you can use to limit yourself when it comes to spending. If you’re like me and you have a few different bank accounts (thankfully student bank accounts tend to be free!), try keeping one bank account for necessities (rent, food, transport, tuition) and the other for extra spending (fast food, going out, etc). Keeping a distinction between your “needs” and “wants” is always a good idea when you’re living the perilous life of a broke college student. Why not remove the temptation of dipping into next month’s rent money unnecessarily? 

Pack your lunch! 

I know—high school flashbacks. However, you would be surprised by just how much of your money is going towards fast food while you’re out and about. I know I spent a frankly absurd amount of money on McDonald’s in my first year. Getting into the habit of packing yourself a lunch and snacks keeps a significant amount of money in your pocket during the week, and not to mention you’ll probably be eating healthier. Take the time to plan your lunches and meals in advance, and prepare them the night before. 

Find a job that works for you 

It can be hard to balance your studies, work, and extracurriculars, but it tends to be worth it for the experience and the extra funds. Make sure to check out UofT’s work-study jobs, which are designed to accommodate for your schoolwork and can often even complement your program and interests. There are also a variety of on-campus jobs available, from positions at the bookstore to working as a tour guide showing prospective students and parents around campus. Check out Career Learning Network (CLNx) for a list of these jobs, as well as off-campus and casual jobs and work-related advice (interview and resume workshopping, etc). 

Use your student ID for deals and discounts: 

There are a ton of places around the city where a student ID will get you a discount, ranging from groceries to transportation to entertainment. Use your discounted TTC pass to save on your commute, or swing by the ROM (free for students on Tuesdays) and the Art Gallery of Ontario (which offers a free annual membership to students). Get an SPC card and an ISIC card to help you with just about everything. The Metro on Spadina and Bloor near campus offers a 10% discount on your groceries on Tuesdays and Wednesdays. Toronto is expensive, but you can bring costs down just by virtue of being a student. Take every discount you can get, no matter how small it might seem at the time. It adds up! 

Financial services, grants, and scholarships:

Aside from programs like OSAP and UTAPS (remember to apply for UTAPS if you aren’t from Ontario!), the university has many scholarships, grants, and bursaries that can help you out. Unexpected financial difficulties? Did you know that you can apply for an emergency grant through your college and faculty? Make sure to look outside UofT for scholarships and grants as well. It can be long and tedious work to apply for a bunch of scholarships, but you won’t regret it if it leads to extra money in your bank account. A significant amount of grant and scholarship money goes unclaimed every year—it could be yours! Scholarships Canada is an excellent place to start, and why not take a chance on Canada’s Luckiest Student contest?

Look into what UofT offers you, and where to go on campus to save money:

Why spend the extra money on Netflix when you can watch movies and television on Criterion-on-Demand with your UofT login? Why not keep an eye on the UTSU, which frequently provides accessibility programs, like the Microtransaction Access Program, which can help you out with those dreaded TopHat costs? And not only does the Innis College Library exist, but it has some of the cheapest printing costs on campus, coming to only 5 cents a page. If you don’t have insurance from your family members, taking advantage of the student care plan provided to you is a must. You’re paying to be a student here, so make sure you use everything that is given back to you where you can. 

When it comes down to it, so much of financial responsibility has to do with careful planning and the exercise of self-control. While you should certainly treat yourself every once in a while, restraint and self-awareness are key. Whichever strategies you pick to monitor your spending and saving, if they work well for you, make sure to stick to them—commitment is half the battle. Eventually, you’ll solidify into a pattern, and you won’t even have to think about it consciously; you’ll just be adept at arranging your money and living within your means. 

Finances are a tricky but important topic for us as University of Toronto students in 2019. Not only are we currently subject to a distinctly unfriendly Ford government, but we’re living in a very expensive city (and us Innis students living in residence have no food plans to fall back on!). For many of us, university is our first time having to handle our finances independently, and with liberation comes the need for sacrifice and the potential for consequences. It’s important to take steps towards getting it right.