The Elusive Frugal Student

I don't know about you, but I am getting a little tired of picking up the National Post or reading in the Economist that students are in more debt now than they've ever been in the last thirty some odd years combined, it's depressing! I'm also a student. Actually, I haven't been a student for nearly ten years, but I'm returning after a long hiatus, and even I started having heart palpitations when I had to think about doling out wads of cash for tuition and books. But after the initial panic, and a quick look-over my finances, I realized that  even though I'm miles away from wealth, I'm rich with financial savvy, and the more planning I managed ahead of time, the less likely I was to become one of those statistics they write about in financial publications.

So here's how to survive those college years. They may be lean, but you'll be the richer for it in the end!

1) Scholarships & Grants

The second you find out that you've been accepted into the university or college you want, start scouring the internet, and your university's financial aid office for scholarships, grants and bursaries. There are literally thousands of scholarships for college students, and this is the kind of money that will keep you out of the poorhouse. This type of financial aid is free, and provided you meet a set of requirements, and provide whatever it is they're asking for, whether it be an essay or project,

2) Student Loans

This is where things get tricky, and where most students go wrong. They apply for a loan, the government hands them a boatload of cash intended for their studies, and students spend it on luxury items like designer clothes, new cars, or vacations, none of which are legitimate school costs. Often, the money is spent long before the first semester comes to an end. Student loans are for costs that are incurred because you are a student.

3) Altering Spending Habits

Like I mentioned above, being student means being lean, and I don't mean physically (although, that's what tends to happen to me when I'm stressed and studying!). Your budget should be lean. You've made the decision to go back to school, and that means that your financial priorities should be different altogether. Those weekly shopping trips to the mall should slow to a trickle, and those seemingly endless nights out at the bars with friends, you can't afford to do that anymore! It's time to trim the fat, and get real about your expenses. You've decided to further your education in an effort to  provide better earning capabilities for yourself, why would you want to sabotage your own efforts?        

Tucking Away for Tuition

I'm sure I've written a post on saving for college before, but there have been some new developments my life that have inspired me to write yet another post. I was recently accepted to an Ivy League university after spending the last year and a half at a smaller college. I received my acceptance letter yesterday and I can hardly contain myself. But after the excitement subsided, I quickly realized that I have a mere four months to come up with a significant sum of money, yikes! With two planned holidays coming up, and a barrage of other expenses about to come my way, how on earth was I going to swing this? Well, luckily for me, this isn't the first time I've landed myself in this predicament, so it's time get creative.

Carefully Construct a Weekly Budget

I'm really careful with my money, but there are certain funds that get lost in on-a-whim purchases like coffee, clothing, a night out at the movies and things of that nature. Because I don't have time to start up an RESP or Education fund, I have to start making drastic changes in my weekly budget. If you're in a similar boat, set aside an afternoon, grab yourself a calculator, a pencil, copies of all your bills and paystubs and scratch out your entire financial existence down on paper. Include everything from your car expenses, rent, utilities, groceries, toiletries, prescriptions and any other expense you anticipate incurring. Factor in debt-repayment if necessary, and an amount that you are able to set aside for your future.

No Vacation - Opt for a Stay-cation instead! 

Unfortunately, I have two specific trips that are planned for the summer, both weddings that I will be attending, and I won't be able to get a refund. But this news will obviously restrict my budget while I'm in destination. If I didn't stand to lose out on a significant amount of money, I would be staying home and enjoying the city in the summer months. Look, everyone needs a break from life, but taking an expensive holiday is not in your budget if you're going back to school, so opt for a unique experience at home. Go camping, take a small roadtrip, explore your hometown!

Grounding My Wheels

Maintaining a vehicle is expensive and with gas prices through the roof, it makes little sense for me to be throwing my money away on fuel when I have a perfectly good bicycle and a city full of bike lanes! It's better for me, and I'll be giving mother nature a break!

On the Hunt for Money

Finally, while I'm busy squirreling my own funds away, I need to go knock on a few doors to see if I can scrounge up some extra money. I'm talking about applying for scholarships and bursaries. I've always had the attitude of take no prisoners! I will apply to absolutely  every single scholarship I can get my hot little hands on, and then some! Here hopes I make it to September without ending up in the poorhouse!