Karen Piper
The Silhouette

There is no rule of thumb for managing finances because each individual’s financial position is unique. Here are 10 easy steps to find your way to successful saving, and I hope you find a few of these helpful.

1)    MAKE A PRACTICAL BUDGET: To start, a good idea would be to go around and investigate the prices of the items that you will be spending that money on.  For example, check the prices of your textbooks so your allocation for books may be somewhat realistic. This may result in a slight modification in your spending limit, but it’s better to know in advance!

2)    HAVE A TOTAL FIGURE:  This simply means setting a figure on which you agree will be your spending limit for the year or for one term. I personally prefer making a total budget for one term, because life is unpredictable and a lot can change in a year.  Chances are if you write down a total or spending limit, you’ll try to stick to it. It’s almost like a written agreement.

3)    MAKING A LIST HELPS:  I know this is probably something associated with old people and grocery stores, but hey, who cares? Let’s have a reality check: making a list actually works when you go out to purchase those items on your budget, because it keeps you on track.  Whether it be a drugstore shopping-list or a bookstore items list, following that paper saves you paper!  Chances are that you won’t pick up unnecessary items, make it trendy if you have to, put it down on your tablet or phone- just write the list!

4)    KEEP TRACK:  Now that you are well into the semester and have already purchased books, room supplies, gym membership etc, it is not a bad idea to keep tabs on what you have online order viagra spent in order to determine if you are sticking to your budget. Let’s be realistic, there is so much to do during the semester (studying, socializing, laundry, meetings, the list goes on) you cannot possibly worry about money issues every single day. Hence, set up a system whereby every week or two weeks, you re-track your spending, whether it is through online banking, purchase receipts or check copies.

5)    AVOID DISTRACTIONS: This is really hard to do! Life is very unpredictable and no one lives in a vacuum. It could be Friday night, after a hard long week and a friend asks to go to a club or a bar. You may already be over on your spending, because let’s face it, we’re not perfect. What do you do? I try to remind myself of my long-term goal and sometimes I may suggest doing something that involves spending less. For instance, downloading an exciting new movie at home and just getting some popcorn. Having fun doesn’t need to cost a lot.

6)    EMPLOYMENT: It does not hurt to get some extra cash! Some of you may have taken some hefty loans to finance your education, while some of you may have received a sponsor. Whatever your situation, it might not be such a bad idea to source a job to help with your expenses, providing that it does not interfere with your studies. There are many work opportunities available on and around campus. Check out OscarPlus or the MSU website for more info.

7)    WATCH WASTAGE: A key reason why we always have to be spending money on seemingly important items is because we waste! We are all guilty of it. We buy food and can’t eat all, and we simply throw away the rest. We are quite wasteful because we have a psychological premonition that we will always have the means to find the next dollar. How wasteful are you, and how can you put an end to it?

8)    BUY QUALITY: This is a tricky one. One aspect of life in Canada is the dreaded winter. Speaking from experience, I have been one to buy the cheapest winter coats, jackets and boots in an effort to stick to a budget, but all to no avail. Within a couple of weeks, the zippers would wreck on boots, buttons pop off on jackets and it can be a monetary nightmare. There are certain items you just can’t skimp on financially. Determining what to generously spend on and what not to is a fundamental key to financial success.

9)    ACCOUNT FOR SURPRISES: You will notice that I keep reiterating the fact that life is unpredictable. As a result, one has to also plan financially for surprises and unplanned events. Some of these include a medical emergency, replacing a valuable lost item or the sudden inflation in the price of an item you regularly purchase. Try to always account for unexpected events. Put aside money in case of emergency.

10) SEEK HELP WHEN NEEDED: Ok so you’ve probably followed all of these tips as best as you can and you are still having financial difficulty, well that’s life. Nothing is easy and no handbook or set of rules can solve all problems. Don’t be afraid to get financial assistance as soon as you detect a problem. You can get help from a financial advisor at your local bank, a parent or a friend. Maybe you may even want to attend a financial management workshop to get more useful information. Look out for these workshops on campus throughout the year. Remain proactive!

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