Being responsible for your own finances can be overwhelming, but we’ve condensed what you need to know into these tips.
BALLIN’ ON A BUDGET
A budget is an easy way to start managing your money. It makes looking at your finances and deciding your priorities simple. No two budgets will look the same — that’s okay!
While budgeting can be done on Google Sheets with a spreadsheet, many apps also exist to make tracking expenses easy. Splitwise is great for tracking and splitting common expenses between friends or roommates and PocketGuard is a free budgeting app which can show budgets in your preferred currency.
One way to structure your budget is to divide it into categories like rent, food and entertainment. By allocating a certain amount of money to each category, you can ensure you’re able to meet your financial goals and shift your expenses. There is no right amount for each category, but tracking and sorting your expenses for a month can help you decide how much you’d like to allocate to each in the future.
DEALS, DEALS, DEALS
One great perk of being a student is student discounts. From reduced admissions prices for attractions to the famed Student Price Card to savings on your Spotify Premium plan, being a student means getting some things for a little less.
These small savings can add up to a lot of extra cash! Some faculty societies, like the Arts Undergraduate Society and the Science Undergraduate Society, have discount cards that give their students more savings.
Everyday deals will help, too. Weekly grocery flyers and second-hand shops can help you keep more money in your wallet. These additional savings can help you save money for the future and for emergencies. Just remember not to buy something for the deal if you don’t have a use for it.
TIPS TO STAY ON TRACK
If you have a credit card, pay it on time. Please. Credit cards help build credit history, which is important for making big purchases, like a rental agreement. By paying your bill on time, you’ll stay away from paying interest while improving your credit score.
Don’t be afraid of missing out — saying no to one thing means saying yes to something else. It can be hard to say “no” to some purchases, like that sparkly dress, but that means you can say “yes” to other things like concert tickets.
However you choose to manage your money, there’s help at UBC too. The UBC Tax Assistance Clinic can help you file taxes in April and your Enrolment Service Advisor can support you with allocating money for tuition.