Budgeting Tips for Student Renters
As the new school year approaches, it's time for student renters to refresh their budgeting strategies. Managing your finances throughout the academic year is just as important as finding the right place to live.
In this blog, we'll explore ongoing budgeting tips that will help you stay financially secure while you focus on your studies.
Regularly Review and Adjust Your Budget
Budgets are not set in stone. As your circumstances change, so should your budget. Throughout the year, regularly review your financial situation and make adjustments as needed. Did your income increase? Are there unexpected expenses? Make sure your budget remains a practical tool to guide your spending.
Track Your Expenses
Keep a record of your daily expenses. Apps and online tools can make this process painless. Knowing where your money goes is essential for identifying areas where you can cut back or allocate more funds.
Use Student Discounts
Continue to take advantage of student discounts wherever you can. These can add up to substantial savings over time. Look for discounts on textbooks, software, public transportation, and more.
- Check out MyUniDays for some fast, free, and exclusive student deals and discounts!
- IKEA are offering a University Starter Pack, offering some important stuff to get you up and running (expires September 6th, 2023).
Avoid Impulse Purchases
It's tempting to splurge on non-essential items, especially when the stress of school builds up. Create a list of things you genuinely need and stick to it. If you come across something you want, give it a day or two of consideration before making the purchase.
Cook and Meal Prep
As classes pick up, your schedule may become hectic. Continue the habit of cooking at home and meal prepping. It not only saves money but also time. You can carry homemade meals to campus, reducing the temptation to eat out.
- Check out some cheap and easy student meal recipes here!
Stay Energy-Efficient
During the fall and winter months, heating costs can rise significantly. Keep your utility bills in check by sealing drafts, using energy-efficient light bulbs, and adjusting your thermostat sensibly.
Utilize Public Transportation
If you're in a location with good public transportation, continue using it to save on fuel and parking costs. Many universities also offer discounted or even free transit passes for students.
Check out some student transit passes across the country below:
- TTC Post-Secondary Monthly Pass here. (Toronto)
- Universal Transit Pass (U=Pass) here. (Edmonton)
- Upass (Calgary)
- Upass (Vancouver)
Entertainment on a Budget
Stay entertained without overspending. Look for free or low-cost events on campus, explore local parks, and take advantage of student movie nights or streaming services that offer student discounts.
Emergency Fund Maintenance
Don't forget about your emergency fund. Continue to contribute to it regularly, even if it's just a small amount each month. It's a safety net for unexpected expenses.
Plan for Summer Break
As the school year progresses, start planning for the summer break. If you won't be staying in your rental during the summer, consider subletting it to cover your rent while you're away.
As you gear up for another school year, remember that budgeting is an ongoing process. By implementing these budgeting tips, you can maintain financial stability, reduce stress, and make the most of your student life without constantly worrying about your finances. Here's to a successful and budget-savvy academic year ahead!
Check out some more renter guides below: