With the summer winding down, a lot of Canadians are planning for a new season of expenses. Students will be headed back to school in a week or two and a whole new list of expensive requirements are on the horizon. Tuition and books are among the obvious priorities. And after a tumultuous summer where a recession has hit the country hard, many are looking for ways to afford these new costs.
Before the school season has even begun, one of the most important lessons that a student can learn is how to save money during the current economic downturn. There, of course, a lot of suggestions on how to save money. But the important thing is to know which ones suit your individual needs while you set out to accomplish your goals.
The internet is filled with numerous websites offering advice. Ehow.com, for example, provides sensible suggestions for people of all ages to keep in mind during hard financial times. One is particularly helpful for students and other people “on the go”.
Says the website: “Decide which of the things on your list you can't do without and which items you might be able to cut back or cut out to save money. Look at each item and see if any could be replaced with a cheaper alternative. For example, instead of buying a cup of coffee at the donut shop on the way into work, make an extra cup at home and take it with you in a travel cup.”
Nearly every website out there agrees on the concept of dining out less. While many students may not necessarily have the time to prepare their meals on a daily basis, it may be wise to cook a meal at the beginning of the week, making enough for at least two to three meals that can be brought to school with them.
This is one of the most cost effective ways to stay fed without having empty pockets. LearnFinancialPlanning.com offers the most reasonable argument to eat at home: “If you eat out everyday, youre wasting hundreds, maybe even thousands of dollars, every month year. Consider that the average meal is $10, eating out just once a day costs $300 a month, or $3,600 a year. You could easily slash that amount in half by buying groceries and making your meal.”
Needless to say, it is never easy for students to save money while accomplishing their day to day tasks. Especially when these tasks require money in order to be completed. However, the smartest ones out there will find a way to save and study at the same time.