I shared them with Andrew Payne, Fanshawe Student Union’s vice-president in charge of finance, to give you the very best in tips and advice to hang on to more of your cash this year.

“A great way for students to save money throughout the year is to make a budget (and to stick to it),” Payne advised. “There are example budgets online at every major bank’s website and there’s even one from the college. It can be found in the Money Matters guide at fanshawemoney.ca.

“In fact, that website offers much more than simply a budget guide,” he continued. “It’s the place to go if you’re interested in applying for bursaries, awards, scholarships, OSAP and even work study. It’s the place to start if you’re on the hunt for financial information here at Fanshawe.”

With that in mind, here are some of the most important things to keep in mind regarding your finances this year at school.

Time to become the banker
Learn to crunch the numbers — estimate your income and expenses, and revisit it often. Mark down your actual expenses (and keep receipts) so you can see what you’re spending your money on. Whether it’s a notebook or a spreadsheet, this habit can have a big impact on your year.

Write a reminder in your planner every week, or make it a file that pops up on your computer when you start it up, so you see it every day. Not only do you get a clear picture of where your money is going, some of those expenses can be deducted later for taxes, or at least used for sympathy from your parents.

Most banks offer free services to students — no transaction fees, better rates of interest, etc. Make sure to let your bank know that you’re a student, and see what they can do for you.

Always set aside some money for emergencies
Illness, homesickness, unexpected school expenses; have money set aside for the unpredictable, like when something goes wrong with your computer or car, because it will. And definitely leave your credit card back at home, because you’re likely going to have enough debt once you graduate.

Similarly, you should keep the money for your fixed expenses (like your rent, utilities, maybe car insurance) separate from everything else, even your variable expenses (like groceries). Sure, this seems like a no brainer, but watch closely. There is no worse feeling than realizing you’re short on cash for a big bill.

Create meal menus and a shopping list (and stick to them)
The act of considering what you need and writing it out will help to prevent a lot of impulse shopping. Try to consider meals that feature beans, pasta, and rice, since these things are inexpensive and generally go a long way.

Making meal menus and plans is the best way to ensure you don’t forget any essential ingredients for supper — otherwise you might just give up and order in. It’s not only hard on your funds, it’s hard on your body (Freshman 15, anyone?).

Do what you can to avoid buying food at variety stores. Milk may cost about the same there as anywhere, but beyond that, it’s way more expensive than going to a proper grocer. Even snacks like potato chips are needlessly expensive at convenience stores.

Clip coupons and get discounts wherever you can
There are a lot of ways to save money on the purchases you already have to make. You’ve probably heard of the Student Pricing Card, right? They’re on sale in the Fanshawe Bookstore, and they are a great way to get a chill percentage off of your purchases.

And speaking of stores, you might as well check those that you shop often for membership cards and programs that can save you money. You might be able to sit on their computer with a student status, which can help in the future. There are coupons in your student handbook, too, and a lot available online if you look.

Here’s one for your bookmarks: Save.ca, a Canadian website funded by manufacturers that will let you choose from a list of available coupons online, and then mail them to you! This service is free and coupons are available for food, toiletries, cleaning products, even pet food! Get a free account and start right away.

Partner up with your friends and roommates
Nothing creates a sense of community or family like food. Get together with your friends or roommate and shop together — carpooling will save time and money in shopping, and it saves you from having to go alone all the time.

You should definitely cook together, too; you’ll be able to eat a lot better with a better variety of food available. Plus, having help in the kitchen will save time in preparation and cleanup, and let’s be honest, nobody enjoys the cleanup.

Be smart with your school supplies
Common supplies, like pens, pencils, paper, and general stationery, are considerably cheaper at discount stores than at major shopping outlets. Realistically, there are Dollarama and Giant Tiger locations close to campus, and you can save your money for your bigger purchases.

Not that you shouldn’t be careful with those, though. Many of you will need to buy a computer, so ask yourself what your needs for one really are. If you’re only really getting one to take notes and write homework assignments, then you don’t necessarily need to blow your budget on a state-of-the-art machine.

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