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Find out how to manage your expenses, budget and save money while studying at Fanshawe College.
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If you spend too much when you start college, you’ll find you have little left for essentials and nothing left for having fun as the year progresses. To avoid adding to your debt, you need to budget.
Plan Your Expenses It may sound tedious and complicated, but figuring out how much you can afford to spend is key to staying within your means. Begin by calculating your monthly income. Then, determine the amount you can assign to each of the following categories.
Essentials — This includes housing, food, utilities, and transportation. • Not-quite-essentials — Into this category go things you need but could be spending less on. For instance, you could change to a cheaper cellphone plan, if necessary. • Emergency fund
Entertainment • Savings — Ideally, you should also be putting some money into a savings account.
Take Advantage of Free Activities Most people around you are also budgeting. The result is plenty of free activities, which allow you to have fun without spending almost anything.
Find free things to do by joining clubs at school, signing up for meetups, and attending college sporting events. Also be on the lookout for activities that are significantly discounted for students, such as at museums and theatres.
Find Cheaper Textbooks A major expense for students is textbooks. There’s no way of getting around buying textbooks, but you can save money. For starters, ask your professors if it is necessary to purchase the current versions of books.
Often there are only minimal changes, and it will be easier to find an older copy for sale secondhand. Ask students who previously took the course — they no longer need the books and may be willing to sell the material at a good price.
If you do need current versions, look in more places than just your campus bookstore. Colleges tend to sell books at inflated prices. Shop around online to find the best deals.
Finally, when you finish your course, sell your books to incoming students. You can offer textbooks to students directly, head to a nearby used bookstore, or list books online. The money you save can be used to fund books you need for future courses.
You can save even more money if you move out of a Fanshawe College residence to off-campus student rentals in London, Ontario. These students have the option of Foundry First, which offers fully-furnished suites just steps away from campus. With a gym, laundry facilities, and parking all on site, you’ll have few additional expenses.
