The statements I am a University Student and I am financially stable aren’t usually seen together, but can they be? University can be tough financially and I want to challenge the notion that it’s impossible for both statements to be true. It doesn’t matter if you make a lot of money or a little. What matters the most is what you do with what you have been given each and every day. Here are some tips to get you on your way to becoming a financially stable student:
Yep, now I sound like your parents and I have only just started. This is key, though: take some time to figure out exactly what you are able to spend each month. This will save you from getting to the end of the month only to realize you forgot to pay your phone bill and no longer have money to do so. What a shame it would be to lose access to Instagram while riding the TTC.
Newsflash: You can put away money even if you are living paycheck to paycheck. Skip your daily Starbucks run and you’ll be amazed at what you can save (this will also greatly reduce your chances of ruining your Macbook by spilling your Triple, Venti, Half Sweet, Non-Fat, Caramel Macchiato on it during paper season…). It also helps to account for savings while you are creating your budget.
Do your research!
We live in an age of technology…use it! Whether this means you are trying to find the cheapest groceries or simply the best deal on a new Nerf gun, take a few minutes to research the best price.
Being smart about your money doesn’t mean you cannot go out and enjoy all that Toronto has to offer. You can still go for wings, visit the AGO, ROM or anywhere that has either a student special or “cheap” night. This can become a great way for you and your friends to keep enjoying your favourite activities/foods while saving some of that hard earned money for another day.
Don’t be scared to talk with friends and family to find out how they keep their finances under control. You can chat with the staff at Tyndale’s Student Financial Services for information on financial assistance and creating your own budget. As Christians we have been designed to be in community with one another, and finances are no different. Challenge yourself to take others advice and seek out answers when you aren’t sure what to do. Remember, God has called us to live generously. Becoming a better steward is one way we can honour Him each and every day.
BA Business Administration – International Development
Senior Student Administrative Assistant & Student Council Program Chair