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Money Saving Tips

5 Of The Best Frugal Living Tips For Broke College Students

A college student with a limited amount of money; Gee, is there any other kind? Whether you’re on scholarship or financial aid, work study or you have a part-time job, no matter what your financial situation may be, there’s one thing that we know for sure: You’re trying to find ways to make your money last for just as long as you possibly can.

We’ve been there and we can totally relate. If you are looking for some frugal living tips, ones that will give you the ability to enjoy the college life without getting (financially) stressed out, we have five suggestions that can easily help you to reach that goal:

Cut out bad habits. Yeah, we know. College tends to be the time when you start certain habits more than you think about stopping them. But, if you’re a smoker, drinker or junk food eater, if you looked at the receipts for those purchases over a months’ time, it could literally cause you to go cold turkey. Vices come with a price, in more ways than one. Make sure to remember that.

January 9, 2013

Money Saving Tips

Saving Up For Your First Home

There will come a time when you wish to say goodbye to rental properties and purchase a home of your own. Indeed, often a mortgage works out cheaper than renting anyway.

The Largest Purchase You Will Ever Make

Saving money for a house is unlike saving for most other things. The amount will usually be larger than for any other goal you have ever tackled, and so the time frame will be much longer. The amount required is notoriously difficult to calculate and the sum of money you need will be much less intimidating if you think of it as a monthly amount rather than a lump sum. The larger the deposit you save, the more flexible the mortgage and the more competitive the interest rates. It is wise to create a graphical tool to motivate your saving, for example, a money thermometer. In the run-up to your purchase, you could free up money by avoiding or at least reducing the cost of renting by moving in with your parents or in-laws or sharing a house with friends.

November 15, 2012

Money Saving Tips

5 Ways Students Can Save Big Money

Students usually have to live on a tight budget as most of their time is spent studying rather than working and earning an income. As a result, it is important that students take advantage of the savings that is available to them. Below are just a few ways that students can save.

1. Save big on your banking. Most financial institutions provide free banking to university and college students. All you need to do is provide proof of enrollment and you shouldn’t have to pay monthly fees or transaction fees on your bank account. This perk can result in significant savings for you, especially if you do a lot of banking transactions each month. Remember to provide proof of enrolment every year to your bank; otherwise you will end up with fees after the year has passed. Most financial institutions won’t remind you, so be sure to mark your calendars to avoid fees.

November 7, 2012

Money Saving Tips

How To Save Money On Halloween Costumes

I was listening to a CBC radio station last night and there was a feature about how much Canadian parents are spending on Halloween costumes for their children, and on Halloween in general. I could hardly believe my ears when I heard that parents were spending on average about $50 for one costume, and that’s not including all the accessories! Apparently by the time all is said and done, Halloween is costing between $100 and $150 per child in a Canadian household. Yikes!

This may be all fine and good for parents who can afford this, but it makes me sad to think of all the kids whose parents really shouldn’t be spending that much money on Halloween. The good news is that costumes can be made quite cheaply with some creativity and flexibility.

October 29, 2012

Budgeting

Little Treats Cost More Than You Think

If you suggest to someone that a little treat they’re planning is a waste of money, you run the risk of sounding like an old curmudgeon. After all, the people thinking about treating themselves will tell you that it’s relative pennies and well affordable.

They may well be right, but it’s far more probable that they aren’t. That’s because they set the amount off against their monthly total, seeing it in isolation of everything else so, yes, the cost seems miniscule.

October 18, 2012

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