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The Final Paycheck And the Start of the School Year

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I know for me personally the beginning of the school year brings some excitement, but mostly a lot of stress and a feeling of being overwhelmed. It’s also true that I’ve realized I’ve taken on quite a lot this semester which was all my own doing, and the reason why I haven’t written a blog post lately. Also my friend’s blog post for one of our classes really made me realize that I hadn’t written a post in a while :S and so here it is…a bit more of a personal type post this time, instead of just providing some helpful savings tips (I know they always are).

As you can tell from the title I’m feeling a bit sad, and overall a little upset that I received my final paycheck last week. There goes the feeling of constantly having money, buying nice beers (I’m back to Sleeman and rum and coke) and going out all the time without a care in the world. It’s time to go back to my extremely frugal ways to get through the next 8 months without adding to my student debt. I’m sure most people feel the same, unless they were able to make disgusting amounts of money over the summer. I found myself asking the other day at a restaurant how much the special cost, and then buying it because it was cheaper than my other choice (it’s crazy because we’re only a few weeks in).

final paycheck

So as a way to say goodbye to your final paycheck, here are some tips and tricks to keep in mind in the coming months so you still have some money in the bank;

  • When grocery shopping (yup always the food Lauren) make sure to use online coupon apps like Checkout51, buy what you need not what you want (most of the time) and always look for sales
  • Check out bars/the campus pub for drink deals, I know the Brass Taps at Guelph has days with $3.75 tall boys and cheap pints on certain days. It’s nice to save some $’s on drinks
  • If you are going to buy lunch at school, I’m a huge fan of Subway (I should be spokesperson or at least get free subs because of how often I go) but it’s a great deal and pretty healthy for you.
  • Make sure at least bring snacks to school, it starts to add up
  • And also try not to stress about money, the more you save now the less you will stress out about money for food

Hopefully that helps you out a bit at the start of the school year and gives you some tips to save. I’m unfortunately crazy busy but really excited about what’s going to happen this semester and the next.

Starting the School Year Off Right

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It’s easy for spending to get really out of control within the first weeks of school. You need to buy a gym membership, stock up your house with groceries, want a new desk and several other purchases to get you off and running. Make sure to think about these points and keep thinking about them throughout the semester.
Make a Budget
  • The most important thing that you can do right now is plan and make a budget for your month by month spending. It’s also very important for this budget to be realistic, so you can stick to it. If you are an avid spender don’t set completely unrealistic spending goals for yourself.
  • Based on the money you made during the summer or the money you still have left make sure you have enough for the essentials; food, rent, and utilities. After you have figured out that you have enough funds to cover these expenses that’s when you can figure out the rest; clothing, alcohol, money for going out, trips, additional food that you don’t actually need etc.
Some Tips
Make sure to take into account increased utility bills in the winter months when the weather is colder and heating will increase.
Stick & Follow Through with the Budget
  • Making the budget itself may seem challenging, but the most difficult part is actually following through with the budget. Throughout the first month especially, it is crucial that you write down and record your spending in order to be able to tally it all up at the end of the month.
  • At the very least make sure to do a bi-weekly (half way through the month) check of your budget and see if you are on track. Are you spending too much on groceries? Scope out better sales and make better use of your grocery dollars and even try finding some coupons online.
  • At month’s end, tally up all of your purchases and check to see if you met your goals. Were they realistic? Do some numbers need to be decreased? Do some numbers need to increased? Don’t do this every month, but the first month is your trial run make changes after this month that make the most sense financially and based on your spending habits, then the budget for later months should be more concrete.
Keep Up to Date on Your OSAP Loans & Other Student Loans
  • Since you probably just received more loans or additional student loans to pay for tuition this semester, make sure to check the amounts owing to either OSAP, banks, your parents etc. Keeping that in mind may also keep spending in perspective, if you owe $15,000 in OSAP does that extra pair of heels make sense if you don’t really need them?
  • Additionally make sure to check if you qualify for the tuition rebate of $800 a semester through OSAP. I remember seeing somewhere that over 80% of students that could qualify for the rebate didn’t even apply. You don’t have to pay this money back unlike OSAP, it’s a bursary that requires no repayment, it’s free money that can help take a load off tuition or rent. Make sure to take advantage of this.
  • If you are no longer receiving OSAP loans, make sure you go an fill out a form to keep interest free status (and avoid paying interest until after you graduate). This can probably be done at Student Financial services at your university.
Hopefully this gets you thinking about your finances and how you can better keep track of them over the Fall semester and beyond. Remember, you’re a student, it’s very unlikely you have a ton of money so please don’t spend like you do.
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