LowestRates Reads: More Money for Beer and Textbooks by Kyle Prevost and Justin Bouchard

Welcome back to our personal finance book review series! Last week, we told you everything we loved about Preet Banerjee’s Stop Over-Thinking Your Money. This week, our resident student (former intern turned part-timer), reviewed his pick.

Book: More Money for Beer and Textbooks

Year Published: 2012

Author name & bio: Kyle Prevost and Justin Bouchard met at the University of Manitoba where they both attended school and discovered firsthand the struggles students face when it comes to handling their personal finances. Before becoming Canadian personal finance experts, Kyle and Justin were just two guys trying to make it through university without drowning in debt. Now they’re sharing their advice on how to graduate with good spending habits that will set you up for future success. Since publishing More Money for Beer and Textbooks, Kyle has written for many prominent Canadian finance blogs and Justin currently works as an academic advisor at his alma mater. Their book has since been turned into a podcast series.

What’s this book all about?

Students don’t like to read. End of story. So instead of packing a bunch of tips into a gigantic book that eventually boils down to frugality, the authors of More Money for Beer and Textbooks discuss practical ways to save money as a student. Kyle and Justin lay out a simple thesis: if they knew this information when they were in university, they could have saved up to $5,000.

This book gives students some great tips on how to establish solid personal finance habits. The information definitely isn’t rocket science, but the ideas are still important. Understanding how and why it’s important to save while having fun is the best way to live out your university experience.

Who should read this book?

Anyone who’s thinking of, or currently attending, university or college. Jam packed with tips, this book is the perfect introduction for someone looking to develop the right spending habits. As young adults, we don’t know a lot about personal finance, but there are lots of resources available. I primarily enjoyed this book for one reason: the tone. It’s clear that the authors understand students well, which makes More Money for Beer and Textbooks a great read for any current or future student.

If you’re in school, then this book is great because it can help you improve your current habits. Thinking about attending school? Don’t worry. This book will help you build the right habits for the rest of your life.

3 biggest takeaways

1. Choose a post-secondary institution that fits your educational and financial goals.

The first portion of this book focuses on a question that many students ask themselves when they’re deciding on a university: should I stay at home or go away? The answer will always differ from person to person — there are lots of factors to consider. Some universities have better programs for job opportunities, while others have better sports teams. Whatever your priorities are, Kyle and Justin lay down the facts: on average, a student who attends school close to home ends up spending $34,000, but a student who attends school out-of-province ends up paying, on average, $80,000.

Now, this isn’t mind-blowing information, but it’s important to understand. While a post-secondary education is an important investment, ensuring it doesn’t burden you for future years is equally worth considering.

2. People want to give you scholarship money — you just have to give them a good reason to.

No talk about post-secondary education would be complete without discussing financial aid. So the best part of this book, in my opinion, is what comes next: how to fund your education. Although student loans may seem great at the time, they can, ultimately, end up being a bad thing in the future. There’s some good news though. Since this book was published, students are now only required to pay back their student loans once they start earning an annual salary of $25,000 or more.

Thankfully,  the number of resources available for funding your tuition are endless. However, students can’t just Google “scholarships” once and hope that something magically pops up. Research, time, and effort are required. While getting “free” money from people isn’t easy, vying for a scholarship or bursary is always better than a student loan.

And you’d be surprised at where this money can come from. Have you worked a part-time job for a corporation or do your parents work for a big company? Make sure to see if they offer any scholarships. Often times, if you can explain the value behind the money, you can work something out.
 

3. Contrary to popular belief, cheap beer tastes better.

Beyond where you go to school and how you pay for it, Kyle and Justin dive into keeping costs low. Going out? Well, how about staying in. The drinks are cheaper and the company is usually better. You can even score a few brownie points by abstaining and being the designated driver for the night.

What about all those times you just need a drink? Well, trying to keep your costs low means getting a little creative. Make your beer or wine at home. Chances are your local liquor store sells a kit. Your first couple batches probably won’t taste great, but they’ll still do the trick. Thinking of grabbing a meal out? Try eating in. No matter how hard you try to convince yourself otherwise, cooking your own meal is almost always cheaper than grabbing a bite out to eat. Be frugal, but have fun. University only comes around once.

Favourite quote from book

“While there is no denying the fact that students today face an uphill battle, it is not exactly Mission: Impossible to get your degree while you keep your overall debt figure low. It will require some tough choices and a little bit of effort in order to get your financial house in order, but the juice is definitely worth the squeeze.”