School’s Out! 7 Tips to Help Students Stay on Budget This Summer

If you’re like most college or university students, after finishing that last exam you just want to ditch the textbooks and timetable for a few months of sunshine and sleeping in. But if you’re not careful, you could end up burning through your budget this summer.  

 

There are a few things you should keep in mind – even during your hard-earned vacation – to help make sure that this summer, you don’t break the bank. Read on to find out what you can do to help stay on budget between now and September.

One of the most important things you can do to help stay on track financially is to create a budget for yourself. Getting everything down in writing (or on a computer screen) really helps you gain insight into your own financial situation.  If you’re not keeping track of where your money’s coming from and where it’s going, it’s a bit like stumbling around in the dark. Drawing up a budget will help you stay on top of your spending, so that you’re not clueless when it comes to your own finances. Use an excel spreadsheet, or try out one of the many budgeting tools on the net.

 

 

Ideally, summer should be all about rest and relaxation, and we get that. But for many students, a summer job is a necessity. Working part-time will help offset the costs of summer break, and helps you save up for next semester’s tuition and expenses. These days, getting a part-time job is no easy task, but it’s more than worth it in the long run. Apply to businesses in your area, and apply early – summer positions fill up fast. Find out if your department at college or university has any part time jobs for students – not only will you make some money, but you’ll be adding valuable work experience to your résumé.

 

 

When school’s out and it’s time to move out of rez, moving back home with your parents might not seem like such a great prospect. Look at it this way, though – it’s a chance to live rent-free! And even if mom and dad want you to pitch in for rent, it probably won’t be nearly as much as you’d be paying if you were living on your own. If you prefer your independence, you can save a lot of money by getting yourself some roommates, and splitting the cost of rent between you. 

 

 

If you’re the type to go out for lunch or dinner more than a few times a week, it may be time to cut down on restaurant trips. It’s nice to go to a fancy restaurant from time to time, or grab lunch with a few friends and enjoy the patio weather, but eating out too often costs more than you might think. Buying groceries and cooking your own meals is not only cost effective, but can be much healthier as well. If you’re living at home with your parents, there’s no shame in enjoying a home-cooked meal. Consider yourself lucky – you’re saving money and getting fed!

 

 

 

Whether you’ll be taking a road trip with your best friend or heading to the cottage for a group getaway, it’s helpful to discuss budget details with your friends early on. Make plans for who will pay for what so that you don’t have to worry about it later on. Maybe everyone can chip in for gas? If you’ll be buying everyone’s tickets for that upcoming concert, get your friends to pay you back for their expenses. Discussing budgets might not be the most exciting topic of conversation, but it’s an important thing to do when you’re planning a group event.

 

 

Just because you want to stay on a budget, doesn’t mean you can’t have a great summer vacation! There are tons of things to do this summer without breaking the bank. Head to the beach for some fun in the sun, and take a refreshing swim. If you don’t have an actual beach nearby, head to a pool with friends. Have a picnic and bring your own snacks, or have a night out in the city. Head to a museum or art gallery to soak up some culture. If you’re back in the suburbs for the summer, get together with old friends or invite over some new ones, and explore what your town’s got to offer. You’d be surprised at how much you can do, even on a shoestring budget!

 

 

While you’re planning your staycation, why not take in some of the many free events happening in your area this summer? Whether you’re in Toronto or Vancouver, Antigonish or Canmore, there are bound to be plenty of free local events going on in your area. Head to a free concert, or take in a cultural event. Bring your friends to a free music festival, or a lively town fair. After a long Canadian winter, you deserve it – and you won’t have to spend a dime!