A Bag of Loose Change: A Collection of Financial Tips for University

By  Kacey Keene, University of Saskatchewan Student

Something strange happens to your conception of money when you enter university. All of sudden a quarter does not seem to be worth 25 cents anymore; it is worth much, much more. Between laundry, parking meters and the morning cup of coffee, quarters and all other coins transform from a copper/nickel composite to near-priceless gold. Loose change of all sorts becomes valuable to the typical university student, and those individuals with the zippered sandwich bag full of loose change are admired and praised for their preparedness and financial astuteness. There is much to be learned from these university students with their bags of loose change.

Know how much change you’ll need.
Post-secondary education is an investment so it’s best to prepare yourself for the cost of your university experience. Take into consideration that it is more than just tuition that will account for your financial spending at university. At the University of Saskatchewan, costs include tuition and student fees. Additional costs include books and supplies, accommodation, and living expenses. Check out the estimated costs at the University of Saskatchewan in order to prepare yourself before university begins (Link “Check out the estimated costs at the University of Saskatchewan” to: http://explore.usask.ca/moneymatters/).

Another big cost in university is the textbooks and materials required for each class. Buying brand new textbooks from the University Bookstore is a great way to ensure that the copy you are buying is the copy that will be used and tested from by the professors of your class. The University of Saskatchewan Bookstore even has an option to order textbooks online, in case you want to get your books early or avoid the rush at the beginning of the semester (Link “University of Saskatchewan even has an online order option” to: https://www.usask.ca/consumer_services/bookstore/store.php). Although textbook shopping is fun, it can also be a drain on the finances. Something to keep in mind is the option of buying used textbooks for your classes. The University of Saskatchewan sells used textbooks at both the University Bookstore and Browser’s (our student union run café/used bookstore). It can really pay to check out the prices and condition of used textbooks before investing in the semester’s course materials. Just remember to check with the professor before buying an older edition of a textbook to make sure the material is still relevant to what will be covered in class.

Know how much change you have.
As a university student, it is very important to have an understanding of your personal finances. Knowing how much money you have available relieves stress and makes the options for purchasing of new products clear and attainable. Setting up a budget is a snap if you use the University of Saskatchewan’s budget calculator (Link “use the University of Saskatchewan’s budget calculator” to: http://explore.usask.ca/moneymatters/budgeting/). Keep in mind that there are a lot of ways to cut costs and save some change. Something I never considered when I was in high school was how much I would enjoy coffee in university. Unfortunately the cost of a daily coffee purchased at school can really add up! If you are a tea or coffee drinker like me, it is a good idea to invest in a reusable to-go mug and bring your own drinks to school—an effective way to be good to your budget and the environment!

A few quick tips to save for university before you start:

1.    Have multiple piggy banks
-    Little jars around the house, such as by the laundry machine, in your bedroom and in your car are a great place to toss that change in your pocket at the end of the day.

2.    Start saving now for later
-    Putting away a bit of money each month now will help when it comes to university. Having savings account is a great idea for the big expenses of university such as living arrangements and tuition. Also, set up a place to save for the additional expenses of school, like entertainment. The contribution does not have to be substantial each month, but a little bit goes a long way when you start university in the fall.

More great money saving tips can be found by checking out the U of S budget calculator tab, “Cost-saving tips” (Link “checking out the U of S budget calculator” to: http://explore.usask.ca/moneymatters/budgeting/)

Consider the big stuff.

Every so often when fishing for change, you come across the “big stuff” like a one or two dollar coin. These larger denominations of coins are extremely helpful for making a dent in the coffee purchase or paying for parking. Like that treasured two dollar coin, student loans can help make a dent in the big costs of university. Government student loans can be helpful to pay the big costs of university, like tuition. Student loans can be beneficial because you are not expected to start paying off the loan until six months after you leave school (Link: “Government student loans” to http://explore.usask.ca/moneymatters/loans/). Student loans can take a big weight off your shoulders when attending university but should not be considered as the only means for paying for your education. Student loans are best considered as a supplement to, not a replacement for, any contributions you and your family can make to your education.

You’ve Earned It!
Taking some initiative and applying to scholarships can help out in the financial long-run when it comes to school. Scholarships are generally based on either academic achievement or extracurricular involvement, sometimes a combination of the two. The most important thing to know about scholarships is that they exist! (Link: “scholarships” to: http://explore.usask.ca/moneymatters/awards/). I wish that I would have known about more scholarship opportunities when I was in high school because it would have greatly improved my financial situation—especially in my first year. Sometimes scholarships can go unclaimed because no one has applied for them. Do not let this be the case! Do a bit of research and apply for any and all scholarships for which you are eligible. Bursaries are awarded based on financial need, among other criteria. Don’t forget that the University of Saskatchewan also offers Guaranteed Entrance Scholarships based solely on your early application and academic admission average. (Link: “guaranteed entrance scholarships” to: http://explore.usask.ca/moneymatters/guaranteed/). If you are applying directly from high school and had great marks in grades eleven and twelve, don’t miss out on the opportunity to receive some cash for your efforts!

Keep the sum of your change in mind.
University is a great experience and investment, but all good investments come with a pretty substantial price tag. Being prepared can really help, so make sure that you take the time to research costs, consider financing options and set up a budget accordingly. There are plenty of ways to cut costs and saves some cash, from scholarships to budget savers. And don’t forget to save your pennies, nickels, dimes and quarters … you never know when you’ll need the odd piece of loose change!