Money in your Pocket!

As a first year, I've experience about a month of University life and I’m sure everyone, including myself, has spent quite a lot of money on various things. It’s time for us all to come up with a plan for saving. If you ask the famous Warren Buffett on how to get rich, the first thing he advises is to save money! As tomorrow’s business leaders, we do not want our cash to go into the trash. But how can we manage our money better? Here are my 4Ss that have helped me and might help you too!

1.   Spend Wisely

Watch your credit cards. Most students carry one or more credit cards for their own convenience. However, it can also be a double edged sword that points back at us since credit cards can pay off our purchases regardless of how much we actually have. If we spend more than we ought to, which means exceeding the amount we can afford, we will find ourselves in debt trouble in the long run! This can also become a snowball effect if we pay off our debt with another credit card. Be smart and manage your money well. Always remember to pay your debt in full within the credit period. If you find yourself struggling with debt, you can always discuss it with your parents. 

2.   Save for Necessities

“Every penny you saved is a penny you earned.” When deliberating on a purchase, ask yourself ‘do I really need it?’ before spending the money. Successful marketers tend to come up with attractive advertisements for products. Do not fall for them. Remember the theories in our economic class: People face trade-offs. If we spend more on unnecessary things, you will find yourself having much less money for necessities. Therefore, never let the urge to buy luxury goods drive you. Always relate back to the above question and think it through rationally.

3.   Stay Organized

A principal you always want to remember where you’d spent your money; there are always useful apps on your smartphones that can help you account for how much you have spent. When we receive a colossal amount of money at the beginning of the year from OSAP or RESP, we tend to spend more. However, when it comes to our later years, problems will arise.  You don’t want this to happen in your following years at UTSC. Organizing how much you will spend is very important. As an additional tip, try to avoid gambling as a means for income, whether on campus or off. Underground gambling is illegal and lots of business leaders are against it. There are serious consequences that gambling brings. It is better to focus on bursaries and scholarships to support our financial obligations. For more information visit the Financial Aid Office locate at AA142.

4.   Student Benefits

There are numerous money saving opportunities provided by University of Toronto Scarborough. So take advantage of them! If you decide to engage in  management events provide by MESA, for example, purchasing their plus cards will be a wise choice as it gives you discounts on MESA events such as the CA Facts Night and other student experience events. Don’t miss out on these opportunities to enrich your resume! Enjoy all their experiences and save while doing it. What’s more? Our student union SCSU offers discounted TTC monthly passes. If you travel by bus more than 12 times a week, buying a bus pass from SCSU will certainly save you a lot of money. The SCSU office opens all day long, so save time and money and purchase them there. There are tons of money saving options available at UTSC for you to discover such as student meal plans, parking permits and library resources. There are always coupons and discount offers at the MESA website and the SCSU home page. Check them out often. You may be surprised. 

Ernest Tsang