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Home Centennial College Blog 2012 July 09 How to Manage Your Spending Habits

How to Manage Your Spending Habits

Picture of a student purchasing items in the bookstore

Canada Day just ended and I find myself counting down the days until the next holiday. This reminded me that school is fast approaching and I need to brace myself with a huge spike in spending. Tuition alone is a whopper but then there are textbooks, food money and other expenses to add to my costs. Start saving early my fellow students. Here are a few tips in managing your spending habits:

Make a budget
You have to be aware of your current situation and patterns in spending. By listing your expenses, you can see which days you tend to spend more and figure out how to lessen the money splurge during these times.

Pay your bills on time
Pay your bills by their deadlines to avoid accumulating more debt due to interest rates. When you get extra money, use it to pay the money owing rather than accumulating more debt.

Use cash more often than your credit card
Credit cards are convenient but can be a burden as bills don’t get paid directly. People get carried away when cards are used versus cash payments. Use cash when you can so you will notice how empty your wallet is becoming. Perhaps it’s time to stop spending!

Avoid the Sale Trap
Sometimes, a sale in one store costs more than the regular price at another store. What’s worse is that you are likely to spend more as shoppers tend to purchase more items during a sale. If you don’t need it, don’t buy it --- you might just get a better deal if you wait!

Use some self-control
Ever heard of the phrase spending more than what you can handle? It is hard to start and to keep saving when there are so many temptations but at least earn enough money for your expenses. Though it may be impossible under certain conditions, do avoid overindulgence and spending on the wants rather than the needs.

When you must spend, try to grab the best deals available. Our school offers various services and perks that can lower your budget:
• Buy textbooks for less. Rent textbooks or buy discounted ones from our bookstore. Used textbooks are also available from your peers. Better yet, apply for the book bursary which starts before the beginning of each semester.
• Get 90% off your prescription drugs. Centennial College’s Student Association, CCSAI, offers a health plan with Blue Cross.
• Venture around the city with a discounted pass. Go to school, go home during long breaks and take in the city’s sights with your student pass.
• Use your free gym membership. Exercise and stay healthy at the Athletics and Wellness Centre (AWC) at the Progress Campus.
• Shop at the EcoDepot! Need a professional outfit for a job interview? Centennial is going GREEN with EcoDepot --- free of charge to students.
• Attend school functions. It’s not all books but fun as well! Save on entertainment costs. Discounted activities such as the Wonderland trip are offered by the college and CCSAI. Free events are also available including the upcoming Mini-Carnival and Slushie Day. Read more at CCSAI.

Start saving and enjoy the rest of your summer!