Budgeting for your first year of university

Forgotten expenses

Tracking expenses is a good way to see where your money has gone. If you're spending too much then you can see which areas of spending you can reduce. These are some expenses that are often forgotten and may catch you by surprise.

• Subscriptions (Netflix, Spotify, Amazon Prime)
• Toiletries (toilet paper, shampoo, toothpaste)
• Travel (weekend trips home, day trips)
• Haircuts/beauty
• Gifts (birthdays, holidays)

Leaving room for unexpected costs

Sometimes emergencies happen or things get broken. Be precautionary and save some money for when things come up like a broken laptop, an emergency trip home, or a lost item.

Differentiating between wants and needs

Often times we buy things that we want, but don’t necessarily need. Maybe you just bought a cute top but what you actually should’ve purchased was a new pair of winter boots. Before making any purchases, think about if you really need it or if it’s just something that you want.

Making the most of your money

There are many things you can do reduce your costs and make the most out of your money, especially as a student.

Food

Having a meal plan is convenient, but cooking for yourself is also an affordable alternative. It is also cheaper than going out to eat every day! Most grocery stores in the city also offer discounts to students on certain days of the week, and the St. Jacobs Farmers' Market is a great source for local and inexpensive produce.

Travel

Your bus pass for local public transit is included in your fees. If you're heading out of the city, get a Presto card for GO Transit, buy VIA Rail tickets on Tuesdays, or check out the Air Canada Student Pass program.

Textbooks & software

Textbooks can be a significant expense, especially if you are consistently buying them brand new. If you don’t mind a few crinkles here and there, you can buy used textbooks.

You can also take advantage of the free software for Waterloo students.

Part-time jobs on campus

If you're doing well in your classes, you may want to apply to some of the many part-time jobs for students on campus, which is a great way for you to earn some extra money while completing your studies. You could work for the Waterloo Undergraduate Student Association, Library, Food Services, Warrior Recreation, and more.