Eats, Coffees and the Little Costs That Add Up at University
Written by: Safa Awed, 3rd Year Integrated Science specializing in Synthetic Biology
Photo by: Sasun Bughdaryan on Unsplash
Starting university is an exciting milestone in your life. It opens you up to new experiences, independence, and the necessary lessons of adulting.
With September around the corner, some of you might have already caught a glimpse of financial independence through organizing OSAP, managing tuition deadlines and applying for scholarships. Getting those massive bills out of the way is a huge win. But one of the things they don’t warn you about is those little costs that add up. Now these things aren’t something to be scared of, but by being conscious of them, it’ll make it easier to have more control of your money.
When I started first year, I thought I had my finances in order. With OSAP out of the way, having groceries and rent taken care of since I lived at home, I had peace of mind knowing my big bills were sorted. I worked a summer job before first year, so I had some money saved for any other costs.
That first month, after the initial excitement of O-week settled down, I was enjoying making friends, getting organized for classes and planning study sessions. While this is all good, what I didn’t give a second thought about was being conscious of how much money I was spending. Instead, during those first few weeks, I was tapping my card at the register without a second thought. But that all disappeared when I opened my bank statements after the first month.
The Breakdown: Reflecting On Your Spending
The first step to being conscious of your spending is to take a good look at your bank statements. How much money are you making? How much are you spending? And what are you spending it on?
Let’s take a look at where my money went during my first month at university.
Safa’s First Month of Miscellaneous University Expenses:
-$340 The Bookstore:
The biggest tip when entering your first year is don’t buy any textbooks until classes start. You’ll find lists of textbooks in your course syllabi, but not all of them may be required. It’s best to wait until your professors tell you which ones you will need. And even after that, ask upper-year students if they actually used the textbooks for those classes, or for their old ones.
While I waited until classes started to buy my textbooks, there were some that I barely opened. I would have saved money if I had instead asked upper-year students for old textbooks, looked for second-hand copies or checked whether the library had a copy available.
-$230 Caffeine & Food:
Between classes and study sessions, it's easy to fall into the convenience of buying food and especially buying caffeinated drinks. And that's the trap I fell into. You might be asking yourself, well you live at home, why are you buying food? I’m asking first-year Safa the same question. And that’s something I’m more conscious of now. Instead of buying stuff on campus, by packing my lunches and making coffee at home, I could save more money and still be able to treat myself to an occasional campus coffee.
-$130 Shopping & Clothes:
It’s practically a rite of passage to eventually want to buy a Western hoodie, and there’s nothing wrong with a little shopping, especially when Western’s Homecoming rolls around and everyone’s wearing purple.Just make sure to budget for it, and maybe don’t be like me! On top of buying a Western hoodie, I also spent a little too much at the mall. It’s fun to hang out with friends, especially with Masonville Mall so close by, but remember to keep your budget in mind.
Total Expenses in first month: -$700
Honorable Mentions:
-$15 Campus Parking 5hr Session:
I didn’t get my license until my second year, and what I didn’t realize was how expensive campus parking can be. While an occasional drive to campus is fine, especially if you can budget for it, taking advantage of your OneCard as a bus pass is a great way to save. Using your OneCard to take the bus is definitely better than paying those outrageous parking prices.
The Takeaway: Budgeting & Money Consciousness
The important lesson I learned in university was that budgeting wasn’t about not spending your money at all, but instead being balanced and deliberate with how you spend it.
Start by identifying your necessities, like lab coats, goggles, or maybe an online resource to complete your homework. Once you have those class necessities covered, identify the areas where you can save money. For me, because I live on a convenient bus route, that meant taking the bus to campus and leaving the car at home. Since I also lived at home, aside from the occasional grocery run, I could save money by packing my lunch in the morning instead of buying food on campus. And because I enjoy having coffee in the morning, making it at home was another easy way to save money.
By saving money where I can, I’m able to spend money guilt-free on things I genuinely enjoy, like studying at a café or hanging out with friends. It also allows me to be more mindful about my savings goals for the future. So, as we get closer to September, make sure to take the time to reflect on your budget and identify what matters to you. Budgeting isn’t about saying no to the things you enjoy. It’s about being intentional with your money so you can better manage your financial responsibilities, work toward your savings goals and still enjoy your university experience without the stress of wondering where all your money went.
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