Living on a Student Budget

Beginning this term, I found myself in a difficult financial situation. I came to Vancouver low on money without working this summer and numerous expenses waiting to be paid. It was a horrible way to start the beginning of a new term. I felt so insecure, that it started to impact me academically. Instead of planning out my term, I was worried about how I was going to pay rent and even get food for the remainder of the week. Talking to many students on campus, I learned I was not the only one experiencing these insecurities. There are many ways to financially prepare yourself for a new term and manage your finances.

Find a part time job on/off campus

  • There are many work learn positions offered at the beginning of each term. Apply to as many as you can and even put on the extra effort to do research or gather substantial information on this position and try to meet the organization or faculty member in charge of hiring. These positions are very competitive, and putting in the extra effort shows a lot of character.
  • Working in a restaurant is also a valuable tool. Not only do you acquire the skillsets of customer service and having the opportunity to establish such great networks, it will also help you in terms of finances and food. Tips are a great source of extra money to spend on the miscellaneous and by working in a restaurant or café, you have the opportunity to take home food for a couple days; drastically cutting down your expenses.

Consult your Enrollment Service Professional (ESP)

  • It is essential to have a great relationship with your ESP. Many students go through university not knowing who their ESP even is, which can be an extreme disadvantage. Your ESP can help you find ways to manage your money, whether if you’re financially stable or not.

Find ways to apply for Bursaries, Scholarships, or Loans

  • As students, we are open to a lot of funding, but it requires our time to do the work. There are independent scholarship opportunities that have no affiliation to UBC. Go online and designate a serious amount of time each week to seek these opportunities. A good time to research is during the summer.
  • Don’t be afraid of loans. Student loans are considered a natural part of the student experience and you can find a loan plan that is suitable to you.

Stay in your lane!

  • If you’re running low on money and you’re going out with friends, be smart about it. Do activities that don’t require so much money. If they are your real friends they will understand and look for alternatives.
  • Have a nice dinner at home with loved ones and avoid paying cover.

Side Hustles

  • E-commerce is a great way to make extra money as a student. Sell old clothes/ or anything that you don’t use as much. Believe me, someone will need it!
  • Airbnb your place, but you must be very cautious. You have to live off campus and make sure your landlord has no issue. If those things check off, this is a great way to make great money. Great times include: approaching graduation when families come in town, during the summer, or reading break. At the meantime, you can spend time on a friend’s couch.

These are a few ways to manage and earn some extra money. I’m sure that there is more ways in so doing.

If you are interested in this topic check out our upcoming podcast on [in]Tuition

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2 responses to “Living on a Student Budget”

  1. Yadu

    Can’t wait for the upcoming podcast!!

    1. ituoiza sanni

      Stay tuned!

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