Finances
Student life is expensive, and financial stress can distract you from being at your best academically. Fortunately, there are a number of proven strategies and resources to help you manage your money.
Track Your Expenses/Make a Budget
Begin by becoming aware of how much you currently spend and what you spend it on. For one month, just write down each expenditure in a log or type it into a document. As you examine your spending habits, notice how each item makes you feel. Distinguish between items you just want, and items you truly need. For help with this check out this resource. (Distinguishing between Wants and Needs)
Get a feel for what you spend and identify areas where you might be able to cut back. Once you have a handle on what you need to spend, it’s time to build a budget. Create a plan of what you will spend and stick to it. There are numerous free apps and tools available to help you with expense tracking and budgeting:
There are also financial counsellors right here at King’s who are available to help you with budgeting and financial assistance. You can set up an appointment to meet with one here.
Western University main campus also runs a workshop series called “Money Talks” designed to help students with finances. You can find more information about that here.
Main campus also has financial counsellors that you can speak to here.
Find Free Money
There are many grants, bursaries and scholarships that receive no applications every year; that is money free for the taking. Block some time early in September to research them and submit applications. King’s scholarships can be found here and main campus scholarships can be found here.
Buy Used Textbooks
Save money on expensive textbooks by buying pre-owned ones from former students. There are lots of places to track down used books:
Other Ways to Save Money
There are lots of ways to save money as a student. Consider cooking and eating at home instead of going out, bringing leftovers to school and heating them up in one of the on-campus microwave ovens that are available for your use, and strategically purchasing groceries in bulk and splitting them with your friends.
Everywhere you spend money, ask for a student discount. Many businesses offer student discounts but don’t advertise them openly. You can save a lot of money simply by asking. Western student discounts.
Save money on car expenses and parking by making use of the London Transit pass that is included in your school fees and check out the dozens of free sources of entertainment that are available to you both on campus and around the city. Free things to do in London.
Examine your “Money Mindset”
Many people who are attracted to helping professions seem to harbor an innate resentment of money and sometimes of people who have money. Money, in and of itself, is just an inanimate object. It is neither good nor bad however we attach value to money and form our own beliefs around it. Money represents power so the presence or absence of it can stir strong emotions. Notice how you feel about idioms like “filthy rich” or “money can’t buy happiness”. Your subconscious thoughts might be sabotaging your financial wellness. Instead of thinking of money negatively, consider how much good you could do it you had lots of it. Think about how your attitudes about money might affect your ability to service clients or write grant applications after graduation. If you think you could benefit from addressing your mindset around money, there are plenty of resources to help.