Good to Know: Budgeting for your First Year
We realize that coming to university for the first time can be intimidating, especially if you have never lived away from home before, let alone living in a big city like Toronto. Toronto is, no doubt, a wonderful place to live… with many sights and sounds and great places to eat and shop. But another part of coming to university is learning how to budget, so you don’t “break the bank.” It’s also important to note that as First Year engineering students, we do not recommend that you get a part-time job, as your studies will be academically demanding. This means you’ll really need to stick to your budget! Here are some tips to get you started:
*Look for ways to avoid spending before rushing out to solve problems. For example, it is less expensive to repair a broken screen than to replace it.
*Pack your own lunch, snacks and drinks—it’s amazing how seemingly small amounts add up over time!
*Eliminate unnecessary expenses—special cable channels, magazine subscriptions or driving to school.
*Break or minimize costly habits—smoking, gambling and eating out are huge money-grabbers. Stay in and be creative.
*Save money and energy by running electricity-intensive appliances at night when the rates are lower.
*Delay purchases until you have shopped around for the best deal.
*Buy used instead of new. Try estate sales, yard sales, consignment shops, etc.
*Learn to do more things yourself—e.g., cooking, home or auto repair, gardening and home remodeling.
*Use coupons and faithfully bank the savings.
We can appreciate that you will probably want to take advantage of some fun things to do while in Toronto. Here are some ideas for discounted student perks in Toronto:
*The University of Toronto Students’ Union (UTSU) offers discounted movie passes for Cineplex and AMC theatres, as well as passes for attractions such as Canada’s Wonderland and local comedy clubs. Visit www.utsu.ca for more information.
*The Toronto Symphony Orchestra (TSO) has a program called tsoundcheck where people from ages 15 to 29 are eligible for $12 tickets! Visit www.tsoundcheck.com for details.
*The Canadian Opera Company, Soulpepper Theatre, Tarragon Theatre and the National Ballet are just a few of the companies that offer student discounts as well, so if you’re heading out on the town for a night of culture, be sure to check for student prices first!
*Think about getting an International Student Identity Card. Not only are there great travel deals for students here, but the ISIC card makes you eligible for discounts at places such as the Ontario Science Centre, the Bata Shoe Museum, and events such as the Rogers Cup and some concerts. The ISIC card also entitles you to discounts on food at Hard Rock Café and the Bloor Village Grill House. Visit www.isic.org
*You can apply for the Student Price Card, which provides you with discounts to many retail outlets ranging from Pizza Pizza to Foot Locker. It costs $9, and offers 10-15% off at stores and restaurants. For more information, please visit www.spccard.ca/about.aspx
*If you are a movie buff, keep in mind that you are eligible for student discounts at many major cinemas. Just show your TCard at the ticket counter, and you’ll pay student admission.
Other Resources to Consult:
The Admissions and Awards website has a useful site on budgeting as well: www.utaps.utoronto.ca/fa/budget/bdgtmain.htm.
All in all, the idea is to be smart and practical with your money. You can still have a good time, on a dime!
