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Surviving Inflation: Budgeting tips for post-secondary students

Surviving Inflation: Budgeting tips for post-secondary students

Surviving Inflation: Budgeting tips for post-secondary students

This past May, Ontarians were burdened with a 7.7 percent inflation level– the highest since 1983.

While several groups across the province are impacted by these soaring rates of inflation, one group continues to be disproportionately affected–postsecondary students.

The Statistics Canada tuition fees report demonstrates that for the 2021/2022 classes, Canadian undergraduates paid an average of $6,693 for tuition per year (an increase of 1.7 percent compared to 2021), 

and graduates paid an average of $7,472 per year (a 1.5 percent increase).

To cope with the rising costs of tuition, housing, and food some post-secondary students are going as far as seeking a third job, while others say they will have to rely on food banks to make ends meet.

In today’s blog, we’ll be sharing several tips to help post-secondary students manage the amplified costs of living and survive some of the highest inflation rates Canada has seen in decades.

Make a Budget and Stick to It

Making a budget is one of the best ways post-secondary students can cope with the rising costs of living. And thanks to the abundance of free budgeting apps available, you can seamlessly connect your

debit, credit cards, and bank accounts so you can keep track of your spending on the go.

In fact, most budgeting apps automatically categorize your spending, allowing you to see where most of your funds are allocated and where you can save more. These apps also keep track of your income so

that you can ensure you are spending less than you earn.

Use Public Transportation

Rising fuel costs, high-interest car payments and insurance costs can become incredibly costly, especially on a student budget.

Opting for public transportation and walking or biking to class are ways you can cut down on your expenses and minimize your monthly payments. Many students pay for public transportation as part of their

mandatory fees so accessing this service would be easy.

Be on the Lookout for Student Discounts

Student discounts are a great way for post-secondary students to lower their expenses. Several schools offer resources to help students save money. For example, your school may have a meal share

program available to help with rising food costs.

Businesses also offer student discounts so ensure to always inquire about a student plan before signing up!

Be Mindful of How you use Credit

Credit cards are a double-edged sword. When managed responsibly, they can help build and improve your credit score. However, if misused you could end up compiling more debt than you can afford.

Consider limiting your credit card for certain purchases that you know you can pay off.

Cut Costs on Groceries

Canadians are paying 10.9 percent more at grocery stores now than they were at this time last year, according to the Toronto Star .

Here are a few ways students can cut costs when visiting the supermarket:

-Make a list: Following a grocery list minimizes unnecessary purchases and keeps you focused on your budget.

-Cook at home: Eating out, ordering take out or buying prepared from the supermarket foods adds up! Although it’s not always easy, one of the best ways to save money on food is to cook at home.

-Start planning your meals: Planning your meals ahead of time can help you save money and reduce food waste. Before heading to the grocery store, take stock of your fridge, cupboards and pantry

and come up with a meal plan for the upcoming week.

-Shop online: If you struggle with sticking to a list or impulse buys, experts recommend placing your grocery order online.

-Buy fewer processed foods: Processed foods may be convenient, but they typically cost more. For example, a bag of shredded cheese is often more expensive than a block of cheese.

-Reduce food waste: Monitor your household food waste to see what items are regularly thrown out. We often buy the same stuff so paying attention to what’s sent to the trash can help you stop

wasting food and money.

-Don’t forget about flyers, coupons, sales, and apps: Check weekly flyers, use coupons, and keep an eye out for sales and discounts. Try the app Flipp . It allows you to browse flyers, and coupons

and compare prices at nearby grocery stores. Some grocery stores still “price match” so you can even use the Flipp app for this to lower your bill.

Debt Relief for Post-Secondary Students

Crawford Smith & Swallow has been providing debt relief solutions to the city of St. Catharines and the Niagara Region for over 75 years. We understand how difficult it can be to be a student with a limited

income, but we strongly encourage you to avoid taking on additional debt.

If you’d like more information on debt relief solutions and ways to avoid debt consolidation during financial times, contact us today .

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