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Implementing small, manageable changes into your daily routine can significantly reduce spending habits:

• Reduce grocery costs: Shop smart for groceries by purchasing generic brands instead of name brands, look for sales, buying fewer pre-packaged foods and buying only the necessary items.
• Carry cash: Determine your weekly or monthly budget, and withdraw that amount in cash. This helps keep you on track as watching the money deplete can stop you from overspending.
• Set up automatic savings: Set up an automatic transfer in your bank account to put money into a savings account. Saving becomes much easier when you don't even need to think about it and it is never too early to start. Some banks will let you “bank the rest” where your bank rounds your purchase to the nearest $1 and transfers it to a savings account. The cents add up!
• Make a list: Whenever you're going shopping, make a list and stick to it. Avoid being sidetracked by promotions or new items if they aren’t something you would normally buy, or need!
• Make coffee at home: Try making your coffee at home instead of buying it. If you typically spend $5 on a cup of coffee each morning during the week, making coffee at home could save you $100 each month.
• Pack a lunch: Bringing a lunch to work or school is a great way to reduce your spending. Pack it the night before to avoid rushing in the morning and resorting to purchasing lunch.
• Buy in bulk: When possible, try to purchase non-perishable staple items in bulk, like laundry detergent, dish soap and garbage bags, to save money in the long run. If you have a roommate, you can split the costs with them.
• Get creative with your entertainment: Brainstorm activities you can do that cost less or no money. For example, invite friends over for a potluck instead of going out for dinner, or go for a walk in the river valley instead of going to a movie.
• Avoid stress spending: Your mood can significantly influence impulse spending, which you might regret later.Try to find ways to de-stress that don't involve spending money, such as baking or exercising.

Have you ever checked your bank account and been surprised at how much money was remaining? Certain situations can increase our likelihood to impulse spend, and being aware of these can reduce hidden money drainers. Before you shop, remember your :

• Time of day: Shop when you have an adequate amount of time and feel less stressed. When you are tired and under pressure, you are more likely to make unwise choices, such as buying fast food instead of groceries to cook. Give yourself the time you need to accomplish your task the way you set out to.
• Environment: Certain environments can increase your desire to spend. While it may be fun to "kill time" at the mall, that time can easily turn into a costly outing.
• Mood: Be mindful of certain moods and emotional states that make you more prone to impulse purchases. Never go grocery shopping when you are hungry, as you are more likely to buy additional food that was not on your list. Pay attention to the moods that increase your shopping behaviours and try to limit shopping while in those moods.
• Place: Are there certain stores that you just can't resist purchasing something from? Maybe you regularly browse your favorite shop online to see what is new, and before you know it you have a whole shopping cart full of items you didn't need. Once you identify the places that cause you to unnecessarily spend, try to avoid those spots as often as possible.
• Occasion: Identify the occasions that cause you to impulse buy. Do you feel the need to spend more during summer holidays or when you catch up with a certain friend? The best way to manage these costs is by ensuring your budget has room for seasonal or irregular expenses.

If you struggle to save money, try setting spending priorities using the 1-2-3 system. This method will help you understand your needs versus your wants, allowing you to regain control of your spending.

Collect all your bank statements from the past two months and number each transaction with a 1, 2, or 3.

1. Essentials: These are necessities for healthy living, such as basic food, shelter and clothing. You absolutely cannot live without these items.
2. Important, non-essential: These items, like a phone, internet, or running shoes, enhance your life but aren't necessities.
3. Non-essential: These include costly items like candy bars, app downloads and subscriptions, which add up and are often significant money drainers.

Once all transactions are labeled, total the amounts for each category (1s, 2s, and 3s) to see your spending breakdown; you might be surprised! Your goal for the next month is to significantly reduce spending on both “2” and "3" items and reduce spending on "2" items.

Practicing this habit should leave you feeling less financially strained when bills are due and potentially with leftover cash for savings.

You can make your financial goals a reality by making sure your goals are SMART:

• Specific: Clearly define your goal, including the total cost.
• Measurable: Break down your goal into monthly (or even weekly) milestones and associated costs. The easier it is to track, the better.
• Achievable: Review your current budget and see where you can cut other costs so you can afford to put money away for this new goal each month.
• Realistic: If your goal isn't realistic, you’re unlikely to stick with it. Consider all the aspects of your goal that impact the practicality of it, like the time of year and allowing for unexpected expenses.
• Timely: Give yourself enough time to reach your goal so you aren't stressed, but don't make it too easy. You might achieve your goal sooner than you initially expect.

Student life comes with many expenses, but there are several ways to minimize them:

• Leave your car at home: Parking on campus can quickly become expensive. Using public transit (and your U-Pass!) saves money on insurance, gas, registration and maintenance.
• Say no to credit card companies: Credit card companies often target students on campus with high-interest-rate cards. See our page on Credit Cards for some tips on picking the right card for you
• Consider living with roommates: This will reduce your rent cost and allows you to split utilities and internet bills.
• Meal plan: Cooking at home can save you up to $650 each month (based on ¾ÅÐãÖ±²¥ Supplementary Bursary application data). Need meal prep ideas? Look for sites that focus on keeping costs low, like , and pick recipes that share ingredients.
• Keep your loans interest-free: If you have a government student loan but don't need them this year, make sure you fill out the correct paperwork to keep your loans interest-free and out of repayment. Contact a SSC advisor if you have questions!