MAKING YOUR MONEY WORK

FOR YOU

Overview Buying Your Own Food Choosing the Right Bank Budgeting for Success Transportation & Travel Housing Taxes Cost Effective Buying Employment Miscellaneous Expenses

Buying Your Own Food

Smart Shopping

• Average monthly food budget - $200• Using coupons and reward systems (Air miles, Optimum points, Groupon etc).• Keep an eye out for sales • Shop the flyers!• Buying in bulk• Eating healthy on a budget

Common Mistakes

• Eating out• Not enough time to cook?

- Make food in bulk• The little things DO add up• Don’t let “lazy meals” become a regular choice• Find easy-to-make student recipes that fit your budget

Choosing the Right Bank

What to Look ForIN A BANK IN A LOAN/ LINE OF CREDIT

Free Account Usage Free Debit

Transactions/Withdrawals

No Minimum Balance Free Savings/Chequing

Account Free Credit Card Branches & ATM’s

nearby Online/Mobile Banking Fraud Protection

A long payback period & ability to pay off anytime

A low interest rate & if it’s fixed

Interest only payments while in school

Ability to combine (Bank loan + Government loans)

Borrowing the right amount

Administration charges & other hidden fees

Always shop around before choosing

Scholarships• Apply for scholarships!

• Entrance Scholarships (automatically awarded)

• Check for scholarships offered by your parent’s employers or your place of employment (Ex. Team Tim Horton’s Scholarships, McDonalds etc.)

• You can search for scholarships that apply to you on the myUWindsor portal under the “Financial Matters” tab (click on “Awards” from the menu on the left)

• Visit www.uwindsor.ca/awards

The Double-Edged Sword:

Getting a Credit Card Consider your willpower and ability to budget If you are unable to pay the monthly statement,

high interest rates just add to your debt Can help you build a credit score – if you use it

wisely They can offer some perks like 1% cash back,

points programs, ability to shop online Need to use it responsibly and not spend past

your means or it is a hard cycle of debt to break

Tips for Using Credit Cards• Stick to one Credit Card

• Make reminders in your phone/calendar to pay off your balance

• Pay the FULL statement balance

• Start with a low limit ($500)

• Don’t use cash back with a Credit Card, only a Debit Card

• Keep all your receipts and go over your credit statement to ensure accuracy

• Try not to make purchases that you know you cannot pay for in the very near future

• Assess your financial situation to see if you can afford your credit card purchases

Identity TheftHere are ways to reduce identity theft:

1. Shred all documents with important information2. Do not provide any confidential information to

unsecured websites or unfamiliar sources3. Carry the least amount of identification you need4. Never disclose our credit card number by phone

or email5. Beware of “phishing” scams. These emails are

meant to try and get you to wire transfer them money in regards to false events.

6. Beware of emails from unknown senders. Virus’s or Trojans can be used to hack into your computer to take information

7. Keep all your receipts and then go over your credit card statement to ensure accuracy

8. If any of your identification is stolen, report it immediately and close any accounts

9. Choose difficult passwords

Every year, thousands of people are victims of identity theft

Budgeting for Success

Budgeting Your ability to manage your money is crucial to your

survival In order to make a budget, you have to calculate how

much money you have coming in and how much you need to put out

Here are the steps:1. Establish how much money you have at the moment to put towards

your year2. Calculate your revenue – income for jobs, parents, scholarships3. Calculate your expenses - insurance, gas, rent + hydro, phone bill,

food, tuition, books, travel expenses, social events, miscellaneous costs

4. Once you’ve established your financial situation (Revenue – Expenses), analyze if you need a loan/line of credit

5. Plan a budget per month/week to allocate how much money you should be spending on various things

6. Keep track of your spending and see where your money is going – you may be surprised at how much money is “wasted” on silly things

Tips to Help Budget If you have a set plan of how

much you’ll spend, only bring that much with you. That way you can’t spend more.

If your parents are willing to help you, use that to the fullest!

Review your expenses on a monthly basis and ensure you’re on track with your budget

Make realistic estimates when budgeting to avoid having insufficient funds

Transportation & Travel

Do You Really Need a Car?

• If you are living near campus or have public transportation available, is it worth having a car?• Assess the cost of insurance, gas, parking and all those unexpected repair costs that you will incur. Explore your “green” options – walking, biking• Visiting home?

-Train-Bus-Plane-Carpool

• Most locations offer discounts on tickets for students • May be expensive to visit home -plan with your family to decide how many times you can afford to visit

Scenario: Round trip to Toronto

By Bus: $89 By Train: $160 OR $60 (Based on

Special Via6 offer) By Plane: $657 By Car: $60 (approximate if

carpooling)

Housing

VS

Residence Off-Campus Housing

Residence Great way to meet students Heavier involvement with

campus life Convenience for campus

activities Support and care for

establishment Ability to switch rooms if

necessary Can be paid for with

scholarships targeted at residence

Internet is available for free Secured entry

Risk of having problems with roommates

Smaller living space Possibility of shared

bathroom and kitchen Might not have air

conditioning Rules you have to abide

by Meal plan is compulsory

PROS CONS

Off-campus Housing

Option to choose roommates

Can make food & buy groceries, which can save money

If near campus, can be as practical as residence

Look for all-inclusive housing

May have more freedom in terms of rules

Once lease is signed, there is no backing out

Problems with roommates can occur

Internet/Cable is expensive Have to deal with a landlord

for maintenance issues etc. Not as easy to meet other

people Might need to buy furniture No secured entry (unless in

some apartment buildings) Might not have air

conditioning

PROS CONS

Taxes

Things to know Deadlines &

How to file What is income? What is

deductible? Forms you need Keep your

documents!

Cost Effective Buying

Buying Used You’re not the only one Used book sales Online sources Used furniture

Shopping Resisting

temptation Going over the

border Alternatives to

transportation

Employment

Working The Right Amount

Overworking Focus on what

matters! Working summers

& budgeting Working on

campus

Miscellaneuous Expenses

Gambling Beware of the dangers

of gambling Be realistic and know

when to stop Online Poker, Betting,

Casino, Bingo & Scratch tickets

Prioritize your money – wasting it on gambling is not a smart decision on a budget

Going Out Consider alternatives to spending

money when going out Responsible drinking Budgetised consumption Know how you’re getting home

Having Fun For Cheap Cheap classes at St. Denis Detroit Tunnel Bus

-Renaissance Centre-Detroit Institute of Art

Summer Festivals-Beaverfest-Bluesfest-Epicure

University Players Concerts at Blind Dog Intramural sports Palace Cinemas – Cheap

Tuesday movies Specials happening at your

favorite places

Having Fun For Free Odette Sculpture Park Windsor river front Jackson Park Lancer games! Ojibway Park and Nature Centre Art Gallery of Windsor- Free

Wednesdays! Summer festivals

-Carousel of Nations-Fireworks-Art in the Park

Windsor Symphony Orchestra – free summer concerts

School of Music – free events Join a club and attend events Volunteer!

Kicking Bad HabitsSMOKING / DRUGS DRINKING

Prices Quitting Illegal &

consequences

Prices e-CHUG

challenge

Phone Plans Are you paying for

only the services you use?

Establish what you can cut out and what you may want to add (ex. long distance calling)

Use Skype to communicate with friends and family

Making It Count…Literally

Being a university student doesn’t have to mean being in debt

Budget your money, take advantage of services that can help you and spend wisely to ensure financial success