Tips to reduce education costs

The cost of college is unimaginable, and if you're not keeping up with your wallet, you'll be in for a surprise. Let's face it, the cost of education and the lack of math skills some students have can lead them into debt. Students need a plan similar to a business plan, where you're rewriting and consistently editing to make it cost effective. Students need to find ways to reduce the cost of living, food, transportation, books, phone bills and others expenses. I'm going to provide you simple information on saving money so YOU don't get into debt. Remember I care about YOU.

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First, apply for bursaries or scholarships that can be some assistance to your financial needs. Contact your financial aid office at your college, to apply or to find out if you qualify. Hey it's worth a shot, you'll never know until you ask. Always keep looking for free money or discounts and fill out those surveys. Chances are the majority of people think just like you and don't fill them out. You have a better chance to win $500 to $1000 from just doing surveys than winning a lottery. Keep applying and try to improve your grades, it improves your chances of getting a scholarship or bursary. You can always find out more information from your college website.

Second, reduce the cost of living. Living on campus is amazing and near but its comes with a cost. Try to rent out an apartment with a few roommates and split the costs. If you do decide to live off campus, do research of the area and find competitive prices. Ask for what utilities you have access to like refrigerators, washers, internet, or even a microwave. Doing research can save money and will benefit you long term. Save water and electricity whenever you get the chance. If the costs are still too high, try to live with family friends who live near. If that is not an option, live with your parents and take the bus to save gas and parking expences.

Third, make sure you have a student checking account. Banks like CIBC, RBC and many more offer free checking and saving accounts to students. It's simple, go to your bank and tell them you're a student. That is all you need to say, they will understand and will offer their help. At college you will be using your debit card often and if you don't have a free checking account, transaction costs will come bite you. Have online banking so you can keep track of the money coming in and going out. Having an eye on your money will prevent you from over-drafting fees. Hey it's not hard. 

Fourth, stop buying pizza everyday! not only is it unhealthy but overpriced. Bring small lunches or snacks from home and try to stay out of the pub as much as possible. And why on earth are you paying more for bottled water than you pay for gas? A $1.50 for half a liter of water. You should be ashamed of yourself; your car drinks less than that. Here's a secret, buy snacks from the bookstore. The bookstores main objective is to sell books so they have to reduce their prices on other things to keep competitive. Give it a try and thank me later.

Fifth, take public transportation to save money on gas, parking passes and the depreciation on your car. Try to carpool as much as you can if you have other students living in your area. Did you know if you take public transportation you can claim tax benefits? Yes buy a weekly or monthly bus pass and claim when filling taxes. Not only you will be saving on gas and parking passes but on public transportation. This is one of the luxuries of living in Canada. Give it a shot and save, save and save.

Sixth, never buy brand new books from the bookstore; you're a complete fool if you do. They are way to expensive if you're on a budget. Always network because you will find people who do not sell back directly to the bookstore. They might sell you the books at a higher price than what the bookstore offered them; but remember, the bookstore will resell them for a higher price and add taxes. Buying directly from a past student will benefit you and the person selling. Most likely you have pay less than the used price at the bookstore and save taxes. If you can, try to buy in bulk and not single books; you will have a better chance to negotiation the prices. 

Seventh, don't pay so much on your cell phone plans. I understand that cell phones are a huge part of your life but they can be unnecessary and distractions. Research to find the right carriers and plans that are fit for you. Let me give you a hint, if your paying more than $50 and don't own a business your paying too much! Don't sign 3 year term contracts just because they're offering you the latest phone for a reduced price. Guess what, technology changes every 6 months and that latest phone will be outdated way before you finish paying for it. Don't fall for these dirty tricks. A latest phone will cost you about $200 plus a 3 year contract at $80+/month.... do the math; you're paying over $1200+ for a outdated phone. Join a family plan and do your research. 

Eighth, look for a part-time job to assist you in reducing some expenses. All you need is to bare the cost of transportation, food and a cell phone bills. Just two days a week can make a big difference. 

Ninth, don't take your girlfriend/ boyfriend for expenses dinners just to impress them. Have a romantic dinner that is home cooked... everyone loves a good cook. Let me Google it for you. If you're just doing it to impress someone, chances are they might leave you after you go broke and start asking them for money. And the most embarrassing part is when your debit card doesn't work when paying restaurant bill. Had that happened to me once, not that I was broke but had an expired VISA card. Always carried cash since :)

Lastly, get organized and keep track of your spending habits.