Tips to get through college on a budget

Kara Perez says one of her biggest regrets in university was not learning how to budget despite working throughout her schooling she didn't have a proper handle on her finances.

She's a frugal millennial and founded the website Bravely Go in 2017, which helps women manage money.

• This frugal millennial paid off $18,000 of student debt in less than a year
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"I knew I had money coming in but I wasn't very mindful about tracking, which is the biggest part of budgeting," she said.

"And that's a skill that I've since developed that I wish I had earlier in life."

'Start getting comfortable looking at your bank accounts'

Perez had three jobs in her senior year and didn't quite understand her finances until she was out of school, working two jobs and stick handling her student loan debt, she said.

Part of her budgeting process began by slashingher grocery bill by only eating leftovers from her catering job, as well as sellingclothes and booksand starting side hustles.

Your first year at universityit's like jumping in the deep end from a high board. Liz MacKay

She managed to pay off her entire $18,000 loan in about 10 months andwith her experience crawling out of debt, she began offering students financialtips that she wish she hadhad herself.

"If you're in university right now, or if you will be in the next year or so, start getting comfortable looking at your bank accounts," she said.

"Understand how the money is flowing into your life and what impact you can have on it."

'Your whole life ahead of you'

She said while at school, try and take advantage of all the free resources at your fingertips and use things like the library instead of buying textbooks. Instead of going out every Friday night, find another use of your time that isn't such a money sink.

"I definitely leaned into the fun a lot, which I think is great, but understand you have your whole life ahead of you," she said.

"You don't have to do everything by 22 or 23 if you want to stretch some fun out that's totally fine."

One of the biggest tips she had for students was a simple one: set aside $50 a month every month while you're in school and "don't touch it until the end of university."

"If I had saved even just a small bit of money like $50 a month I would have had thousands of dollars by the time I graduated, which would have given me more options," she said.

'Get ahead of it while you can'

CBCP.E.I.'s frugal columnist Liz MacKay pitched in a few of her ideas as well.

MacKay said being organized is a top priority and that students should be scanning their bank accounts when they can. One of the most important things, she said, is setting aside cash for thingslike rent, utilities and food right away.

After you set aside money for the necessities, then you can start figuring out how much you have remaining to budget for time with friends and family.

"When you're doing your monthly expenses, the very first thing that you want is to put your rent and utilities in," she said.

"You want to figure out how much money you can have to have a social life, because it is part of the university experienceto hang out with your friends."

Avoid buying new

MacKay said being a smart spender helps too, by knowing the stores that accept student discounts and avoid buying new as much as possible, especially textbooks which are a"hefty, hefty price."

Something that might keep you on track, MacKay said, is to set your budget in the middle of each month for the month ahead and to check in on your bank account every week to review your expenses.

You want to figure out how much money you can have to have a social life. Liz MacKay

That way you can keep on top of your spending habits on a weekly basis becauseif you don't, she said,university life can hit your wallet fast and hard.

"Your first year at universityit's like jumping in the deep end from a high board. You think everything is going to be fun and then it all just swarms on you," she said.

"Just get ahead of it while you can before it even starts."

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