Arfi Hagi Yusuf | Features Editor
Featured image: It might be hard, but there are a few ways to save some bucks during your first year by avoiding common overspending mistakes. | Michael Zusev
The first year of university for many students is one of many firsts — the first time living on their own, the first time being responsible for their own classroom attendance and the first time handling their own finances. Like the firsts of many things, mistakes and blunders are made. Here at Excalibur, we took a hard look at the financial boo-boos that many froshies make.
The average post-secondary student spends the largest amount of their budget on food and beverages, according to a market research done by refuel agency. This appeared to be a consensus among York students as well.
Farah Isahack, a third-year business and society student, agrees.
“In my first year I spent a lot of money on food. The food on campus is not only more expensive, but I also noticed the portions were smaller. But that didn’t stop me from buying a meal and a snack daily.”
Vendors, regardless of whether they are franchised or not, reserve the rights to change and alter prices and many York students noticed the differences in pricing on- and off-campus.
Students that were interviewed generally agreed that they wish they had packed food and made healthier decisions on campus. They also mentioned that lack of accessible and clean refrigerators and microwaves made bringing food from home difficult.
“I was at school normally for six to 10 hours [a day]. The last thing you want to do after being in class all day is to eat room temperature food that’s been sitting in your bag all day. And a lot of the microwaves on campus are dirty and grimey,” says Ilhaam Warsame, second-year political science student.
Generally, microwaves on the Keele campus are easy to come by, as most colleges and cafeterias are equipped with at least one, but refrigerators are much harder to find. This can be combatted by purchasing lunch bags with thermal insulation technology.
Another common financial mistake was spending money on books. On average, a post-secondary student spends $800 to $1,000 on textbooks for class.
The numbers seemed to follow suit with what York students felt. Sarah Ahmed, second-year psychology student, says, “although I feel like I made a lot less mistakes than the average Joe, I do regret buying my books before classes started.”
There are many alternatives to buying brand new books from the bookstore. Many textbooks are available online at a discounted price, including e-books, used copies or PDF files. You can also split the cost with a classmate and share the book, look for reserved copies in the library or explore renting options.
“I rented most of my books in my second year and I saved a crazy amount of money. I wish I had done that in my first year. I spent almost $600,” says Isahack.
Textbooks and food aside, a froshie must have a social life as well, one that likely comes with a hefty price tag. Bria Hamilton, third-year environmental studies student, says she regrets spending money on going out. “I think trying to keep up [with] an expensive social life was my biggest mistake. Living on my own for the first time meant a lot more freedom, going out, going shopping constantly and buying food at restaurants all the time. I think I had a fear of missing out. I’d tell my past self not to be concerned about that.”
This budgeting issue is not one isolated to students who live on campus. Warsame opted to commute to school, yet addresses similar issues. “I went out a lot because my friends lived on [residence] and I would sleep over and go out with them. Although I spent a lot less money than them, I could have just as easily saved all that money.”
The spending plague that seems to infect all students is electronics. “I spent about $4,000 on a laptop, phone and tablet when I started at York in 2013. By third year all I have to show for my purchases was a mildly used laptop. Both my tablet and phone gave out by second year.”
Back-to-school advertising can be difficult to avoid when the deals appear too good to miss out on, but students point out that with electronics, it’s better to wait. “A couple weeks in, I saw the Black Friday sales and I regretted making my purchases,” says Isahack. When it comes to electronic products, waiting out the frenzy and doing research beforehand about price and longevity is advised.
York is notorious for being a commuter school. There is no bigger indicator that school is in session than bus shelters filled to the brim with eager students waiting to go home and parking lots filled with students’ and faculties’ cars. York’s parking passes range from $81 to $1,536, depending on your spot and the kind of vehicle you drive.
Amarpreet Dhami, fourth-year accounting student, says, “I spent a little over $1,000 for a parking pass and the first semester I had only had class two times a week […] I could have saved so much money by just buying tokens and I didn’t even go to class half the time.”
Public transit users are also shaking their heads when they calculate their expenses. “When I ended up doing the math, I would have saved about $30 on average by just buying tokens and not the [Metropass] and I wish I would have done that instead,” says Warsame.
Overall, it seems that a lack of experience and knowledge caused these financial blunders, with many mistakes easily remedied in the following years. But knowledge and experience cannot solve all financial problems. Despite knowing about the cheaper options, Warsame was still unable to save money.
“York gave me a $500 bursary but put it on my student card rather than towards my tuition like it did in previous years. This left me no choice but to spend it at York vendors. This meant I had to buy all my books from the bookstore and [food at] food places at York. I couldn’t even use the money towards my Metropass.”
So what’s a broke-ass student to do? The answer is in the numbers. Properly counting your expenses and comparing your options is advised. The YFS offers discounted printing options and Cineplex tickets, while the Lions gym offers discounted gym prices on campus. You can also fill out a Student Financial Profile on York’s website and apply for scholarships. Budgeting is key, and mistakes are part of the learning experience you pay thousands of dollars for here at York.
Too many comnlimepts too little space, thanks!