College is expensive; ask anyone who's attended and they'll tell you exactly how expensive it can get. The costs add up in ways that you don't really realize when first starting out. Things you don't consider — like laundry, transportation and even that daily coffee — wind up draining the finances a little bit at a time. Before you know it, you're scraping the bottom of your account, trying to scrounge enough money to afford that last week of groceries before December break.

Luckily for you, there are ways to help yourself before you reach this point. Some of you may have noticed that, during the week of October 17, a group of students were posted near the Oasis handing out candy and budgeting tips. That was us: the Fanshawe Financial Society. Our purpose that week was to make students aware of where their money goes and how to better keep track of it.

You may also have noticed that we were taking money-saving ideas from students as well. Part of the reason for this was to get students thinking about where they spend their money and how they might be able to set some aside for a rainy day. Here are a few of their thoughts:

- Put your credit/debit card in a cup of water and freeze it — this makes you really think before you spend, because you have to wait for the ice to melt before you can use your card.

- Coffee is an essential part of college for many students: switch to medium instead of large.

- Pack a lunch instead of buying every day ($5/day = $100/month!).

- Ask your bank to set up an automatic transfer each month from your chequing account into a savings account.

- Make sure your debit card isn't linked to your savings.

- Check local newspapers for coupons and deals.

- If you are taking your honey out to the movies, go on Tuesdays, it's cheap night.

- Find out which stores will give you a student discount.

- Avoid convenience fees like ATM charges — plan ahead! If you are going somewhere that takes only cash, go to your bank the day before.

- Shop secondhand for clothes and household items.

- Know the difference between a need and a want.

- Establish an emergency fund — a sum of back-up money in case you run into financial trouble.

Frugal living isn't as hard as you think; all it takes is a bit of discipline and maybe a bit of sacrifice. If you think outside the box about how you spend your money, it becomes easier to have a little left over for that extra night out, new pair of jeans or trip to the salon. If you're really ambitious, you can forgo even those expenses, saving your surplus from month to month in hopes of having something bigger later on, like a tropical vacation or maybe a used car.

Regardless of how you want to spend your money, living frugally is the first step towards an eventual life of luxury. Start planning with your money now; your future self will be grateful you did.

If you would like to get started saving, but aren't sure you can do it alone, we're here to help. Contact the Financial Society President Kateri Nantais at k_nantais3@fanshaweonline.ca for more info.