After 10 years of university, and extensive international travel, I emerged from school with three degrees and no debt.

How did I do it?

First, I should acknowledge that I was lucky enough to live at home for the first four years of post secondary. So, I didn’t have to pay for rent or food. 

In order to pay for everything else I worked two days a week at a pie shop and three times a week at a gym. The money wasn’t great but at least I got a free gym membership, which was a good thing….I was eating a lot of pie!!!

During my first four years of school I also travelled to Paris, Spain, London, Australia, Hong Kong, Singapore, Vietnam, Laos, Cambodia and Thailand.

At 22 I moved out with my boyfriend, now husband, and started my second degree. At this point my parents cut me off financially. Fair enough! It was time for me to pay for school and life. So, how did I emerge from post secondary debt free?? I followed these tips….

Get a job…or two.

• It’s hard to spend too much money when you’re at work! You might have to suck it up and miss a few parties but your wallet will thank you….and so will your liver!
• A job teaches you responsibility and time management. Being a full time student is a lot of work. Being a full time student with a part time job is even more work and it requires a great deal of organization.
• A part time job might help you to figure out what you want to do…or what you don’t want to do.  Try and find a part time job in an industry you are interested in pursing.
• When you go to get a “real” job after university you want to have some work experience on your resume. Having good grades and a degree is great but showing that you were able to achieve this while holding down a job demonstrates that you are organized and hard working.

Budget, budget, budget

• Make a budget and stick to it. Once you graduate and get your first job you don’t want to spend all of your money trying to pay off your student loans.
• There are tons of online budget templates you can use, do a quick google search. Or, just write out all of your expenses in a notebook with a pen (the old fashioned way!!).
  • You don’t have to budget every cent — in fact you shouldn’t. A budget that is too rigid will ultimately lead to failure. Instead, be aware of your major fixed expenses (the things that don’t change month to month — your rent, utilities, car payments etc.) Make sure you have enough money to cover these things before you spend money on your variable expenses (the things that can change on a month to month basis — for example, money you spend on coffee, beer or clothes).

Live frugally

• I literally did not by an article of clothing that was not on sale for four years. This resulted in a limited wardrobe but it didn’t matter. Most of the time I was studying in sweats or at work wearing a uniform. This might not be a sacrifice that everyone is willing to make but I was, and it was worth it. 
• My boyfriend (now husband) and I also lived in a basement apartment for 6 years. Trust me, this sucked. I felt like a troll emerging into the light every time I exited our basement cave, but it was worth it in the long run.
• You might want to consider living with a few roommates in order to subsidize the cost of rent.
• Or, if your parents are willing and you can handle it, live at home.
  • However….. if you are over the age of 25,  you need to move out! Living with your parents after 25 in not a good look.
• When it comes to transportation, use public transit. Students usually get a free transit pass — by free I mean you are paying for it in your fees so you might as well use it. Also, it’s good for the environment!

Drink and eat at home

• Try to limit the amount of times you go to the bar and instead, start hosting/going to house parties. You can bring your own booze and you don’t have to pay cover, coat check, cab etc.
• Also, learn to cook. Not only is this an essential life skill (assuming you don’t want to eat Kraft Dinner for every meal…although, not the worst option) but it will save you money. This will also be good for your dating life. Everyone wants a partner who can cook.

Find fun things to do for free

• Go check out free summer festivals
• Go for a bike ride or a run in the park
• Go rafting down the river
• In the winter, go check out the Christmas lights
• Get involved in school events (sporting events, drama productions etc.)
• Get creative!!

Take advantage of your student status

• Use your student card to get discounts on everything from clothing to skate rentals and ski passes.

Apply for scholarships

• This is a biggie!!!
• It’s incredible how many people DO NOT apply for scholarships. The application process can be a lot of work and this turns many people off. But it’s worth the effort.
• So many people miss their opportunity to get a scholarship because they think they have no chance of winning. When everyone feels like this, no one applies. So there is often a very small number of people to compete against.
• Just like the lottery, you can’t win if you don’t buy a ticket. In this case, you can’t win if you don’t apply. So go for it!!
• You can start this process by searching for different scholarships online (your school should have a listing of awards, scholarship and bursaries).
• Also, your school likely has an awards office where you can go to get face to face advice on what scholarships are available, the deadlines and how to apply.

If you have other ideas on how to avoid debt I’d love to hear them. Be sure to leave a comment.