10 things about money every first-year student should know: Financial tips for McMaster students

University is a time of a lot of “firsts,” and there’s a good chance that some of those will be related to finances. So it’s a good time to start developing positive habits and setting goals for your financial wellness. Here are some of Mac’s Money Centre’s top tips to help you get started.

September 5, 2023

How to take control of your finances in first year and beyond

  1. Develop smart saving and spending habits now.
    • Your future self will thank you!
  2. Spend less than your income. 
    • Make a budget plan and set aside emergency funds for surprise expenses.
  3. Watch what you “swipe.”
    • Non-cash transactions make it easy to spend, spend, spend — without realizing how much money you’re using.
  4. Use apps and software to keep track of your spending and savings.
  5. Be frugal. 
    • Minimize expenses and make the most of student discounts and sales.
  6. Use your OSAP for school-related expenses only.
    • Remember, it’s a loan, so you’ll need to pay it back.
  7. Search for scholarships and bursaries that can add money to your budget.
  8. Credit cards can be helpful if you use them wisely. 
    • Learn how to develop a great credit rating and what not to do.
  9. Get financially savvy and develop life-saving money strategies.
  10. Monitor your financial habits to better understand your relationship with money.