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9 things you can do with $5,000

by Mathew Towers

Did you know IGNITE is giving you a chance to win $5000?

All you have to do is take this survey by the end of January and you could be $5000 richer. In case you’re looking for ideas, here are 9 ways you can spend all that money.

Reduce your debt

Credit Card

The most practical way to spend your $5,000 is to reduce your student debt. By putting the money towards your tuition, rent, or daily expenses you can relieve some of your financial burden. Even if you’re not the winner, IGNITE offers financial relief programs, bursaries, and tax clinics along with other services to help you out.

Travel

Girl sitting on a mountain

$5,000 can go a long way when planning the trip of a lifetime. $5,000 is the exact amount I spent backpacking through Europe for 2 months in 2015. By using some (or all) your winnings, you can cross several places off your bucket list this summer. Travel is a great way to de-stress and grow as a person, and this money could help you live your dream.

Start a business

Come in we're open sign

If you’ve got a special talent, skill, or idea then you can use the $5,000 to start your own business. By using the money to cover the business start-up costs, you can invest in your future and see some financial return over time. Even without the winnings, you can always apply for small business grants provided by the Canadian government as well as local funding and mentorships through the Humber Centre for Entrepreneurship.

Buy some new gear

Girl with a photography camera

Whether you are a techie or not $5,000 goes a long way when upgrading your technological arsenal. You can buy that new Macbook for surfing the web, an expensive new camera for your photography hobby, or even complete that gaming setup you’ve been working on.

Upgrade your bedroom

Bedroom

Head over to Pinterest and get some sweet ideas on how to renovate your student room. Whether it’s a chalkboard wall, a new TV, or a slushie machine, $5000 can help you create the coolest student room.

Take up a new hobby or invest in one you have

Snowboarder on snow

Hobbies can be expensive and $5,000 will help you invest in an old hobby or start a new one. If you’ve always wanted to start snowboarding or get your old band back together, this money can cover the gear you need to get started.

Bank it or invest it

Piggy Bank

Banking or investing your money is always a smart option. It ensures that your cash will not only grow over time, but will be there if you need it in the future. Don’t forget you also have access to financial consultants through Student Lifeline who can advise you on what makes sense for you.

Dream makeover

Clothes and bags

Whether you’re starting a new job, or just want to dress to impress, $5,000 can go a long way in reinventing your look and refreshing your wardrobe. A new look can inspire the confidence you need to tackle that job, party, or outing.

Buy that one thing you’ve always wanted

Dog wearing glasses with money

Everybody has one thing they’ve always wanted to buy but haven’t been able to justify. Okay, maybe there are many things. Whatever it is – the new Pixel phone, a waffle maker, or a new pair of shoes – this money is a chance to splurge a little bit and treat yourself.


No matter how you want to spend $5,000 the opportunity to win is exciting. Life is unpredictable, so fill out our survey and you might be the one $5,000 richer.

Also be sure to check our our upcoming events for all of the awesome things happening this semester!