How students are spending their time and money

I’ve conducted a mini survey to get a sense of student averages, overall spending habits and what they want out of their money.

It’s an unspoken way of life for students to never have money for anything, yet still spend it for various reasons. Mostly because expenses still need to be paid, but also because we need to wind down, release some steam and enjoy life like any other person.

Are you spending more than the average student? Less? Is one better than the other?

According to my mini survey of 15 students, the average student spends around $300 to $400 on eating out and entertainment a month.

To be honest, good financial literacy is more important now than ever. Dollars don’t stretch as far as they once did, and the norm is constantly changing with what’s socially affordable.

As a general rule of thumb, it’s better to live below your means. But that doesn’t mean you shouldn’t have fun.

Hobbies

A six cup palette of blue, red, yellow and green paint with three thin messy paint brushes. — *Photo by Steve Johnson via Unsplash.*

When we aren’t drowning in assignments, we need an escape. Something to forget about our responsibilities and remind us of other things life can offer.

As students, we tend to go through waves of hard work and rest, which is a usable solution. But make sure the hard work periods don’t burn you out. According to the students I spoke to, on average, they give themselves a few days a week to spend time on hobbies. There are definitely times when students have to work more than five days without any time to themselves, but it’s swiftly followed by a few days off. Let’s keep it that way.

The students I spoke with don’t spend too much money on hobbies or even shopping for that matter, unless they absolutely need something. They find a way to enjoy time with themselves on a budget, and you can too!

Hobbies can get expensive, really quickly, but utilizing your creativity and items you have at home will yield terrific results. This doesn’t mean you have to spend no money. It just means spending less.

IF YOU HAVE SOME MONEY TO SPARE: Using what you have is always better and can even be more fun, but if you have some spare cash, then you can use some for things like arts and crafts. Just like other hobbies, it can get pricey if you get too fancy. But if you set a budget and limit how much you buy every month, then you’ll be able to create some cool stuff.

IF YOU HAVE NO MONEY: If you fall into this category, then you might want to find a hobby that costs little to nothing, and you’ll definitely want to use whatever is lying around. You can also use your community centre, IGNITE events and libraries for free.

If you want to do something artistic, whether you have money or not, IGNITE is hosting Paint By Numbers right here on campus!

Eating out

A meal consisting of a burger with a slew of topics and sauce oozing out the side. French fries, tomatoes, olives, mushrooms and corn on a wooden circular plate. — *Photo by Haseeb Jamil via Unsplash.*

This one’s a biggie, and many of us use our spending money here. Fast food prices are dangerously close to restaurant quality. Ticketmaster is making sure we’re going into debt for events and activities that are a luxury.

Students love to eat out with their friends. It’s an activity everyone enjoys that doesn’t require too much effort to plan. But if you’re looking to be more frugal while still hanging out with your friends, having a cookout or potluck is a whole different hobby you might not have realized you’d enjoy.

This type of thing is gaining popularity for good reason.

Sure, you won’t feel like a fancy pants, being waited on while you relax and do nothing, but you’ll get the next best thing, eating food someone else cooked for you.

It adds spice to your friendships — both literally and figuratively. There’s so much more you’ll get to experience for a fraction of the cost.

Themed lunches or even hosting your own food judging competition, you’ll get to experience different meals instead of the same three go-to restaurants every month.

IF YOU HAVE SOME MONEY TO SPARE: Manage how often you eat out. As many students told me, this can get out of control pretty quickly. As long as you’re keeping an eye out for yourself, you should be fine.

IF YOU HAVE NO MONEY: Get your friends on board to put in a bit of effort to cook with and for each other. You’ll be surprised how many students made the jump from eating out to cookouts and potlucks, and still have a good time doing it.

Concerts and activities

the back of a crowded concert with hands up in the air. The band plays with gleaming yellow lights pointed toward the crowd. — *Photo by Nainoa Shizuru via Unsplash.*

The bottomless pit of $500 tickets. Concerts are the most coveted thing for students. But let’s be honest, we can’t afford it. A lot of students go into debt for this one. Although it’s unfortunate that we must decide between a once-in-a-lifetime show and paying for it in the long run versus being responsible with our money, there are many options in between.

We can still enjoy music and shows, just not from our favourite bands or singers. Going to a bar, club or a smaller show will give you a better experience for next to nothing compared to concert tickets. You’ll be closer to the stage and have a more intimate interaction with the people around you and the group performing.

Activities are unfortunately locked in price, so there is little flexibility in getting a similar experience for cheaper. Wanna go bowling? Sure, some places might be slightly cheaper than others, but you’re going to stay within a clear range of prices.

Students typically view these as one-offs to ‘switch it up’ instead of a natural hangout.

However, you and your friends can host movie nights, libraries give away free museum tickets all the time and IGNITE has clubs you can join with your friends for free.

IF YOU HAVE SOME MONEY TO SPARE: It’s totally fine to do those ‘one-offs’ from time to time. Save for the pricier events.

IF YOU HAVE NO MONEY: This might be something you put aside in favour of hobbies or eating out. Your money will get you further and more days of enjoyment than a single event.

Financial literacy

a large red wallet on top of a one hundred dollar american bill. A calculator beside it with smaller change scatter around the marble table. — *Photo by Katie Harp via Unsplash.*

Financial literacy isn’t just about learning how to spend or save your money, but how to get the most out of the money available to you. That could mean working as many hours as you can, hopefully without burning out, doing an internship and making sure you’re getting paid for it or taking advantage of IGNITE’s bursaries.

On average, my surveyed students try to save a bit but still use a lot of their paychecks on outings and hobbies, more so on outings. It’s impossible to expect anyone, let alone students, to stay cooped up indoors with their limited free time.

When you decide to go out, ensure you’re using a budget. Students’ budgets will vary from week to week or month to month, depending on how you’ve balanced your time between work, school and rest.

Spend wisely, stress less

A group of students in a classroom with blue chairs. — Photo by 绵绵 via Unsplash.

Students of all ages said they spend more on entertainment and eating out than they did in high school. This is understandable given that they have more freedom, might live on their own and some are making money for the first time.

Sure, you might be making a bit more post-high school. But learning to live within or below your means is important to survive the financial struggles of post-secondary.

Feature image by Annie Spratt via Unsplash.

You don’t need money to spend your time wisely. Free your mind with free art across Toronto!