Money Saving Tips for Students
KEY TAKEAWAYS:
✔ As a student, you’re learning a lot about life and money. It’s a great time to develop habits that will set you up for success in life.
✔ Student discounts are everywhere. It’s not hard to get what you need for less.
✔ Don’t go it alone. If you have roommates, make saving money a group thing.
As a college or university student, you’re experiencing a great time in life. You’re learning new things, building your independence and making friends. But it is also new and different and can be tough in a lot of ways. Not only do you have to balance the demands of your classes, assignments, housework and social life—you have to figure out how to pay for it!
The first step is to understand what you need, how much money you have and what your expenses are. Think of it as knowing money in versus money out. It doesn’t matter if you have great financial support from your parents or you’re doing it on your own—everyone can benefit from having an idea of how much they spend!
Here are some great money-saving tips to help you minimize your spending and manage stress so you can stay focused on mastering your courses.
Write it all down
When you’re living on a budget, you should have weekly or monthly plans that capture all the money in and money out so you can monitor your spending. Look at your list and see if there are ways to save. Consider meal planning as a way to save on your grocery bill. Limit spending on impulse buys and entertainment (you should have room in your budget for these things, but be prepared to stick to that budget). Understand your monthly expenses and pay all bills on time to avoid extra interest charges which can damage your credit rating. Be ready to tackle unexpected expenses by maintaining a buffer in your budget or having a rainy-day fund.
Ask your school about student support
Most colleges and universities in Canada have a variety of grants, bursaries and scholarships you may qualify for. As soon as you get accepted, reach out to student services at your school. You might be surprised how much money is given out every year! If you qualify for funds that don’t require repayment, it’s good to know sooner than later.
Buy used and save the difference
A year’s worth of brand-new textbooks for a Canadian post-secondary program can easily cost a thousand dollars or more. Buying used takes some extra effort, but it can save you hundreds of dollars every semester. Your [school’s] campus website probably has some suggestions for local and online stores. Some schools even have programs where students can rent or lease their books. It also pays to consider used furniture, decorative pieces and even kitchen items. Try looking through thrift stores and other resale shops. If you’re shopping in the summer, garage sales can be a goldmine of good finds!
Share expenses where you can
If you live with roommates, share expenses and cut costs. Things like Internet, cable and utility bills will be fairly obvious, but there are other ways to share and save. Identify common items that you and your roommates share like food, household supplies, toiletries and even printer ink. You may be able to reduce everyone’s grocery costs by splitting bulk-sized items from your local big box store. And don’t head out on an empty stomach. You’ll be more likely to buy junk food or things you don’t need.
Save on transportation costs
If you’re able to live in student housing within walking distance of your school, you’re in luck. You can save a lot of money by avoiding bus tickets or subway fares. If you drive to school, consider carpooling to save on gas money. If you need to take public transit regularly, look into student discounts or monthly passes at a cheaper rate. Avoid cabs and ride shares whenever possible as these luxuries will add up to big, unnecessary expenses every month.
Look for student discounts off-campus
Student discounts are everywhere. Many stores, restaurants, fitness centres, movie theatres, art galleries, museums and even grocery stores have student rates that can quickly add up to big savings. Trains, airlines and bus lines often provide student discounts as well. Be sure to keep your student card on you at all times and look for places that offer deals. It also helps to get an International Student Identity Card, that is recognized in many places worldwide.
We are here to help
If you need help covering your college or university expenses, we can recommend a personal loan with affordable payment plans tailored to your needs and budget while helping you build solid credit as a student.
Applying only takes a few minutes and won’t affect your credit score. Contact your easyfinancial branch or give us a call at 1-888-502-3279 to learn more.
Disclaimer: This content is intended for informational purposes only and does not constitute financial advice on any subject matter.