Budgeting 101: How to Save Money as a Student

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August 22, 2019
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Budgeting 101: How to Save Money as a Student

Budgeting 101: How to Save Money as a Student

Getting a post-secondary education can be a wonderful time in your life, but many people struggle with the cost. Here are 5 ways you can save money as a student.

Going to college or university is exciting, but students often times forget, “a penny saved is a penny earned.” The truth is, post-secondary education can be expensive. From books to tuition, college in Canada can leave students in debt by the thousands. However, there are ways to offset the costs and provide students with more cash for their post secondary education.

Start A Budgeting Syllabus

Students often make a mistakes with their finances because they fail to plan. Map out your scholastic expenses, social activities, classes, and spring break plans to find extra ways to save. Realistically evaluate how much money you have to spend versus how much you would like to save. For example, if you have a cellphone, look for a a provider with features that compliment your savings goals. Features like long distance, texting, and WiFi can go a long way for a college or university student.

Take Advantage Of Being Carded

When it comes to saving, being carded is a “good thing.” There are a lot of places that offer a student discount with an enrollment card which provides you with additional savings. For example, eating can get expensive, but using your student ID can save students up to 25% on their expenses.

Students should carry their student ID everywhere they go to take advantage of student discounts whenever they’re being offered. Many stores, restaurants, and businesses will offer discounted services and goods based on your enrollment status. For a few dollars a month, a Student Price Card can help students save an average of 10-15 percent on food, fashion, traveling, and more.

Get A Part-Time Job

There’s no better way make the most out of your budget than with a part-time job. In fact, there are paid and unpaid internships that can help you put away a little money. In fact, if you can find a job related to your course of study, that’s an additional plus. Put aside a little money from your part-time job according to your pay scale. A job can help students with their living expenses. Off season is also a great time to get a job and save.

Shared Rent

Instead of trying to carry all of the living expenses in college alone, try sharing the expenses with a friend. For example, renting a two bedroom with a buddy and splitting the costs is a great way to save while you’re in school. If living with your parents is not an option, consider sharing your living expenses with some of your friends.

Post secondary education expenses can seem overwhelming, but with a few simple tips, you keep as much of your cash as possible.