Attending college or university can be a great experience, but it’s expensive. Here’s how to save money as a student and still have enough cash to enjoy yourself.
From books to tuition, getting a post-secondary education in Canada can leave students in debt by the thousands. However, there are ways to offset the costs and provide students with more cash in their pockets.
Students make a lot of mistakes with their finances because the don’t sufficiently plan. Map out your expenses, social activities, classes, and even March 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 provider with features that compliment your savings goals. Features like long distance, texting, and Wi-Fi can go a long way for a university or college student.
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 in college, 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.
Credit can be your a strong ally for students. During your freshman year, you’ll start to receive a lot of credit card offers and learn the value of credit. But beware, this is the wrong time to flunk-out on your credit because it can also increase your college expenses and have an impact after school. Find a credit card that is tailored to your unique needs and offers the lowest rate of interest possible. In fact, be sure to keep your revolving line of credit low and pay your balance off each month to maintain good credit.
There’s no better way to save than with a part-time job. In fact, there are paid and unpaid internships that can help you put away a little money. 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.
Instead of trying to carry all of the living expenses 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 or classmates.
Post-secondary education expenses can seem overwhelming, but now that you know how to save money as a student, you can get a great head start on life!