How can I save money every day as a student?

Managing money as a student can be a real challenge. Knowing how to save as a student is essential to cover tuition fees, accommodation and day-to-day expenses. Between tight budgets and rising costs, there are simple strategies you can adopt to better manage your finances and make the most of your student life. This guide explains how to save money as a student, reduce expenses, take advantage of discounts and make the most of your financial resources.

Accumulate savings with a student job

With the current labor shortage and a minimum wage of over $15 an hour in most Canadian provinces and territories, it’s easy for a student to find a job and save big during school breaks. And on weekends, too. With a tipped job, the hourly rate can rise to over $25!

For example, a student who works 20 hours a week during the summer can earn more than $3,000.

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These savings will help you cover some of the cost of student life during your semesters, or build up a fund for emergencies. To make it last longer, you can put your money into a high-interest savings account to help it grow.

Reviewing unnecessary expenses

As a student, you can reduce or eliminate certain expenses to save even more:

Study sessions in a café: while trendy, they can quickly become a real money pit. Choose libraries or study at home.
Eating out or taking away: preparing your own meals or taking away a home-made lunch is much more economical. After all, is it worth working an hour for a sandwich that can be prepared in 10 minutes?
Coffee on the go: those little phantom expenses add up fast. Making your own coffee at home can make a real difference in the long run.
Cellular data: Wi-Fi is widely available. Reduce your plan to avoid paying for unused data.
Subscription services: evaluate whether you really need Netflix, Disney+, Amazon Prime, etc. If you share a flat, split the cost with your roommates or use gift cards to earn extra points at certain stores.
Student insurance: sometimes you don’t need to take out insurance with your school if you’re already covered by your parents.
Bank charges: are you paying for your checking account? Consider switching to a Student or No-fee chequing account. Our bank account comparator lets you filter by student status.
Impulse purchases: it’s never a bad idea to ask yourself: do you really need this purchase? These little expenses can quickly add up and eat away at your budget.

Save with credit card points

From the age of 18, you can apply for your first credit card. It’s also the first step in getting your credit file off the ground.

Daily spending allows you to gradually collect Reward Points to finance adventures, in addition to daily savings.

Students and people with low incomes are eligible for a variety of credit cards that do not require a minimum income. On Milesopedia, we have a credit card comparator that allows you to filter credit cards according to your situation. By indicating a zero personal income, several dozen credit cards are available.

In fact, one of the cards that stands out is the National Bank Platinum Mastercard^®. It requires no minimum income, and offers a welcome bonus and reimbursement of annual fees in the first year (for a limited time).

Compare

National Bank Platinum Mastercard^®

National Bank NBC RewardsFirst-Year Annual Fee Rebate

Annual feeNo annual fee the first year: $0 $70
Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$360Annual fee rebated$70Total$430Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.: $430
Welcome offerAfter $12,500 in 12 months: 40,000 points; Ends Nov 4, 2026

The National Bank Platinum Mastercard^® lets you earn up to 40,000 reward points, plus a refund of the $70 annual fee for the first year for the primary cardholder:

10,000 points when you sign up for credit card payment insurance and keep it for at least the first 3 months
15,000 points after $2,500 in purchases within the first 3 months
15,000 points after $10,000 in purchases within the first 12 months

You have until November 4, 2026 to apply.

After that, you earn:

2 points per dollar on grocery and restaurant purchases
1.5 points per dollar on gas, EV charging, recurring bills and travel booked through the À la carte agency

Since it is a Mastercard, you can use it at Costco. Unlike the other two National Bank travel rewards cards, it does not require a minimum income.

The card includes mobile device insurance, an extended warranty on your purchases, and comprehensive travel insurance for trips of 10 days or less, with emergency medical coverage plus trip cancellation and interruption.

The annual fee is $70, plus $35 per additional card. The annual interest rate is 20.99% on purchases and 22.49% on cash advances.

Legal

PLATINUM CARD PROMOTIONAL OFFER Q3-Q4 2026-AGGREGATOR

Length of the welcome promotion
From June 30, 2026 to November 4, 2026.

Eligibility conditions

Sign up for a National Bank^® Platinum Mastercard^® credit card as a primary cardholder during the promotion period.
Have not held any National Bank personal Mastercard credit card as a primary cardholder during the past 12 months.
Keep the credit card account open and in good standing, in compliance with the Credit Card Agreement, until the annual fee refund and reward points are credited. For example, all minimum payments must be made on time.
Not be employed by National Bank of Canada or an entity in its group.

Description of the promotion
Up to 40,000 reward points upon enrollment, and a refund of the annual fee for the first year for the primary cardholder of a National Bank^® Platinum Mastercard^®.

Annual fees

The $70 annual fee for the primary cardholder will be refunded for the first year.

We will charge the annual fee to your new card account and then refund it. You will receive this refund within five months of opening your account, provided that your account remains open and in good standing. The refund will appear on your statement as a credit.

Annual fees related to authorized users’ cards are not eligible for this promotion.

Reward points

Points offered	Conditions	When points are awarded
10,000	Enrollment in credit card payment insurance* for at least the first three months	Within two months following the minimum enrollment period
15,000	$2,500 in purchases within the first three months**	By the end of the 6th month following enrollment**
15,000	$10,000 in purchases within the first 12 months**	By the end of the 15th month following enrollment**

* To apply for payment insurance, you must complete the sections related to the Credit Card Payment Protection Plan (CCPPP) included in the credit card application form.

** The purchase calculation period starts on the date you sign up for the card. For example, if you sign up on July 15, 2026, you have until October 15, 2026 to make the required $2,500 in purchases, and the 15000 points will be credited to your account by the end of January 2027.

How total purchases are calculated

The calculation is based on the total amount of purchases made using all cards linked to the account. Transactions not included in the calculation are set out in article 1.5 of the À la carte Rewards Plan^™.

Other conditions

This promotion may only be used once per person.
Issuance of the card is subject to National Bank of Canada’s credit approval. Other conditions apply to the issuance of the card.
Unless otherwise indicated, this promotion cannot be combined with any other National Bank credit card promotion and is not retroactive.
This promotion may be modified or withdrawn without notice.

^®Mastercard and Platinum Mastercard are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank.

^®À LA CARTE EXTRAS, À LA CARTE REWARDS PLAN, NATIONAL BANK and the NATIONAL BANK logo are registered trademarks of National Bank of Canada.

^®THE TOTAL, THE CONNECTED, AND NATIONAL BANK are registered trademarks of National Bank of Canada.

*Platinum Mastercard^®

National Bank of Canada^® Platinum Mastercard^® credit card was named the best credit card for young professionals by Milesopedia in 2025 and 2026. Each year, Milesopedia examines the credit card offers of the largest financial institutions and establishes its ranking according to more than 150 criteria such as fees, welcome offers, minimum income required, number of points per category, account credits, insurance, airport lounge access, etc.

1. Certain restrictions apply. For more information, consult the Rewards plan section or the Plan rules regarding how to earn points.

Credit terms

Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers.

Minimum payment: If your account balance is lower than $10, you must pay the entire balance.

If you reside in the province of Quebec, your minimum payment is the greater of 5% of your account balance, plus any overdue amounts, or $10.

If you live outside Quebec, your minimum payment is 2.5% of your credit card balance, plus any past-due amount or $10, whichever is greater.

Account statement: A statement is sent monthly.

Example of credit charges over a 30-day period

Annual interest rate	Average balance
	$500	$3,000
22.49% (regular card)	$9.24	$55.45
20.99% (regular card)	$8.63	$51.76
13.2% (Syncro card)	$5.53	$33.16
9.2% (Syncro card)	$3.78	$22.68

Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.

4. This coverage applies to purchases and rentals charged in part to the card, except out-of-province medical/hospital insurance for which the travel arrangements need not be charged to the card, and lost or delayed luggage insurance where all transportation costs must be charged to the card. This coverage applies to the primary cardholder, their spouse and/or dependent children when they (spouse and/or dependent children) travel with the primary cardholder. Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer’s warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.

5. Certain conditions apply. Visit mastercard.ca for more information. Refer to the credit card terms and conditions.

6. Subject to credit approval by National Bank.

7. The amount of points earned on grocery and restaurant purchases depends on the total gross monthly amount charged to the credit card account, regardless of the purchase category. You will earn 2 points for every dollar in eligible grocery and restaurant purchases until a total of $1,000 in gross monthly purchases is charged to the account. After that, you will earn 1.5 points per dollar in eligible grocery and restaurant purchases. The total gross monthly amount is calculated based on your monthly billing period. Grocery purchases include any purchase made at a store that primarily sells food, i.e., grocery store, delicatessen, supermarket, greengrocer or specialty food store. Ready-to-eat meal services and meal delivery services are eligible. This definition excludes purchases made at retail stores and big box stores whose core business is the sale of non-food items. Certain merchants may sell products and services that appear identical or similar to those sold by eligible merchants, or may be separate merchants located on the same premises as eligible merchants, but are classified in different categories by Mastercard. For purchases at other merchants, you will only earn regular rewards points. Restaurant purchases include purchases at a restaurant, fast food restaurant, bar, nightclub or pub. For a full list of Mastercard codes associated with eligible merchants, download the terms and conditions of the À la carte Rewards Plan^®.

8. To earn 1.5 points per dollar in purchases, you will need to purchase gas or an electrical vehicle charge from a service station or from certain big box stores. Certain merchants may sell products and services that appear identical or similar to those sold by eligible merchants, or may be separate merchants located on the same premises as eligible merchants, but are classified in different categories by Mastercard. For purchases at other merchants, you will only earn regular rewards points. For a full list of Mastercard codes associated with eligible merchants, download the terms and conditions of the À la carte Rewards Plan^®.

9. Recurring bill payments are defined as monthly or regular payments automatically charged by a merchant to your National Bank Platinum Mastercard credit card. Not all merchants offer recurring bill payments, and not all recurring payments are considered recurring bill payments. Certain payments therefore may not entitle you to earn more points.

10. To earn 1.5 points per dollar in purchases, you must make your eligible purchases via the À la carte Travel^™ Agency section of our À la carte Rewards^™ site.

11. The device must have been purchased using your National Bank Platinum Mastercard credit card, or your phone plan must be paid via recurring payments charged to your National Bank Platinum credit card starting September 1, 2022. For complete terms and conditions, please consult the insurance certificate associated with your card.

Annual fee

Primary card$70

Additional card$35

Annual income required

Individual$0

Household$0

Conversion fees

2.5%

Earning rate

2xGroceries
2xRestaurants
1.5xBills & recurring payments
1.5xGas & EV
1.5xTravel
0.67xAll spending

Value

1st Year Value$749

2nd Year Value$209

Travel insurance

Travel medical (under 55)Up to $5,000,000 / 10 days

Travel medical (55-64)Up to $5,000,000 / 10 days

Travel medical (65+)Up to $5,000,000 / 10 days

Trip CancellationUp to $1,000

Trip InterruptionUp to $1,500

Delayed BaggageUp to $500

Lost BaggageUp to $1,000

Flight DelayUp to $500

Purchase protection

Purchase ProtectionIncluded

Extended Warranty+2 years

Mobile DeviceUp to $1,000 / 2 years

Auto Rental Collision (primary)Up to $65,000 / 48 days

And why not take out a credit on your expenses? That’s what cash-back credit cards offer. The best ones can earn you up to 5-10% of your purchases. Take a look at those available for students:

Our credit card selection
Credit card	Annual fee	Welcome offer
BMO CashBack^® Mastercard^®* for students Apply NowCompare	Annual fee$0	Welcome offerAfter $2,500 in 3 months Up to $125 cash backEnds Oct 31, 2027 After $2,500 in 3 months	Apply NowCompare
CIBC Dividend^® Visa* Card for Students Apply NowCompare	Annual fee$0	Welcome offerAfter $1,000 in 4 months Up to $125 cash back After $1,000 in 4 months	Apply NowCompare
National Bank mycredit^™ Mastercard^® Apply NowCompare	Annual fee$0	Welcome offer No current welcome offer	Apply NowCompare
CIBC Aventura^® Visa* Card for Students Apply NowCompare	Annual fee$0	Welcome offerAfter $1 in 4 months Up to 12,500 points After $1 in 4 months	Apply NowCompare

By using the right credit card on your purchases, you can easily maximize your rewards. So you can save every day or collect points for your next trip!

Reducing housing costs

Accommodation is often a student’s biggest expense. To save money as a student, it is crucial to compare the options available:

On campus: University residences often offer easy access to services and social life, but costs can be higher than some off-campus alternatives;
Off-campus: Renting an apartment or room can be more economical, especially if you share accommodation with other students. Sharing allows you to divide the rent and charges, while creating a friendly and flexible environment.

Tip: pay your tuition strategically with Chexy. To lighten your overall budget, consider using Chexy, which lets you pay your tuition and rent by credit card and maximize your reward points. This approach helps you better manage your cash flow while enjoying additional financial benefits. For more details, consult our guides :

Apply for student loans and bursaries

Scholarships, bursaries and student loans can help you cover some of the increasingly expensive cost of tuition. The Canada Student Loans Program works closely with the provinces and territories to provide student financial assistance, which varies according to your province of residence.

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To help you calculate your financial aid, you can use the Government of Canada’s Student Aid Estimator.

For Quebec students, you can use the Assessment simulator instead. In fact, here’s a simulation for a student with low-income parents who can’t contribute financially.

How can I save money every day as a student? - calcul-aide-financiere

Growing your savings

It’s a good idea to withdraw only the bare essentials for your day-to-day expenses, so that the rest of your capital continues to grow. Credit card rewards points can also help you reduce a large part of your budget, especially if you take advantage of welcome bonuses.

To make your savings grow, put your money in a TFSA or FHSA (if you’re 18 or over), or in a high-interest savings account. Even a small amount is important: the key is to start now and get into the habit of saving regularly.

Compound interest is a key tool for achieving financial independence. The advantage for students? The sooner you start, the sooner you can achieve your financial goals!

Additional tips for saving

Now you know our top tips for saving money as a student. However, there are several other money-saving tips that don’t just apply to students:

Finally, here are some other guides to saving money as a student:

Bottom Line

By adopting the right strategies, you can learn to save money as a student while covering your basic needs. From rigorous budgeting to roommates, discounts and innovative tuition solutions like Chexy, every move counts. Anticipating and planning your finances now will help you avoid stress and make the most of your university experience.