How can I save money every day as a student?

When you’re a student, your budget is pretty limited. With inflation in recent years and rising tuition fees and interest rates, more and more students are finding it difficult to make ends meet. Working at the same time as studying isn’t always possible. However, it is possible to save on a day-to-day basis when you’re a student. What’s more, managing your personal finances is essential. In this article, we share our best tips.

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 bucks during school breaks. And on weekends, too. With a tipped job, the hourly rate can rise above $25!

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

These savings will allow you to put money aside and cover part of the cost of student life during your study sessions. For example, to pay your rent or simply to have a fund for emergencies. An excellent way to make your savings last longer is to put your money into a high-interest savings account.

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

• Study sessions in a café: while trendy, it’s a real money-spinner.
• Restaurant meals and takeaway orders: eating at home or packing a lunch is much more economical. Do you really want to work the equivalent of an hour to buy that sandwich that takes 10 minutes to make?
• Coffee on the go: similarly, these little phantom expenses add up quickly.
• Cellular data: WIFI is available everywhere, so don’t forget to reduce your package to avoid paying unnecessarily.
• Subscription services: do you absolutely need a subscription to Amazon Prime, Netflix, Disney+, etc.? If you live with roommates, you could at least share its expenses. Otherwise, you could use the gift card strategy to get 5x points at certain stores.
• Student insurance: in some cases, you may not need to take out the insurance offered by your school if you benefit from coverage similar to that provided by your parents.
• Banking fees: do you pay banking fees for your chequing account? If so, switch to a student checking account or a no-fee checking account. We have a bank account comparator that allows you to filter accounts according to your student status.
• Impulse buying: do we really need to talk about it?

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

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 calculation simulator on the Student Financical Assistance website. In fact, here’s a simulation for a student with low-income parents who can’t contribute financially.

You should withdraw the bare minimum for your lifestyle so that the rest of the capital continues to grow. Credit card rewards points can reduce most budget items, especially if you’re targeting welcome bonuses.

To make your savings grow, you can put your money into a TFSA (if you’re 18 or over) or a high-interest savings account. Even if it’s a small amount, the most important thing is to get started and get into the habit of saving.