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.
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.
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).
$430ⓘMilesopedia first-year estimateFirst-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.
Milesopedia 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.
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.
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.
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.
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:
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.
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.
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.
$430ⓘMilesopedia first-year estimateFirst-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.
Milesopedia 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.
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.
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.
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.
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
$125ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$125Total$125Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$125Total$125Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The CIBC Dividend® Visa* Card for Students is one of the best cash back Visa student credit cards in Canada. Apply for the card and get up to $125 in value:
$25 cash back after you make your first purchase within the first 4 monthly statements†
A 10% cash back welcome bonus for the first 4 monthly statements, up to $100†
With this CIBC Student Credit Card, you get:
2% cash back on eligible grocery purchases†
1% cash back on eligible gas, electric vehicle charging, transportation, and dining purchases and on eligible recurring payments†
0.5% cash back on all other purchases†
What’s more, with this CIBC Student Credit Card, you get a free SPC+ membership, plus over 450 deals on everyday purchases, bigger discounts, special experiences and exclusive giveaways†.
And this CIBC Student Credit Card offers some insurance coverages:
Purchase Security and Extended Protection Insurance
Legal
This is a digital-exclusive offer.† To be eligible for this offer: 1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and 2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you. † This offer is reserved for you. Please do not forward it to anyone else.
This offer is reserved for you. Please do not forward it to anyone else. CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
† Terms and conditions apply. Click on Apply Now to learn more.
Annual fee
Primary card$0
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
2xGroceries
1xTransit
1xBills & recurring payments
1xGas & EV
1xRestaurants
0.5xAll spending
Value
1st Year Value$461
2nd Year Value$263
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
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Our reviews and rankings are based on an objective assessment. Advertisers do not influence our content. We may receive compensation through some links; our analysis and opinions remain independent.
