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.

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.

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.

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.

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.

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.