Money-saving tips for students

Do you know how you will pay for groceries while you’re at school? Or how much does transit cost each month? Or what about going out with friends where will money for that come from?

These are some of the questions that I had when I began school and trust me being a student can be pricey. If you are not careful you can rack up bills fast. But don’t worry I got you covered, I will share some money-saving tips that I learned, so you don’t go broke as I did during my first year as a college student.

Tip 1 – Budgeting. Budgeting. Budgeting.

I can’t stress enough the importance of budgeting. If you don’t make a budget, you will not know where your money is going. During my first year, I had money that my parents gave me as I started college, and guess what I went on a spending spree, and all the money quickly disappeared. In short, budgeting allows you to identify things that you need vs. something that you want.

I know budgeting can be boring and we start sounding like adults when we start planning stuff, but it’s important and not that difficult. There are many tools available on the internet now that help with budget saving. Check out this website that shows you how you can use Excel to plan your budget. Or this Government of Canada calculator that helps you track your expenses and income.

Tip 2 – Learn to Cook

Eating out or ordering meals over Uber eats is unhealthy and expensive. Learning to cook will help you manage your budget and is a great skill to learn (unless you want to eat cup noodles for all 3 meals). First, find out what essential groceries you need and make a list of groceries for the shopping trip. If you are struggling with making a grocery list, this website breaks down all the grocery items that you need.

Moreover, cooking for yourself doesn’t mean you make MasterChef dishes, choose simple recipes (that are fast and easy to make), nothing fancy (myrecepies can help, recipes that are specifically dedicated for students).

Tip 3 – Student Discounts

Being a student is not all that bad, there are many perks. Students get discounts on all sorts of products, look to see what discounts are available. Check out dealhack for the ultimate discount guide on many products and services.

As a student, owning a car is not an option (uncles you are Richie rich), so find most likely you will be using local transit. Local transit systems offer discounted tickets for students, this has helped me save money when commuting to college.

Discount offers are not just limited to transit, discounts are available on phones, electronics, movie tickets, and clothing/bookstores. You can even visit places for free or at discounted rates such as the AGO (free on Wednesday evening). Some discounts are offered only during key dates, such as the back-to-school sale so make sure to keep an eye on those important dates.

4th Tip – Get a part-time job

With a heavy course load and busy student life, the last thing you want me to tell you is to get a job. Yes, get a job. When I began school and moved out of my parent’s house, I quickly realized how much little things cost (even buying coffee seemed expensive). I started working in a call center where I was paid minimum wage and it was enough for my needs. You don’t have to get a full-time job, getting a part-time job for 15-20 hours per week is sufficient.

When you work part-time you won’t have to worry about affording basic essential items, you won’t have to constantly rely on your parents to send you money or take money out of savings.

5th Tip – Buy & Sell Used

The other thing that I will tell you is, you don’t need to buy new all the time. In school anywhere from used textbooks to electronics are good enough for your needs. Buying used is cheaper and environmentally friendly. You can even sell your used items to earn back some of the cost. By selling used you can help other students who lack financial resources.

I hope you find these tips helpful throughout your post-secondary education. Share your money-saving tips with us.