5 ways to save money during the school year

by | Dec 1, 2023 | Finance and Business

Whether you’ve just started university or have been in college for a couple of years, being a student can be financially straining. Of course, saving money as a student is more than just pinching pennies – it’s about mastering the art of budgeting, making savvy choices and enjoying your independence. We all know the costs, but what exactly can we do to watch our wallets without compromising the student experience?

Here are five creative ways you can reduce your expenses, instill good spending habits and still enjoy student life this year:

  1. Get thrifty
    One of the most fun and sustainable ways to save money as a student is through thrifting. Whether it’s new clothes for going out or unique furniture for your dorm room, thrift stores offer a cache of options that are often both cost-friendly and chic – and you’re way less likely to own the same thing as someone else on campus. On top of being an affordable option, compared to major fashion brands, it’s also a more sustainable way to find new items.
  2. Plan to save money
    There are plenty of apps and software out there that help you to find more cost-effective spending options. For example, if you love shopping, One Red Maple is an app that helps you locate your favourite items in locally owned stores. Its browser plug-in compares prices and products in real-time so you can make informed choices about where to purchase all your favourite things.
  3. Have a potluck party
    Going out to eat and drink can quickly drain your wallet if you aren’t careful, but it can be hard to say no to a night out with friends. Instead, opt to host a potluck party and encourage everyone to bring their favourite dish and drink. You won’t break the bank and you’ll have fun with friends that can last the whole evening.
  4. Seek scholarships and grants
    Many schools and organizations offer scholarship and grant opportunities you can discover with just a little digging. This financial aid can be based on everything from academic achievement, specific fields of study, areas of need and more. Spend time researching and applying to help supplement some of your educational expenses.
  5. Find on-campus work
    Most college and university campuses offer on-campus jobs for students, which could be a great way to ease your financial strain and make some new friends in the process. If you’re not sure where to start, check out your school’s career education department, which can provide job boards to browse or step-by-step instructions on how to secure a position that matches your skills. For example, a writing support centre could be looking for strong writers to help tutor students, while an on-campus residence could be looking for front desk clerks.

With a few tricks in your back pocket, saving money in university or college doesn’t have to be so draining.

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