How To Save Money As A Student Without Working?

Many Canadian students struggle financially during their student life. According to Statistics Canada, 40% of Canadian students need help repaying their debts, and 31% have no savings.

Learning how to save money is valuable. Students often have a reputation for poor money management skills. Living away from their nest for the first time with newfound independence and a lump sum of money can lead to a temptation to spend recklessly. However, it’s necessary to avoid such behaviour.

Living on a student budget may not be easy, but it’s entirely possible with money-saving skills. To help you through the academic year, make your funds last longer at the university. Below are some easy-peasy methods to save money during the study.

1. Student housing vs living at home.

Most new students move to student accommodation rather than living at home. They fear missing out on independence and social life. However, living at home and commuting could save money, considering the high rent costs. Consider your financial situation to decide what’s best for you.

2. Obtain free funding for your education.

Apply for student finance early and explore government grants and funds. Extra support may be available for those with disabilities, children, or disadvantaged backgrounds. You might qualify for university allowance and scholarships based on academic excellence or low-income family status. Some charities and trusts also provide financial awards. Check for unusual fund criteria even if you think you won’t qualify.

3. Student Status Can Be Useful.

As a student, you have legal status and can benefit from discounts and preferences to save money. Remember to ask for special concessions that apply to students. For example, your local bus company GoTransit might offer a 40% discount on your ticket home.

4. Make meals for yourself.

Buying lunch at the cafe is easy but costly and not very healthy. Instead, cook meals that freeze well and make multiple servings. Your university has a kitchenette with a microwave for use. You could save around $20 a day and eat healthier by shopping in bulk and making your meals. It could maintain weight loss, reducing the need for a gym membership.

5. Repair instead of replacing.

Before ordering new things online sites Walmart or Amazon, consider fixing broken items yourself. Repairing with a needle and thread can save holey socks and torn clothes. Cheap repair kits from hardware stores can fix up household appliances. Taking items to experts, like a shoemaker for resoling shoes, is more affordable than shopping for new ones.

6. Don’t buy new; buy second-hand textbooks.

Education is priceless, but textbooks have a high price tag. Consider using e-books or buying second-hand books from university bookshops, private sellers, or online websites (AbeBooks or Book Outlet). You might find good deals and even ask sellers if they have helpful notes.

7. Use FREE cloud storage.

Use Dropbox to share and back up files quickly on your computer. It gives you 2 GB of free storage, saving money on iCloud. Microsoft’s OneDrive may offer promotions for 100 GB of free storage. Check Google for available offers when you need cloud-based services.

8. Use discount vouchers or coupons at the Supermarket.

Save money on groceries with vouchers or coupons. Grocery stores offer weekly fliers with discounted items and coupons. Visit store websites for sales and printable coupons. For more deals, check sites like Groupon and Save. Use store apps or loyalty cards for additional savings. Also, check receipts for future purchase discounts.

9. Share with class friends and roommates.

Sharing is caring! Ever thought about sharing most things with friends? It’s like a money-saving partnership. Try it with roommates or classmates. Split costs for cable TV and internet or get a shared membership. Many possibilities to save together!

10. A Penny a Day Save into a Jar.

Let’s end with a traditional money-saving method: the penny challenge. Start with one penny and add two more the next day, three the following day, and so on. By doing this for a year, you can save over CD$ 650. Loose change (coins) adds up energetically and can be helpful when needed. Try using the coins at supermarket self-checkouts for a pleasant surprise on the total amount saved.