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Publication date: May 7, 2019

5 Unknown Tips to Save Money as a Student

Despite the fact that most students do not have a high income, it is possible to limit your expenses and save money. The key is to pay attention to your habits and make sure you stick to your budget properly.

1. Don't go grocery shopping on an empty stomach

When you shop hungry, you may have the bad habit to make impulsive purchases and buy junk food. This results in you spending more for less quality.

So make a list in advance and eat a snack or meal before going to the grocery store. Also remember to avoid certain aisles not to make compulsive purchases.

2. Take advantage of your campus’ attractions

Take advantage of the infrastructure and activities offered by your campus. For example, instead of paying for a gym membership, go to your college or university gym. Some establishments have aquatic centres and theatres that offer free performances. It is worth the cost to find out since you could save interesting amounts.

3. Save up on your telecommunications bill

Many Canadians consider they they pay too much for their telecommunications services. However, there are ways to reduce the invoice. All you have to do is cut a few services such as cable or cellular data to save a lot of money. Also consider negotiating with a representative to find a package that suits your needs and budget.

4. Avoid brand names

Whether it's for food, medication or toiletries, some products are just as good as the big brands and could very well help you save money. Private labels may surprise you and most of the time contain the same ingredients, so do not hesitate to buy generic products.

5. Buy used manuals and books

Books and textbooks are generally expensive. However, it is quite possible to buy used ones on resale sites such as Kijiji or Amazon which offer good discounts.

The same principle applies when you no longer need your books. Resell them to other students or online. You will probably find a buyer and save in the same way.

Finally, remember that it is important to make a budget to help you know how to spend your money in a thoughtful and controlled way. To do this, there are several tools available such as this one.