How Can I Save as a Student?

If you’re a high school or post-secondary student, now is the perfect time to learn how to save. Knowing how to manage your personal finances is an essential skill that will serve you well for the rest of your life. If you can create a budget and live within your means, you can avoid going into unnecessary debt and set yourself up for financial success.

8 tips to help you save as a student

1. Build a budget

A budget provides a snapshot of how much money you have coming in (income) and going out (expenses). If you have more expenses than income, you need to reduce your costs or increase your earnings. When it comes to saving, awareness is key. If you don’t know where your money is going, how are you going to improve? A budget provides a plan for your money to help you stay financially on track and reach your goals faster.

2. Open a youth bank account

If you want to get serious about saving and financial success, the right account can help with that . You can open a youth bank account online if you don’t already have  an account. Bank accounts designed for youth and students often offer special perks such as no monthly fees and access to student deals and discounts.

3. Take advantage of student deals

With your student ID, you can find discounts and deals on everything from computer equipment to flights, concerts, streaming services, clothing stores, restaurants, entertainment, and more. If you’re unsure if a store or service offers a student discount, ask!

4. Apply for scholarships

Don’t miss out on lucrative scholarship opportunities because you don’t think you can win. There are so many scholarships out there, and millions of dollars go unclaimed every year simply because students don’t apply.

5. Get a part-time job

Once you’ve established a budget and cut out unnecessary spending, you might find that you still don’t have enough money to cover your expenses. In this case, you can consider increasing your income. Getting a part-time job or starting a side hustle can help you to generate income so you can manage your bills and have money left over to save.

6. Pay Yourself First

If you already have a part-time job, you can maximize your savings by paying yourself first. With the “pay yourself first” strategy, you set up an auto-deposit for a specific amount of money which goes directly into your savings when your pay cheque is issued. This way, the money is safely in your savings account before you have a chance to see or spend the money.

7. Find fun things to do for free

Don’t have much money to spend on entertainment? No problem! It’s time to get creative. Think about all of the fun you can have for free. Check out a free summer music festival, hike, or join a club at your school. You can also research attractions around your city, such as museums or your local zoo, and see if they offer days with free entry.

The Bottom Line

Being a student is expensive. From rising tuition to the increased costs of day-to-day living, it can feel like a challenge to make ends meet. With creativity, discipline, and simple strategies, you can find many ways to cut costs, increase your income, and manage your money to save more for your future.