9 Ways to Save Money as a Student
Being a student is expensive. You need to pay for your tuition, supplies, accommodation, living essentials, and entertainment — all while only working a part-time job at the most. To stretch your funds as far as possible, it’s important to look for ways to save money.
1. Find Ways to Save on Textbooks
Textbooks are one of the major expenses for students, but it’s often possible to pay less than full price. For instance, you can purchase used books (either online or from other students at your school), use comparison shopping instead of relying on your campus bookstore, rent from a textbook service, or borrow from the library. It may be worth picking up older versions of your books, provided you’re sure the changes are insignificant.
2. Stick to a Budget
It’s difficult to ensure you spend only what you can afford unless you have a budget. Determine how much you’ll receive each month and allocate a portion of this to each of your activities. This will mean if you run out of money for fun, you’ll have to turn down social invitations — but at least you’ll definitely have enough food for the rest of the month.
3. Use Your Student ID
More places than you may expect have discounts for students. Carry your ID with you wherever you go and always ask if stores have discounts, even if there’s nothing advertised. It may also be worth checking out businesses you know have student discounts first — your school should be able to provide you with a list.
4. Move Into Inexpensive Housing
Living on campus may be convenient, but it tends to be much more expensive and lower quality than off-campus housing. Search for student communities near campus where you can share an apartment with friends or be matched with roommates.
5. Spend Less on Food
Off-campus housing also means you’ll save money because you’ll lack a meal plan. You’ll save even more money by deciding what you’ll eat a week in advance and purchasing all the groceries you need. Lastly, avoid eating out too often, as this can deplete your food budget fast.
6. Take Advantage of Free Resources
Your campus and student housing likely has a range of free amenities, such as fitness facilities and study areas. Campus may also hold interesting events that could be a great alternative to paying for entertainment in the evenings.
7. Keep Applying for Scholarships
Many students are under the impression that they should only apply for grants and scholarships before they start university. In fact, you can apply at any time. It’s a good idea to search regularly, as you may find new opportunities, scholarships you didn’t see before, or options you weren’t previously eligible for.
8. Pay Off Your Student Loan Interest
If you’re working while at university, it may be possible to make financial decisions that will help you save money in the future. One of the best things you can do is minimize your student loan debt by making payments while you’re still studying.
9. Set Up a Savings Account
Another way to prepare for the future is to save money. Set up a savings or investment account to put away money you won’t touch. Typically, the more restrictive your access to the funds, the higher the interest you’ll receive. Bear this in mind when choosing an account that will work for you.
Save money on Ontario Tech University residence by moving into 17Hundred. You’ll be living within walking distance of campus, meaning you’ll save on transportation costs. Plus, with your own room in a fully-furnished apartment, you’ll be much more comfortable than if you were living in dorms. Book a tour to check it out.