Tuition fees, rent, groceries, transportation-It’s expensive to be a student! With rising fees and living expenses, saving money as a college student can feel complicated, but it doesn’t have to be. You may not have a healthy savings account until you’re a few years into your first full-time job after school, but it’s important to set the foundation now by picking up smart money habits and learning how to make every dollar count.
Here are our top tips for saving money as a student:
Start by Making a Budget
If you don’t know your monthly income and expenses, it’s impossible to track your spending and calculate how far your money can stretch.
Start by adding up your monthly income. This is money that you get on a regular basis, like employment income, government benefits or monthly cheques from family. If you have savings, scholarships, bursaries or other one-time sources of income, add these up and divide them by the number of months that you need the money to last. If you’re unsure of your exact monthly income, make your best guess.
Then, add up your total monthly expenses. These are recurring expenses like rent, utilities, groceries, phone and internet bills, credit card payments, car payments and subscription fees. Make note of upcoming major expenses like tuition payments and large purchases.
Finally, add your income and expenses together and take a look at what you have left over. Cut out unnecessary expenses if you can.
A sample budget may look like this:
| Income |
Expenses |
| Part-time job: $1,156 (20 hours/week at $19/hour after tax)
Savings for the school year: $833 ($10,000/divided by 12 months)
Entrance Scholarship: $125 ($1500/divided by 12 months)
Total monthly income: $2114
|
Rent: $800
Utilities: $0 (included in rent)
Internet: $25 ($100/month shared with 3 other people)
Groceries: $300
Phone Bill: $50
Credit card bill: $70
Netflix: $7.50 ($30/month shared with 3 other people)
Total monthly expenses: $1,112.50
|
Total remaining for savings and extra expenses: $861.50
Remember to update your budget regularly and keep your remaining funds and upcoming expenses in mind when taking on new expenses! It’s always a good idea to allow a few hundred dollars of space in your budget to cover emergency expenses or add to your savings account at the end of the month.
Try this simple budget calculator!
Stick to your Budget!
You put in the work to make a budget, now stick to it! In order to make the most of your money, try to stay within your budget each month. Try saving all of your receipts for a month, then add up your actual expenses to see if your budget is accurate. If you’re having trouble staying on budget, re-evaluate your spending and try to cut out unnecessary expenses, or reduce expenses where you can. For example, if you’re paying for a phone plan with data, check how much data you’re actually using each month and see if you can find a more affordable plan that fits your needs.
Staying within your budget will make saving money easier and allow you to budget and save for future expenses like new clothing and shoes, birthday and holiday gifts, school supplies and more.
Apply for Awards, Scholarships and Grants
Whether you’re a domestic or international student, there are many awards, scholarships and grants available to help you pay your way through school. Scholarships are available through CSI, Conestoga College and through external organizations. Awards and scholarships normally range between $150 and $5,000, depending on the type of award, eligibility criteria and prestige.
Most awards and scholarships are earned through academic achievement, community involvement, dedication to your field of study or athletic achievement. If you win, the money you receive does not need to be paid back and can be used to help you pay for school and living expenses. Additionally, Conestoga College has made it easy to apply to all available scholarships in one application! Make sure to complete your General Awards Application at the beginning of each semester and look for external awards and scholarships that you’re eligible for. Any amount of money helps!
You can find more information about the awards and scholarships available to you as a Conestoga student by clicking here!
Take Advantage of Student Discounts
Student discounts are one of the best parts of being a student! From retail and groceries to electronics, technology and entertainment, many retailers offer student discounts from 5% to 50% off. Some of the best student discounts we’ve found are:
To find more student discounts, click here!
Plan your Meals
Planning your meals in advance is an easy way to avoid spending excess money. Knowing what you’re going to eat in advance helps you better plan your grocery shopping and reduces the amount of expensive “convenience” foods that you end up buying. If you find yourself eating out often because you haven’t planned meals or you’re too tired (or lazy!) to cook, try meal prepping! Meal prepping is a great way to ensure you have healthy food available to you at all times. Also, it helps you avoid spending excess money on eating out.
For easy meal-prepping ideas, click here!
Don’t Fall for Scams!
Students and job seekers are common targets for scams. These scams can involve people posing as government organizations, family members, banks, employers, or college employees to trick people into sending them large amounts of money. Here are some warning signs and things to look out for to avoid being scammed:
- Ignore emails from unknown senders and block the sender from sending additional suspicious emails.
- If you receive a message from an unknown sender, don’t open any attachments or follow any links to third-party websites.
- Beware of upfront fees: CSI and other employers will never ask for a deposit or fee to apply or interview.
- Avoid sending sensitive information over email and text messages.
- Never provide your personal, credit card or online account details if you receive a call claiming to be from your bank or any other organization. Instead, ask for their name and contact number and check with the organization in question before calling back.
- If you have concerns with the legitimacy of a request for personal or financial information, contact the organization, through their normal channels, before you respond.
You can find more information about how to identify a scam or fraud here