Student budgeting tips

College student studying

As a college or university student, budgeting your hard-earned-bucks can be difficult. With a lot of expenses, limited amount of time, and a lot of stress you’ll want to blow off - you can fall into some bad spending habits. But if you can teach yourself an entire semester’s worth of biology the night before your final exam, you can learn how to manage your money! Here are some tricks and tips to keep your finances in check.

Take advantage of your student status 

Lots of monthly subscriptions, stores, and gyms offer student discounts. Usually, all you need to do is prove you’re a student by providing your student ID card or student email address.

Out with the old 

Sell all of your textbooks, clothes, mobile phones, and other things you don’t need or use anymore to make some extra cash. Lots of campus bookstores take textbooks back from students and give you a portion of the re-sale value, and online platforms like Kijiji and Facebook Marketplace are great for selling and trading.

Download a budgeting app

A budgeting app can help categorize and identify your expenses, as well as give you a visual of what you’re spending each month. It’s easy to spend when you don’t see it, so regularly using this tool can help paint a picture, allowing you to create a spending plan.

Skip using Skip the Dishes 

With your crazy class schedule and long list of to-dos, ordering takeout from sites like Skip the Dishes can be very tempting. However, cooking at home has never been easier with all kinds of online cooking videos and simple recipes available to you at a click of your mouse or swipe of your finger. With quick recipes and budget-friendly ingredients, you’ll save some dough and enjoy your leftovers for days!

Save a little, get a lot

Having an irregular income can create irregular (or non-existent) saving habits. You might not have worked as much as you wanted one week, or had an unexpected expense come up – life happens! But don’t let that deter you from maintaining a savings account. Savings accounts offer higher interest rates, and even the smallest of contributions (like $10 every two weeks) can add up to a lot with time. Consider setting up automatic transfers to your savings account from each pay cheque. This not only ensures that you save some money every month, but you won’t even have to think about it!