5 ways to save more money as a post-secondary student

Of all the life skills you’ll pick up when you head to college or university, managing your finances is one that will continue to come in handy for years to come. (Seriously. Our staffers are stealing the below tips as we speak.) And considering how education costs tend to stack up, you’re likely looking to save as much as you can. We’ve got you. Here are our top five money tips to take with you into the new school year.

Don’t discount discounts

One of the best things about being a student is the discounts. Let’s face it, 10% off here and there might not seem like a lot, but these discounts can add up to big savings over time. Depending on the length of your program, you’ve got time to really make it count. Look into student discounts offered by retailers when you show your student ID, or discount cards that will become your golden ticket to savings. (Don’t be afraid to ask about student discounts at the register!) There are even browser extensions to flag potential student discounts when you’re shopping online. Here’s a handy list of the top student discounts that’ll have you saving big in no time.

@mandaround had to repost but here are some freebies and discounts! #student #college #university #uoft #mcmaster #deals #studyhacks #canadianuniversities #uni ♬ Elevator Music - Bohoman

Get organized

There are endless resources out there to help you create a student budget – but sticking to it is the hard part. To make it easier, open multiple accounts and allocate them for different purposes. For example, you might allocate one account for your spending money, one for saving up your next tuition payment, an emergency fund, and a joint account so you and your roommates can manage rent and other shared expenses. Here’s one example of how this concept could work for you.

This can be an effective method if you’re finding you need to cut back on your spending. The exercise of categorizing your finances will give you a clearer picture of where and how much you’ve been spending, and where you might be able to make those (sometimes painful) cuts. We can all agree that getting your favourite fast food delivered straight to your door with a few taps on an app is convenient, but those fees tend to add up.

Bonus tip: setting up automated monthly transfers into each account is a simple way to put your budget on autopilot.

me eating my $7 sandwich that cost me $45 on uber eats pic.twitter.com/BmqnpXLaez

— gabs (@xJustGabs) April 25, 2021

Double up by earning interest and rewards

Now that your accounts are organized and you’re feeling like you just took a finance masterclass, it’s time to level up. If you really want to maximize your earning power, try double dipping interest and rewards. Chances are, you might be using a credit card for your daily spending. If that’s the case, make sure you’re using one with a rewards program, like cash back or grocery rewards. While you’re stocking up on your groceries for the week with your credit card, keep your funds in your EQ Bank Savings Plus Account and let them collect compound interest. Then the credit card bill arrives, use the money in your Savings Plus Account to pay it off. You just earned double the benefits without a ton of effort. Now THAT’S making your money work for you!

Buy and sell

It’s tempting to say that students should simply avoid spending money at all costs. But students have needs – and wants – too! So when there’s something on your list, try looking for a used version first. This goes for textbooks, especially, considering the average Canadian student spends between $800 to $1,000 on textbooks per year. And when you’re finished with your textbooks, don’t forget to sell them so you can earn some extra cash for next semester’s learning materials.

Why buy a $400 textbook when you can get a used textbook for $150 and it comes highlighted for you?

— mt III (@slime_digital) March 23, 2022

While no one can deny the serotonin boost that comes with getting a brand-new denim jacket or pair of boots to stomp around campus, the reality is that a “back-to-school" wardrobe is simply a marketing ploy that we’ve all bought into. That said, if your wardrobe is missing something critical, try clothing resale sites like Poshmark, Depop or Facebook Marketplace. And while you’re at it, consider upcycling dorm room décor, opting for refurbished tech, and hunting for (gently) used exercise and sports gear.

If you have something to sell, give it a try! You never know how much spare cash is currently sitting unworn in your closet.

Embrace the free (or almost free)

Student life is the ultimate proof that you don’t need to spend money to have fun.

Be the weekend hero and help save your friend group from another monster bar tab by hosting at your place (bring your own bevs, of course). For low-key nights, watch a movie using your local library’s streaming service. If you need to escape your roommates, check your student calendar to see what’s happening on campus, grab some friends and make a night of it!

There are also plenty of off-campus attractions like museums and parks that offer free admission to students, plus venues that don’t charge cover with a student ID.

Other areas to seek out free options: food and exercise. Try to make use of your campus gym, or take up a free activity like running or daily walks. And while it’s technically not free, don’t forget to squeeze every last penny out of your meal plan.

Bonus tip – let us pay you

Sometimes you just need a little extra cash. We can help you out there. Tell your friends about the great banking experience you’re having with EQ Bank and we’ll pay you for it! (Really.) Learn more about our referral program here.

The bottom line? Some of these savings might seem small but they add up. Plus, when you’re stashing the savings in your Savings Plus Account, thanks to compound interest, they’ll be earning even more!