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Do you want to know what one of the most useful skills you can have as a student? Knowing how to stretch your money.
Post-secondary student life can be expensive. But that doesn’t mean you need to dramatically cut back on spending in order to comfortably live and afford attending amazing concerts or going on a weekend getaway with friends. It’s all about balancing careful budgeting, realistic saving and smart money-spending habits. Below we have gathered 5 money tips every university student must know and master.
Track Your Spending
Unless you’re Bill Gates, you most likely don’t have near unlimited spending money. The easiest way to save money is to create a budget and stay within it.
Financial budgeting and spending apps connect with your bank account to track what you spend against your set budget. This allows you to see where your money is going and help you spot areas to cut back.
Recommendation
The best personal finance app: Mint
We love Costco value meals as much as the next person. One of the easiest ways to save money as a student is to spend less eating out and more at the grocery store.
If cooking is not your expertise, buying individual or bulk pre-cooked food at the grocery store could also save you 20% off your eating-out bill. Grocery stores like Longos and McEwan Fine Foods have ready-made food sections where you can buy sandwiches, soups, roast meats and more delicious meals.
Join Student Resell Groups
Student living is all about community. Keep your eye open for clothing swaps and used item sales.
The 1900s stigma of used or refurbished items being dirty or damaged has been cleanly thrown away. Each school and city has multiple Facebook groups and resell sites created by and for students and money-conscious adults.
Recommendation
Public resell sites: Facebook Marketplace and eBay
If you’re attending school in a metropolitan city or live within 10km of campus then your go-to and most reliable methods of commute will be public transportation (bus, subway, tram, etc) and walking/biking. Most universities have a student bus pass program, so take advantage of the discounted monthly student bus pass for commute to school and for weekend fun.
If you’re going to a school a few hours away from your home, the time spend driving back-and-forth everyday in rush hour traffic can feel like aimless walk through a desert. Instead enduring the journey alone, look into carpooling. If a classmate has a vehicle and lives enroute, ask if they would be interested in carpooling. This way you can have a travel buddy and split the gas cost.
You’d be surprised by the quantity of student discounts offered by retailers, restaurants and entertainment hubs near campus. At retailers like H&M, you save 10% any time you make a purchase. Make sure to check out SPC for the best student-exclusive discounts.
Recommendations
Clothing and Accessories: H&M
Entertainment: Rec Room
Pay less to afford more
We all know how expensive student life can be, so the last thing you want to do is go over budget or pay more than needed.
With Moola, you can get extra cash back and bonus vouchers on everyday purchases like groceries, food delivery, retail shopping, gas and more.
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