Whilst not everyone believes in the idea of saving money, the needs cannot be overemphasized.
The need to save money during college is super important as it can you scale through your college years without having the need to struggle too much to survive.
In this post, we will be talking about financial intelligence. Particularly how to save money during college in Canada.
Whether you are schooling in Canada or you are intending to school in Canada, it is imperative to cultivate the habit of savings. Without taking much of your time, let’s proceed with the tips.
Financial Intelligence Tips: Save Money During College In Canada
Below are a few steps to take if you want to save money during college in Canada.
1. Have A Budget
There is something called being an impulsive spender. This usually happens when you don’t have a budget and tend to overspend whenever there is a need to get something. One of the best ways to save, even as a student, is to have a budget.
We highly recommend that you have a budget for almost everything, especially as a student. If you need to buy something, have a budget that you do not want to go over, and ensure the price fits your budget.
2. Utilize Trade-Ins
Trade-ins are a great way to save money, especially as a student. With trade-ins, instead of buying new items for the complete price, you can swap the old items with new ones and only add a small amount to them.
This is an excellent way to save money. While this may not be applicable to every item, items like phones, laptops, clothes, etc., usually have trade-in options. All you have to do is to swap it; buying a new one will potentially cost a good amount lot of money that could be saved.
3. Utilize Your Canadian School ID Card To Get Discounts
Many businesses provide student discounts when shopping or dining out; make sure to inquire about these when making purchases or dining reservations. This is also applicable to movies and bus tickets. In a lot of cases, students tend to have discounts. Utilize them.
4. Live Below Your Means
In a lot of cases, it’s not how much you make that matters, but how much you are able to set aside or save. Once you have created a budget, the next step should be making necessary adjustments in your spending habits in order to live within it or, even better, below it. This may involve cutting unnecessary expenses as much as possible while saving as much cash as possible.
5. Get A Part-time Job
Students in Canada can work 20 hours a week during school sessions. When on holidays, students can work unlimited hours. If you can, get a part-time job to help you bring in some extra money. This could be anything from working in retail to tutoring students. Just be sure to adhere to the laws regarding working as a student in Canada.
Conclusion
College can be an expensive endeavor. By following these tips, however, you can reduce financial strain and make your experience more affordable as a student in Canada. We hope these financial intelligence tips were handy.
