On today’s episode of financial intelligence, we will be looking at tips on how to save money during college in Canada.
College requires spending a whole lot of money, especially college in Canada. But it is still possible to save up during your university education in Canada.
In this article, we will be walking you through some very useful tips you should start inculcating as daily habits during college stay in Canada. These tips are intended to drive you toward smart spending and easier savings. They should be useful to you regardless of whether you are a foreign student or a local Canadian citizen.
Many students might not think it is necessary to save during college. Afterall, they are on college loans and after they graduate, they will get a job and start paying off the loans gradually, right? But the earlier you start saving money now as a young college student, the better and easier for you in the future.
Financial Intelligence Tips: Save Money During College In Canada
Before now, we talked on How To Develop Your Financial Intelligence While Residing In Canada. If you missed that article, we consider checking it out. In this case, we will be sharing tips for students studying abroad in Canada or students residing in Canada.
Let’s see some steps to take to start saving money in Canadian college below.
1. Plan your every spending.
Make sure that you have a mapped-out plan for every time you spend money. If you need to create a syllabus for spending money, then create it. It is a very huge mistake for you to just spend money without any forethought.
In order to successfully excel at saving money, you need to do good planning. Calculate the amount of money with you. And then take a paper and a pen, and write down the amount of money that you budget to spend maybe for the week, month or year.
If you will be using phone services, try to use the network providers with free added features e.g., free text messages to family and friends or other features.
2. You can exchange your old stuffs for new stuffs.
There are a number of creative ways to swap your old things for things you actually want. You can swap your purse, your textbooks, some of your sporting equipments (if you play sports) and more. Even your old clothings in your wardrobe can be swapped.
You can posts handbills and signs around your Canadian college campus that you want to do some swapping. Those who are interested will contact you. You can even host a swap soiree and have fun while hosting it!
Also, by not throwing your old stuffs away, you will be helping other people and helping the environment through waste reduction. In exchange for the items you swapped out, you request for what you want rather than spending money to purchase said item.
3. Get your Canadian school ID card and take advantage of many student discounts
Many companies, businesses and services give massive discounts to students of tertiary institutions so far you can present your ID card. If you are buying the dinner at a restaurant, you can flash your ID card and ask for student discount. At the movies too, you could get huge discounts for major movie blockbusters too.
This helps you save a reasonable amount of money in the long run. Whatever it is you want to do or buy in Canada, simply stretching out your ID card will get you up to 15% discount or more! Even those places that don’t advertise their student discounts, will still discount you a little if you ask and show your valid students ID.
4. Get familiar with credits, interests and bills.
Once you are out of secondary school and you are in college in Canada, it will most likely be a new experience for you dealing with credit scores, rates of interests and payment of bills. Since your parents will most likely have been doing all that for you.
You can set up automatic bill payments to ensure that your bills don’t pile up. Having a good credit score will help you immensely in the future.
So, as a student in Canada, it is important that you start imbibing good financial habits from now.
5. Buy fairly used stuffs.
Using fairly used things like clothes, cars or books is a good tip to try if you are serious about saving up money. The allure that comes with using brand new things will drive you to spend exorbitant amounts. When you get a fairly used product or or item, you get it at a way cheaper price.
For the fact that it is fairly-used does not mean it can’t serve its purpose. You can read a fairly-used textbook, you can drive a fairly-used car etc.
These 5 financial intelligence tips will definitely help you save up money in Canada while in college.
You just have to go out there and practice these tips. Don’t just read them. Internalise them, make use of the tips while studying in college. Saving is a great behaviour and your future is more secure when you save.