How to save money as a student

It’s no secret that when you’re in school, money is tight between tuition, books, and rent. You’re focused on studying, which leaves you with less time to work and generate income. It can be tough to make ends meet.

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Whether you’re entering your first year of post-secondary or the end is in sight, one thing stays the same: You’re looking for ways to save!

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We’ve put together a few tips to save money next semester:

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Start by budgeting

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First, you need to find out where your money goes every month – how much comes in and out of your account. Get started with your student budget so you have a clear picture of your spending habits and living expenses.

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Once you’ve identified your biggest expenses, look for ways to dial them back.

• If you’re spending a lot on Ubers and taxis, see if you could use public transport, carpool with a friend, or bike during the warmer months instead.
• Paying for streaming services? Ask a friend or family member if you could set up a joint plan to lower the cost.
• The cost of takeout adds up quickly. For that, check out our next tip below!

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Become a home cook

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You don’t need to be a master chef, but learning how to cook a few easy and healthy meals will end up saving you money every day.

• Invest in time-saving appliances. A rice cooker makes meal prep almost automatic – it’s cheap, easy, and goes well with almost any meal. An air fryer is another worthwhile investment for the time you’ll save cooking. The upfront cost of these kitchen tools is worth the time you’ll save!
• Buy in bulk. Rather than buying single servings of meat, purchase large value packs and freeze some for later.
• Fresh is best! Whenever you buy premade meals or prepared vegetables, you’re essentially paying for someone else to do the prep work for you. It’s cheaper to buy raw ingredients and assemble meals yourself if you have the time.

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Learn more about how to grocery shop on a budget.

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Shop for student discounts

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You might be surprised how many places you shop offer student discounts. When you’re at a clothing store, restaurant, or an event, be sure to ask if they offer discounts for students.

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Usually, all you need to do is show your student card to qualify. It never hurts to ask!

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Opt out of your student health plan

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Does your tuition include private medical insurance? If you’re still covered under your parents’ insurance plan or you have coverage through work, you may want to opt out of what your university offers. It could save you a few hundred bucks a year.

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Get thrifty

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Before you make your next purchase, stop and think: Can you buy it used instead of new?

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Whether you’re shopping for next semester’s textbooks, a laptop, or summer clothes, try to buy used items whenever you can.

• Visit a secondhand store for new outfits.
• Shop online at your local marketplace for books and electronics – but watch out for scammers.
• Ask friends and family for hand-me-downs.

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Cut down on service fees

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Are you paying for a service you could be getting for free?

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Take banking fees for example. If you’re 22 or younger, you can bank for free with a Cambrian Connect Account.

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And if you’re 23+, you can still bank for free by setting up a recurring monthly deposit in your Cambrian chequing account – like pay from a part-time job. Learn more about Unfee.

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Apply for scholarships

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As a Cambrian member, you can get up to $2,500 for your post-secondary education through our scholarship award, Learning for Life. The deadline to apply is May 30, 2025. Apply now!