Being a student in Canada can be financially challenging, but with a few smart strategies, you can stretch your budget further. Here are some practical tips to help you save money while still enjoying your time at school.

1. Make a Budget – Create a budget and stick to it. List all your income sources and subtract your expenses. You’ll see where your money is going and where you can adjust. Use budgeting tools or simple spreadsheets to track your spending.

2. Cook Your Own Food – Make your meals, coffee and snacks at home instead of eating out. If you have a meal plan, use it. This can save you lots of money over time.

3. Use Student Discounts—In addition to using a student banking account that offers free day-to-day transactions and no monthly fees, always ask about student discounts when shopping or eating out. Many places offer discounts or special rates for students. Additionally, look for freebies or discounted items online or through student organizations.

4. Use Reward and Loyalty Programs - Join reward and loyalty programs at the stores you frequent. Points can add up quickly and lead to significant savings or even free items over time.

5. Avoid Unnecessary Electronics Upgrades - We all want the latest gadgets but resist the urge to replace electronics every time a new model comes out. If your current device works fine, there's no need to upgrade.

6. Embrace Upcycling and Buying Used - From clothes to textbooks, buying second-hand can save you a lot of money. Consider upcycling old items or purchasing used ones from thrift stores, online marketplaces, or campus swaps.

7. Review and Cut Unnecessary Bills - Regularly review your bills and subscriptions. Cancel any services you no longer use or need. This includes gym memberships, streaming services, or any other recurring charges.

8. Use Campus Services - Take full advantage of the services provided by your college/university, such as the gym, libraries, and health clinics. These are often included in your tuition fees, so make the most of them.

9. Claim Student Expenses on Taxes—Remember to claim your student expenses on your taxes. Tuition, student loan interest, and even moving expenses may be deductible¹.
   
   
10. Track Your Spending - Keep an eye on where your money goes. Use secure apps or a spending journal to track every purchase. This will help you identify unnecessary expenses and adjust your habits accordingly.

11. Be Smart with Credit Cards – Research credit card options. Depending on how you use credit, you may want low-interest or cash back options. You can also explore other financial products that can help you manage debt more effectively, like a student line of credit.

12. Enjoy Free Entertainment - Many cities offer free entertainment options like festivals, museum nights, etc. Take advantage of these opportunities to have fun without spending much.

13. Opt-Out of Unnecessary Health Plans - If you're still covered under your parent's health plan and your university charges for its own, check if you can opt-out and get a refund.

14. Carpool for Trips Home - When traveling home for visits, consider carpooling with friends or classmates. This can drastically reduce transportation costs compared to traveling alone.

15. Try to Save Everyday – With tools like ‘save the change’, every time you spend you can round up to the nearest dollar and have the excess deposited into your savings account. When you need extra money for an unexpected expense, you may be able to avoid using your credit card.

By using these tips, you can manage your finances more effectively and enjoy your student life without constantly worrying about money. Saving doesn't have to mean sacrificing fun; it's all about making smart choices and taking advantage of available resources.

If you’d like to learn more about how Alterna can help you save as a student contact us.

^1. Student moving expenses: Line 21900 – Moving expenses: Are you a full-time student? - Canada.ca

Tuition Tax Credit: Eligible tuition fees - Canada.ca

Student Loan Interest Deduction: Line 31900 – Interest paid on your student loans - Canada.ca