Creative ways to save and earn money for university

Put your talents to work

Whether you’re great at math, have the patience to teach a struggling student, know how to knit an adorable pair of mittens, or are a really good piano player, I recommend you start trying to make some money by doing what you’re good at!

First of all, if you’re talented in a specific area, you’ll likely find this approach an easy way to make money. How great would it be to make some extra cash by doing something that comes naturally to you?

Declutter (and maybe make money at the same time)

Decluttering has a few perks, and it's probably something you should do anyway before heading off to university. Even if you’re not moving away from home, it’s still nice to have a bedroom that is neat and tidy (and has room for all your new university swag!). I always dread decluttering, but once it's done, I feel so satisfied.

Before you discard your items, you can first try and make some cash off of them! Kijiji or Facebook Marketplace are great places to put your stuff up for sale. It doesn’t take much effort, and you’ll be surprised what other people are willing to pay for your old stuff!

Decluttering is something I always dread doing, but once it’s done, the feeling is incredible — it’s like a huge weight has been lifted off my shoulders. My family and I decluttered our whole house this past summer and had a huge garage sale. We had things from my childhood that I didn’t even remember. The things I thought would sell didn’t, and the things I didn’t think were worth trying to sell, sold. You really never know what people will buy! We only held the garage sale for three hours, and I made around $500!

Start bringing a lunch, for real

Want to keep more money in your bank account? Stop eating out! Something as simple as packing a lunch a couple of times a week can save you a lot of money.

Need more reasons to start bringing a lunch? It’s quite likely you’ll begin eating healthier. Not only this, but if you use reusable containers, you can cut back on a lot of unnecessary waste. 

If you’re still not convinced and lunch is too much to ask for, why not just stop buying coffee? Make a coffee to-go at home in the morning instead of buying one. Even that small amount will add up over time and make a difference in your savings.

Sign up for a rewards plan 

If you really can't resist that morning coffee, you might a well sign up for a Tim Horton's rewards card so you can reap some benefits while you spend. There are a number of plans out there that 'reward' you for doing everyday things, like going grocery shopping and buying coffee. Through "Drop Rewards", I've gained reward points every time I shop at Walmart or buy Tim Hortons. Then, I can convert these points into gift cards, and trust me, the options are pretty good. I usually end up getting the Amazon gift cards because I'm addicted to the #PrimeLife.

Challenge yourself

Maybe making and bringing a lunch is already challenging enough; but if not, and you’re looking for a bigger challenge, why not try one of these?

Use the 24-hour rule

If you think you want to buy something, like clothes or a new décor item, wait 24 hours. If 24 hours pass and you still want the item, then allow yourself to buy it. This method of taking a step back and reflecting on your purchases is a great way to ensure you’re actually buying something you want and not just something you thought you wanted.

This is a rule I live by — largely because I’m indecisive, but also because I care about how I spend my money! Sometimes I even forget about the item after 24 hours, and it takes me weeks to think about it again. That’s when I really know I made the right choice by not buying it. 

Use the matching rule

Did you buy a coffee this morning? Do you really want a new pair of shoes? Buy these things if you feel you must, but match this "indulgence spending" with your savings! If you can afford to spend $4.68 on a fancy Starbucks drink or $80 on a new pair of shoes, then challenge yourself to put the same amount into your savings. This rule will inevitably make you think twice about what you’re spending your money on, and it will ensure that even when you are spending money, you’re at least saving at the same time. 

Calculate the cost of your purchases differently

If you’re working a part-time job, this challenge is for you. Let’s say you make $14/hour, and your new phone case costs $50. Stop and ask yourself, "Is this phone case really worth working over three and a half hours for?" If it is, great! But if not, don’t waste your money or your time.

Apply to scholarships

I’m sure you’ve heard this one before, but here’s a reminder: apply for scholarships! Sure, applying can be a tedious process at times, but the payoff can be huge. Check out Scholarships Canada or Disability Awards and see if there’s anything you could apply for. 

Being a student often doesn’t leave you with much free time, but if you can dedicate even just a small amount of your time to any of these, I’m sure you’ll be happy with the extra money you’re able to save.

Best of luck, and happy saving!