How to save money as a student

1. Make a budget 

Creating a budget is the first step to managing your money effectively. It allows you to distinguish between necessities (like school supplies, transportation, and phone bills) and wants (like clothes, Netflix subscriptions, and eating out). By tracking and setting limits on your spending, you can allocate more money toward your savings. 

2. Eat at home 

Eating out can get expensive fast. Instead of buying lunch every day, pack a sandwich and a banana the night before. Instead of getting pizza every time you hang out with your friends, buy pizza shells from the grocery store and make them at home for the exact same taste but half the price. And as tempting as the food delivery apps are, delete them and just eat the leftovers in the fridge. Eating at home more is a small change, but it will save you hundreds of dollars in the long run. Plus, it might even get you to try out some new recipes you can use once you get to university! 

When you become a student at Waterloo, your WatCard (student ID) can be loaded with two kinds of funds: meal plan money, if you choose to live in residence; or Flex Dollars, money you add directly from your bank account.

You can use meal plan money to buy food from any Food Services Location, and Flex Dollars to buy food or items from any on-campus or off-campus vendor that accepts WatCard. 

3. Use student discounts 

Take advantage of student discounts. Many stores, restaurants, and entertainment venues offer discounts if you show a student ID. Look for special discount days at grocery stores and other retailers. Check out student discount apps and websites like SPC (Student Price Card) or UNiDAYS, which offer discounts on everything from clothing to technology. There are tons of discounts out there for high school students just waiting to be used; don’t ever pay full price before checking for a discount first! 

As an undergraduate student at Waterloo, you’ll have access to some great coverage under the Waterloo Undergraduate Student Association (WUSA) health and dental plans. These include health, vision, dental, and mental health services — many of which are completely covered or offered at a significantly lower cost than the regular rate most people pay!

4. Buy used items 

When shopping for clothes, electronics, or school supplies, consider buying used items. Thrift stores, online marketplaces like Kijiji, and student Facebook groups usually have great deals on gently used items. You can also sell your old stuff on these same sites to make extra money. 

There are tons of thrift stores in the Waterloo area, and even one right on campus! WUSA Thrift is the University of Waterloo’s very own thrift store located in the SLC, founded by the Sustainable Campus Initiative (SCI) as a solution for discarded and donated clothes from students in residences. WUSA Thrift sells high-quality items for no more than $10!

5. Use free amenities 

Take advantage of free amenities available to you. Many schools and community centres offer free workshops, tutoring, and extracurricular activities that can help you learn new skills without spending money. They also may have basketball courts, pools, rock climbing walls, or even ice rinks that are free to use! Libraries are also great for borrowing books, movies, and even digital resources like e-books and audiobooks.  

6. Start saving for university early 

If you haven’t already, open a savings account specifically for your university expenses. Look for accounts that offer no monthly fees and good interest rates. Set up automatic transfers from your checking account to your savings—even if it’s just a small amount each week. 

Consider getting a part-time job or doing freelance work to build your savings. Babysitting, tutoring, or offering to cut grass or shovel snow can be great ways to earn extra cash while you’re still in school. 

7. Plan ahead for university expenses 

Start researching the costs associated with university, including tuition, books, and living expenses. This will give you a realistic idea of how much money you need to save. Apply for scholarships and bursaries early and look into student loans if necessary. The earlier you start planning, the more options you’ll have to reduce your financial burden when you start university. 

Don’t underestimate the power of small, everyday changes. Building these habits now can make a big difference in your overall savings, helping you reach your financial goals faster. Every little bit counts, so start making those changes today!