Is money getting tight? Trying to avoid student debt? You’re not alone. We know post-secondary education is expensive. A recent
StatsCan survey showed the nationwide average tuition cost for a four-year university degree was close to $6,700 per year. Add on other expenses like food, housing, technology, books and transportation, the costs add up! Now, more than ever, students are looking for creative ways to reduce their expenses and generate income.
We’ve put together a list of tips to help cut costs and generate income to get you in good financial shape.
1. Buy used – and sell used
Buying used textbooks can be a great way to save money, but don’t limit yourself to just books. You can also save on used furniture, clothing, and other types of pre-loved items. You can sell books and other possessions you no longer have use for, it’s a great way to pick up extra cash.
2. Student discounts
Check for student discounts wherever you go. Don’t be afraid to ask, it might save you money. Find student savings online through different retailers – sometimes you can pair them with other discounts to maximize savings. Ways to save are often available for streaming services and popular software programs too.
3. Buy in bulk
Buying in bulk results in prices that are hard to beat. The downside is the quantities are usually too much for just one person. One way to take advantage of these deals is to split purchases between your roommates, friends or family members. You can also consider freezing fresh foods to extend their shelf life for months at a time.
4. Use a bill-splitting app
Keeping track of who owes what can be tricky. Fortunately, there are a number of free apps that allow you to split bills and keep track of expenses. Look into online reviews to help decide which app works best for you.
5. Cook at home
Preparing food at home can save you a lot of money, especially if you shop for deals. Not only is it smart for your wallet, it’s good for your health because you control the ingredients and the portion size. It can be daunting to make meals on your own, but there are a bunch of great, free resources online to help you develop the skills and confidence to start trying something new.
6. Find some work
Getting a part-time job can be a great way to earn extra money. Find out if any opportunities are available at your school, consider looking for online/remote jobs or explore the gig-economy. You might be surprised at the options that are prefect for students with busy schedules.
7. Apply for scholarships and grants
Most schools, community groups and organizations offer scholarships and grants for both new and current students. Sometimes these awards receive few applicants upping your chances of being selected as the successful recipient. It doesn’t cost anything to apply, so if you qualify, why not try?
At Saven Financial, we’re passionate about helping people save. It’s why we’re committed to delivering a simple, and safe way to save money so our members can achieve their goals through smart saving.