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5 Money-Saving Hacks Every Student Needs to Know

Madeline Cameron

Contributing Writer at Thrive Savings

Being a student is hard, and today’s economy makes it even harder. Prices are high, income from minimum-wage student jobs doesn’t seem to go very far, and don’t even get me started about the rent in Toronto! As students, it’s up to us to find ways we can make our money go further. Here are some tips that helped me save a few (thousand) dollars every year in university.

1. Start Investing.

If you have a bank account, go to your branch and ask to speak with a financial advisor about how you can start investing through a tax-free savings account. Rather than just leaving your money in a savings account that earns little-to-no interest, invest a portion of your money and get more in return! I made hundreds of dollars from simply investing in several different mutual funds through my TFSA. When you’re ready to take your money out, you won’t be taxed on the income – so it’s a win-win situation.

2. Take advantage of your Spotify Premium student discount.

If you’re a student at an accredited university or college student, you can save almost 50% on your Spotify Premium account. Rather than paying $9.99 per month to listen offline and without ads, take advantage of all the premium benefits for only $5.99 and listen to the perfect playlists for your study sessions at nearly half the price.

3. Explore dollar-stores for great prices on brand name products.

The products that dollar-stores carry seem to be getting better all the time. You’d be surprised to find they carry a ton of brand-name products – the same ones you can buy at your local drugstore – but for literally half the price!  Next time you need personal care products like shampoo, lotion, or lip balm, buy them at the dollar store and save!

4. Make your coffee at home.

As a busy, sleep-deprived, exhausted student, I need my coffee every morning. I learned my lesson in my first year of university, when I spent almost $400 on coffee alone. Instead of buying your coffee every morning, brew your coffee at home like I do, and cut your costs from nearly $3 per cup to almost 25 cents per cup.

5. Set Savings Goals.

Want to go on that trip to Punta Cana with friends on reading week but don’t know how you’ll save enough money in time? Setting savings goals can help you stay disciplined with your money. If you want to save $1000 towards your trip, every time you get a paycheck remember to transfer a portion of it into your savings account. Thrive Savings makes it super easy for you to save towards your goals, and as a student, I find it super helpful. Download the Thrive Savings app for free, create your savings goals, and Thrive will automatically take the perfect amount out of your account each week and put it towards your goals – so you don’t have to worry and won’t feel the pinch.

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