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How To Save Money As A Student In Canada (USA)

We brought to you the basic tips that will help you to save money as a student, if you are living in Canada, United States, UK any country you find yourself. You don’t really have to depend on someone for your needs, you as a student should save for the future.

I was once a student like you, and i must admit that to save money was really difficult for me, but i didn’t depend on my parents or anyone as i was working.

I decided to write this post on how to save money as a student, having a flash back on how i almost spent $3000 just for fun. If you try to calculate the amount you spent on fun or meaningless shopping, you’ve got to realise that if you have been saving it, you will buy a house or even start a small scale business.

Is not because you’re a student, you feel that there’s no need to save. Please note that money saving is applicable to every human including a toddler or a baby, and this is for the future. Let’s go to the ways which you can save money as a student.

How to save money as a student

I’ve listed some of the methods i used to save and also collected some tips from different sources which includes some students i interviewed based on this topic.

1. Saving money through Thrift

I don’t know if you have heard of thrift before, for the newbie let me explain what thrift is all about.

A thrift is a type of savings account, by a non bank or financial institution, which involves collection and management of funds(money) from members and for future use. This can be done by colleagues, friends, family, neighbours etc that have utmost trust in each other.

How you can save money as a student using the thrift method

If you have a number of trusted friends or maybe group of friends that have trust in each other, you can volunteer and be the one in charge of the collection of the money. You guys can agree to donate $50 or any amount on weekly or monthly basis and this runs for six months or one year.

So based on the agreed fee and date of each donation, each person involved must donate the agreed sum of money to you. I always prefer the monthly basic to the weekly.

So at the end of every month, all parties involved will make their contribution to you being the head and in charge of the money. When it matures (reached the agreed date of payment) you will share the money accordingly to every parties involved.

Note is a must that the person in charge of the collection of the money opens a bank account for it. This is for safe keeping and the holder will be held responsible if anything goes wrong. To have more interest, the group can decided to fix the money in bank or any financial institution.

Again interest accrued will be shared evenly to all participants.

2. Save money as a student through Piggy Bank 

The name piggy bank is not new as long as money saving is involved. As a kid i did lots of piggy bank especially from September to December, and it really helped me to buy stuffs for Christmas.

Save money as a student

What about you using the piggy bank method to save money as a student. I must tell you that saving money through piggy bank requires determination and effort else you will be break it before date.

A student told me that she used piggy bank to save money for her next academic tuition fee.

The question is how did she do that???

According to her, she bought a piggy box made of wood, she said to herself that each day, she will drop a certain sum of money inside the box. This is the money she usually use to buy food or other things that isn’t necessary.

She did that for good eight months, and when she broke the box, she was amazed at what she saw. The money was more than she bargained for, more than her tuition fee for that semester.

You too as a student can give it a try but it depends on you having a lot of patient, perseverance and determination to keep going until the time you want to break the box or collect your cash.

Note if you want to save money as a student through piggy bank, don’t let anyone know about it and it includes your friends or people around you.

3. Savings Account

One popular and common method which people use to save money for the future. You can check the best financial institution with the best interest rate and create an account with them.

Plan and budget the amount you will be depositing into your account each month or every two two weeks. Try not to have a debit or credit card for the account else you may find yourself spending the money that you’ve been saving.

4. Fixed Deposit Account

Fix deposit is another way to save money as a student in Canada, UK or any other country. This is a type of savings account whereby an investor invest or fix a sum amount of money into a bank on an agreed interest and period. It is usually three to one year before maturity.

What you’ve to do is to make an inquiry on the financial institution with the best fixed deposit interest rate and make a fix your money in the bank.You can get an interest as high as 15% though it depends on the institution and you can choose to fix it for six to one year.

These are the four major methods to save money as a student, but there’s some certain things that i will discuss that makes students not being able to save. They are as follows;

1. Going to the bar

This may not be applicable to all students but i know that there are vast number of students that go the bar. You can’t imagine the amount you spent in a bar if you calculate the amount spent.

I didn’t say that you shouldn’t have fun but once in a while. Try to cut out you going to the bar or beer palour to spend some time with your friends. If you put the money in a thrift, savings account or in a piggy bank then you will realize how much you do spend on drinks.

2. Unnecessary Shopping 

Is good to do some shopping, but as a student i always recommend when the need arises. Mind you there’s a difference between need and want, want is usually for pleasure while need is neccesity.

If you want to shop for clothes, jewelry or shoes, please let it be that you are on dire need of them and not just for a pleasure sake.

3. Going to Eateries 

Going to eateries is popular among students, aa they search for already prepared food to eat. Most of the eateries are not as cheap as you think, if you calculate the amount you do spend buying food outside, it can get you a car.

Please as a student, try to curtain how you eat outside, preferably prepare your own food in your house and it will save you some bucks.

More Important Posts

How to save money through fixed deposit

All about certificate of deposit

All these i know will help you to save money as a student, your suggestions and views are highly welcomed thanks.

 

missybanker

Amaechi Amara(missybanker) is a Bsc holder in banking and finance, with a second degree in business management. A financial ananlyst, adviser and a writer.

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