9 Ways to Save Money as a Student

Since Canadian students owe over $28 billion in debt, I can see why people are hesitant to start their university career. Everything costs money – rent, food, textbooks, tuition, that UFV Exp Learning & Wellness fee no one really knows exists (or what it’s for). Luckily, UFV gives you a handy breakdown of what they expect your first year of full-time studies (September – April) will cost you, and the price tag currently sits at $7,099.20 if you live at home, and anywhere from $10,939.20 – $12,699.20 if you live off campus.

And yeah, that price tag sucks. Even if you get student loans, you’ve got the repayment to worry about once you’re out of university and working (hopefully) full time. So what can you do in the meantime?

If you can live at home, do it. Currently, average rent of a one-bedroom in Abbotsford sits around $900-$1,100, depending on where you look. For eight months of school, that’s $7,200-$8,800 you’ll save during your first year of university (and now, reading these numbers, I think UFV’s calculations are incorrect). If you can’t live at home, live with roommates, budget carefully, buy only what you need, and, if possible, get a job on the side to earn some extra cash.

The way the system works right now, it’s highly unlikely you’ll get out of university without some debt. But you can definitely use some tactics to lessen your end price tag.

If you’re a student, you likely know the pain that is student debt. Here are a few ways you can minimize the pain.

1. Live at home

This is likely one of the biggest money saving things you can do for yourself. If you have parents/relatives who will let you live with them for free/reduced rent, take the opportunity. And maybe offer to do the dishes once in a while, too.

2. Or rent with friends

If the above isn’t an option (or you want to spread your wings a little), find a house to share with friends. The Fraser Valley’s housing market is abysmal, but if you can manage to find a place and rope a few friends into it, your rent will be significantly less than if you rent a one bedroom by yourself.

3. Cut things from the budget you don’t need

Those bi-weekly trips to Value Village and purchasing your fav video games as soon as they’re released aren’t doing your bank account any favors. Do you really need that fourth pair of plaid pants or the special edition of Battlefield? No, you do not.

4. And sell things you don’t use anymore

If you’re like me, you have a bunch of stuff (or at least several items) lying around your house you no longer have use for. That extra Playstation, your old video games, and clothes you don’t wear can all be sold on Craigslist or in consignment shops (Plato’s Closet is great for gently used, on-trend items).

5. Track what you spend

Nothing says fun like making a budget! But that’s part of being an adult – watching what you spend, recording it, rather than looking at your bank account at the end of the month and going “yikes, where did it all go?” With a budget tracker (Dollarbird and Fudget are good choices), you’ll know exactly where you’ve spent your money – like on your second cheese pizza of the week.

6. Be smart with what you buy

This sort of fits with cutting things from the budget, but the key here is to ask yourself: “Do I really need this?” For example, when grocery shopping, you don’t need three different types of ice cream, nor do you need two different types of bulk gummy candies. If you really want something sweet, pick one. Bonus: you’ll save money on dentist bills in the future!

7. Make your own coffee + food

Yeah, yeah, I know you’d rather not, but this is a big one. Grab coffee every morning of the week? You’re spending $15-20 (depending what you get). Going out for food three times a week? That’s another $45 or so. Do this every week and it adds up. I know you don’t always want to take the time to cook, but if you do you’re saving yourself a lot of $$. And if you meal prep, you’ll save time, too!

8. Use that Upass

UFV’s Upass has so many useful benefits! Free admission to ARC and MRC (swimming, skating, gym facilities, sauna), free transit on city and shuttle buses, discounts at select stores and restaurants (of which Hemingway’s bookstore is one). Plus, you’re paying $43.84 each semester regardless of whether you use it (so use it).

9. Buy textbooks secondhand

I feel like this one is something every student needs to know. This semester, I signed up for a history course. The textbook at the UFV bookstore was $120. On Books2Go? Only $20. It may not be in mind condition, but that’s $100 saved right there.