6 Money-Saving Tips for College and University Students

For many Canadian college and university students, relying on summer-job earnings to cover tuition, rent and living expenses is no longer realistic. About half of students graduate with debt, and the average amount owed is approaching $28,000. While summer wages and part-time income can still help, rising tuition and living costs mean students must often combine work, borrowing and careful budgeting to get by.

To illustrate how costs have shifted: in 1989 Ontario’s minimum wage was roughly $5 per hour. A student working 40 hours a week for 16 weeks would have earned about $3,200 before taxes. At the time, a full year of tuition averaged $1,185 (roughly $2,600 in today’s dollars), so tuition would take up just over a third of that summer income. Minimum wage for students in Ontario has since increased to around $16.20 per hour (as of October 2024), but the average cost of a full year of undergraduate studies for Canadian students rose to $7,662 for the 2024–2025 academic year. Under the same summer work schedule, a student would earn approximately $10,368 before taxes, meaning tuition would consume close to three-quarters of summer earnings.

If increasing your income isn’t an option, making the money you do have stretch further is the next best approach. Small, consistent savings add up: saving $20 a week on food or transport can mean hundreds of dollars over a school year. Below are practical, everyday strategies to cut costs while maintaining a healthy student life.

Track your spending

Start by knowing where your money goes. Tracking expenses helps identify recurring costs you can trim, such as subscriptions, frequent takeout or impulse buys. Financial apps that link to your bank account can categorize spending automatically and send bill reminders, but a simple notebook or spreadsheet works just as well. Building a realistic monthly budget and reviewing it regularly lets you plan for rent, tuition, groceries and savings rather than react to shortfalls.

Make friends with the supermarket

Eating out frequently is expensive. Cooking at home, meal planning and shopping smartly at grocery stores are effective ways to cut food costs. Many supermarkets near campuses offer a student discount day—shopping on that day can save 10%–20% on your total bill. Buy staples in bulk, choose seasonal produce, and plan meals around sales or loyalty offers. If you live in residence with a mandatory meal plan, compare options and make sure you maximize the value by planning your schedule around meal times and avoiding extra purchases on top of the plan.

Be smart about textbooks

Textbooks can add $500–$1,000 to your semester expenses if you buy every required book new. Try these practical alternatives:

1. Buy used: Campus bookstores, secondhand shops and student marketplace pages often have pre-owned copies at a fraction of the cost.
2. Share with a classmate: Split the cost with a friend by alternating weeks with the same book. This saves money and encourages discussion of the course material.
3. Use library copies and reserves: Many university libraries keep textbooks on short-term loan or reserve for two- or three-hour use. Regularly using library copies can eliminate the need to buy certain texts.

Travel home on the cheap

Trips home can be one of the semester’s biggest discretionary costs. Instead of pricey tickets, consider carpooling with classmates or coordinating rides with friends from the same hometown. Many campuses host ride-share boards or social media groups where students post available seats for a small contribution toward gas. Book travel in advance, compare student fares, and be flexible with dates to reduce costs.

Seek out student discounts

Countless local businesses offer student discounts—restaurants, retailers, telecommunications providers and entertainment venues often have lower prices or special offers for students. Always carry your student ID and check your student union or campus resources page for up-to-date deals. Combining discounts with loyalty programs and coupons can make everyday purchases significantly cheaper.

Take your student status to the bank

Opening a student bank account or applying for a student credit card can reduce fees and offer perks like fee-free accounts, low-interest promotional offers and rewards on everyday spending. These accounts also help you build a banking history and a relationship with a financial institution, which can be useful later when you need loans, a mortgage or a car financing plan. Use credit responsibly: pay balances in full when possible and avoid maxing out cards to build a positive credit record.

Additional practical tips

• Cook in bulk and portion meals for the week—it saves time and money and reduces food waste.
• Buy generic or store-brand essentials; quality is often comparable for a lower price.
• Cancel unused subscriptions and negotiate plans for phone or streaming services each year.
• Use campus resources: counselling, career centres and student services can point you to bursaries, emergency funds and part-time work opportunities.
• Consider short-term side gigs that fit your schedule—freelance, tutoring or campus jobs often pay well and build skills.

More about student finances:

• MoneySense’s free Excel template for your monthly budget
• How much money does the government contribute to an RESP?
• What to do when you have insufficient or unused RESP funds
• How to manage money as a student
• RESP vs RRSP and TFSA: What’s the best option for education savings?