5 ways to manage your spending as a student
Learn how to balance your student budget so you have enough money for the essentials and some fun extras too.
CIBC
Dec. 03, 2021
3-minute read
Learning how to keep spending in check is key to building a solid financial future, but budgeting doesn’t have to mean cutting back on fun or the things you like. In fact, you’d be surprised by how many quick and simple ways you can save money without changing your lifestyle. Here are 5 ways to help you get started.
Get clear on your needs versus wants
Take time to truly understand your needs versus your wants and make a budget that puts your needs first. Some examples of needs are things like groceries or rent payments. Your wants could be things like a concert ticket or the latest smartphone. Focusing your spending on the things you need can help you see where those wants can still fit in. It’s not about denying yourself, but rather prioritizing so that you can enjoy the occasional want and still have money for essentials like groceries.
Know where your money is going
Chances are, you’re spending money on things you don’t need, or frankly, even want. For example, how many free trials have you signed up for and forgotten to cancel? You could be getting billed for services you no longer use. Make sure you review your monthly and yearly subscriptions to things like streaming services and apps and cancel anything that isn’t serving you. We often forget about these seemingly small amounts, but they add up!
We can all fall victim to impulse buys now and then, and it can be especially easy for that to happen when you have your credit card information saved on your online shopping accounts. To help resist temptation, try disabling autofill for online checkouts. It may seem convenient to have everything entered automatically, but that can be a problem. You’re less likely to impulse buy if you have to get up, get your wallet and manually enter your credit card information. This gives you a window of time to consider if you really need those shoes or that new video game.
Make the most of student deals
Being a student has its perks. For starters, you can apply for no-fee student bank accounts and credit cards. Take advantage of student deals when you shop too. You can save money at the checkout with student discount cards like SPC. And if you’re not sure if a store offers a student discount, just ask. You’d be surprised how many places offer student specials. Another easy way to put some money back in your pocket is joining cash back reward programs like Paymi. That said, make sure to read the fine print and be careful that you’re not spending extra in order to get rewards — for example, letting interest pile up on a cash back credit card.
If you really want to save, try experimenting with “no spend days.” Work in at least 2 days of the week where you don’t spend anything at all. As a student, holding back when it seems like everyone else is out spending and having fun can be tough, but you may be surprised how much fun you can have finding alternatives — and how much you can save.
Enjoying student life and sticking to your budget can go hand in hand. With a few simple strategies you can manage your money and find ways to have fun and spend on the things you enjoy!
Need some financial advice?
Book a chat with one of our advisors. They can help set you up for success, today and into the future.
