Inflation in Canada remains around 3 (three) per cent in 2024, with rising rent, food, and transportation costs increasing financial pressure on students.
Photo caption: Grocery shopping today can cost more than it used to, and learning how to save every penny are an essential lesson.
For university students, mastering the art of managing finances within a constrained budget has become an essential skill as the cost of living continues to climb.
Here are some money-management tips shared by university students from the Ottawa area, designed to help you economize without compromising your quality of life.
1: Student discounts, store brands & money-saving apps
Grocery stands the primary expense for university students, yet astute shopping strategies can lead to significant savings.
Danqing Li, a senior communication student at the University of Ottawa, excels in uncovering and capitalizing on discounts and benefits offered by Ottawa’s supermarkets.
“Many chain supermarkets offer student discounts, such as Metro’s daily 10 per cent off and Loblaws’ Optimum points cashback every Tuesday,” said Li. “While the discount might seem modest, it adds up to significant savings during my bi-weekly (remove hyphen) grocery hauls.”
Li also recommends purchasing store-brand products, such as Loblaws’ PC line or Walmart’s Great Value. These store-brand items are typically around 30 per cent cheaper than their name-brand counterparts, offering substantial savings without compromising quality.
Lucia Liang, a first-year business and marketing student at Algonquin College, makes a habit of maximizing the benefits from various food apps and points.
“I have had this habit since me high school, and I’m actually really proud of how much money I’ve saved from these apps and points,” said Liang. “I’ve downloaded apps for my favorite restaurant like Dairy Queen, Thai Express and Edo Japan, which allows me to dine out on their promotional days. For instance, Edo Japan offers 16 different types of sushi for $9.99 every Thursday, and we always have a ‘Sushi Day’ (should it be lowercase?) at home.”
Li also added that price comparison apps like Flipp are incredibly useful for finding the best supermarket deals each week.
2: Maximizing value on every item
When it comes to clothing and daily necessities, Liang has her own money-saving strategies.
Having worked at a thrift store Value Village, she is accustomed to purchasing apparel and furniture through clothing swaps and employee discounts.
“If you donate anything to Value Village, you receive a 20 per cent off coupon,” Liang said. “I always bring my old clothes to donate for discount coupons before I go thrift shopping, which helps me save even more.
Liang also prefers mending her clothes rather than buying new ones.
“If my clothes get torn, I take them to a tailor for repairs or adjust the accessories myself. It’s cost-effective and environmentally friendly,” Liang said.
3: Prioritize public transit, minimize ride-hailing
Despite Canada’s chilly winters, both Li and Liang make a conscious effort to limit their use of ride-hailing services like Uber, opting instead for more economical public transportation.
“Buses can be inconvenient at times, but I try to make myself use them since your tuition already covers public transit costs. It’s important to take advantage of that,” Liang said.
“I’m a walking person, and I love walking around the city. But compared to the warm summer days, I do find myself taking more rides in the winter. So, I look for opportunities to carpool with friends to cut down on expenses,” Li added.
4. Saving money one home-cooked meal at a time
While takeout and fast food may seem convenient, they can add up to a significant expense over time.
Liang used to frequently order from UberEats or buy from Tim Hortons, but she later discovered that cooking at home is not only healthier but also cuts her food expenses in half.
“I’m lucky to have my girlfriend to split grocery costs with, and we usually cook some simple, affordable meals like curry, pasta, and rice,” Liang said. “And I have friends working at various places, such as Starbucks, Pokéworks, and Sukoshi Mart, so not only can I enjoy employee discounts during their shifts, but I also get to visit different spots with them, and they let me use their discounts.”
Li, on the other hand, prefers to stock up on frozen foods like broccoli, beans, and corn, which can be stored for long periods and easily incorporated into various dishes.
5: Track monthly expenses & cut unnecessary costs
Li keeps her monthly living expenses between $1,000 and $1,300 with fixed costs such as rent, phone, and internet bills, while variable expenses like food and entertainment require regular monitoring.
“Since last year, I’ve forced myself to develop the habit of tracking my expenses. At the end of each month, I review my spending to see where have exceeded the budget, allowing me to make adjustments as needed.”
Liang, meanwhile, employs the “50/50 rule” to manage her earnings from part-time work, setting aside a portion for savings regularly.
“I work as a server in a restaurant twice a week, and I typically earn about $800 a month. I save half of that and use the other half for daily expenses,” Liang said. “This straightforward approach helps me gradually build up my savings.”
Financially surviving as a student
The cost of living has risen, but that doesn’t mean your quality of life must decrease. As Liang puts it, “saving money doesn’t mean sacrificing your quality of life; it’s about learning to spend smarter.”
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