Graduate school is often a full-time investment. Many students find themselves pressed for time, juggling academic pursuits with financial constraints. While some manage to secure employment or funding, the struggle to make ends meet is familiar to most and has become ubiquitous with student life. In a previous column, I outlined tips for financial planning. In this piece, I explore creative strategies to stretch every dollar, especially when earning extra income isn’t feasible during school.
Getting into the right mindset
Spending less than you can afford may be counter-intuitive for anyone who values enjoyment and living in the moment. However, if the goal is financial security, living below your financial means is an indispensable requirement. From here, get into the mindset that there are affordable alternatives that can work for you. Discerning between needs and wants is essential. It may take time to brainstorm and implement alternative options and there may be an adjustment period as your routine changes. But over time, your ability and confidence to effectively navigate financial challenges will improve.
Getting creative
Look at your monthly expenses and take note of the areas where adjustments can be made. For instance, many students choose to buy meals to save time, but costs can quickly add up to several times the price of groceries and meal-prepping. It doesn’t have to be fancy either; meal-prepping can be a twice-a-week endeavour, and budget meals can include simple three-ingredient soups with a side of bread. For students living in densely populated urban centres, trading platforms such as BUNZ and Simbi [affiliate link. I get points if people sign up], offer the option to exchange goods and services without spending any money.
Below, I share some ways to cut costs for common student expenses, most of which I’ve implemented during my penny-pinching days:
School supplies (e.g., textbooks and electronics)
- Explore the university or local library to borrow recent versions of textbooks or laptops (if available)
- Check on second-hand platforms such as Facebook Marketplace, resell bookstores specializing in textbooks, thrift book shops, or Craigslist
- Check for freeware (i.e., free software) available through your university
Accommodation and utilities (e.g., electricity, hydro)
- Consider having a roommate or living farther from campus but close to transit
- With the right roommates, communal cooking can save time and money
- Turn off appliances and turning down the heat or AC when not in use or away from home
Internet and phone plan
- Shop around for deals around Black Friday, back-to-school and the New Year season
- If you’ve been with the same provider for several years, negotiate with your provider about a competitive rate with loyalty programs, discounts and special offers
- Connect to free Wi-Fi when possible to save monthly data
Groceries
- Look for student discounts and loyalty programs with discounts and offers
- Check the grocery store flyers to plan your meals or aggregator sites for local discounts
- Buy items on sale and freeze them to extend freshness (e.g., meats, breads, berries) or use the Too Good to Go app to access discounted surplus food available from restaurants as they are closing for the night
- Purchase legumes and dried goods in bulk, and canned goods when they’re on sale
- Learn to cook and meal plan and find inspirations from budgetbytes and studentrecipes
- Check out YouTubers such as Pro Home Cooks and Joshua Weissman for meal prep tutorials and tips
Transit (including car payments and gas)
- Consider using public transit or purchasing a bike (or rollerblades, skateboard, etc.)
- Using taxi apps (e.g., Uber) for time-sensitive commutes may be more affordable than owning a car and paying for gas, insurance and parking in many cities
- Consider using rideshare platforms such as Kangaride or Poparide. You can also offer a ride and earn extra cash
Don’t underestimate the value of free
University students often have access to vast amounts of low-cost or free resources paid for through their institution. This often includes health insurance, gym membership, tutoring, mental health services, reproductive health products and social events. Also explore whether your university has a “free store” for stationery, clothing, furniture and more.
Be realistic
Some budgeting strategies will be more suited than others depending on your financial situation and personal preferences. For instance, some students can balance work and study seamlessly and benefit from having a full schedule. Others may prefer to take on debt. Housing is another major area of potential savings. Living farther away from campus can mean significant decreases in rent, and some students may enjoy long commutes to read or listen to podcasts while others may find them detrimental to their mental health. Similarly, some students may enjoy the company of living with roommates while others value the solitude of living alone. Whatever the strategy, make sure it works for you.
Creative solutions are within reach when working from the right mindset and with a sound budget. With practice, you’ll cultivate good financial management, even amid the rigours of academic life.
