Back to school money saving tips for students

You’d be amazed by the number of student discounts offered, especially by restaurants, retailers, grocery stores, gyms and movie theatres. So keep your student ID on you!

Before you shop, make sure you download apps that can help you save money and stick to your monthly budgets. Most of these money-saving apps are free and can be downloaded on Android and Apple phones. Save up to 30% on over 450 top brands, from fashion to tech and everything in-between, when you register for SPC+.

Also known as “cash-stuffing”, enveloping is when you allocate your take-home pay toward specific categories by placing cash in labeled envelopes, like rent, groceries or going out. When you pay for something, take the money out of the corresponding envelope. This will help keep you on track instead of just swiping your credit card.

What’s old can be new again! Consider buying textbooks and notes from older students or renting them from online platforms to reduce hefty textbook costs.

Meal prep your food whenever you’re able to. It can end up saving you time during the week, as well as money. You can also consider splitting costs with roommates by buying communal items like condiments or coffee in bulk.

Scholarships are everywhere, you just have to look! One great place to start is checking out the Student Life Network (SLN), where they offer scholarships, giveaways and offers for Canadian students. For a chance to win $35,000 towards your tuition, learn more about the Full Ride Contest.

Chances are, there are going to be tons of free campus events throughout the year, so keep your eyes open. If you’re looking for something more consistent, look into what clubs are available.

Most post-secondary schools offer discounted gym memberships (or it’s already included in your tuition) and recreational classes. So cancel your gym membership and start taking advantage of the fitness services provided by your school!

Create a realistic budget, then actually stick to it. It’s important to have a monthly budget that works for you. To get started, check out CIBC Smart Planner™. CIBC Smart Planner™ is a virtual coach built into our mobile app that gives you timely insights into your spending habits to help you track your finances better and stay on top of your goals.

Remember, you don’t need to spend a ton of money to have a good time. You can increase your student savings by making a few small changes, researching free or discounted services available to you, and being more thoughtful about how and when you spend.

If you have questions about money management or want to get better at saving, have a chat with one of our advisors, they’re here to help.