How to Save Money as a Student in Alberta
If you’re a university or college student in Alberta, you already know that managing your finances can be tough. Tuition, rent, groceries—it all adds up quickly. But with some smart financial planning, you can make your money stretch further and set yourself up for success both during and after your studies.
Let’s dive into 10 practical tips to save money as a student in Alberta. These strategies will help you keep more cash in your pocket now so you’re better prepared for whatever comes next.
But don’t forget, the financial challenges don’t magically disappear once you graduate. In fact, for many, they only get more intense. According to StatsCan, in 2020, 60 percent of Alberta undergraduates graduated with over $25,000 in debt, and the average new bachelor’s degree holder owes around $38,000—both figures above the national average. So, the smarter you are about your finances now, the better off you’ll be when it’s time to pay off debt.
If you’re already facing the reality of student debt, it’s crucial to explore ways to manage and pay it off as quickly as possible. Check out our blog post on ways to pay off student loans fast for some great tips. And if the whole situation feels overwhelming, remember, you don’t have to tackle it alone. Money Mentors offers free credit counselling and debt help to help you navigate these challenges. Give us a call at 1-888-294-0076 or book an appointment online, and let’s work together to ease your financial burden.
- Ask About Student Discounts
- Buy Used or Digital Textbooks
- Master the Art of Cooking at Home
- Use Public Transit or Carpool
- Live at Home if You Can
- Apply for Scholarships and Grants
- Take Advantage of Free Campus Resources
- Embrace Minimalism
- Find Part-Time Work that Fits Your Schedule
- Create and Stick to a Budget
Being a student comes with perks beyond just access to education. In Alberta, many businesses—from movie theatres to clothing stores—offer discounts to students. All you need is your student ID to unlock these savings. Make it a habit to ask if there’s a student discount wherever you go; those small savings can add up significantly over time. For more ideas on saving money, check out these timeless ways to save money.
Textbooks are a big expense for students, but there’s no need to pay full price. Check out second-hand bookstores, online platforms like Kijiji or Amazon, or your campus’s own used bookstore for more affordable options. Better yet, opt for digital versions, which are often cheaper and easier to carry around. You can also explore textbook rental services or share with a classmate to split the cost.
Dining out or grabbing a coffee between classes can seem convenient, but it’s also a quick way to burn through your budget. Cooking at home is not only healthier, but it also saves you a substantial amount of money. Try meal-prepping on the weekends and bring your own coffee to campus in a reusable mug. Look for simple, budget-friendly recipes online that don’t require a lot of ingredients or fancy equipment. Plus, try money-saving grocery apps to keep grocery costs down. Not only will your wallet thank you, but you’ll also develop a valuable life skill.
Owning a car might seem necessary, especially if you’re commuting to campus, but it’s expensive. Gas, insurance, parking—it all adds up. Instead, take advantage of Alberta’s public transit systems, where post-secondary students typically have a public transit pass built into their tuition. For example, Calgary offers a UPass at $165 for a 4-month term, which is a significant discount compared to the regular adult monthly pass of $115. If public transit isn’t an option, consider carpooling with classmates to share the costs of fuel and parking. For more details, you can check out the transit pass options for Edmonton and Calgary.
Housing is often the most significant expense students face, so if you have the option, consider living at home during your studies. Staying with family can save you thousands of dollars in rent, utilities, and groceries. While it might require commuting, the financial benefits often outweigh the inconvenience. If living at home isn’t an option, consider shared accommodations where you can split rent and utilities with roommates. This approach helps you keep costs down and makes budgeting simpler by reducing unexpected expenses.
One of the best ways to save money is by reducing the amount you need to spend in the first place. Alberta offers a range of scholarships and grants tailored to different fields of study, backgrounds, and needs. Visit your school’s financial aid office or the Alberta Student Aid website regularly to discover new opportunities. Even small awards can make a big difference, helping you cover tuition, books, or living expenses.
Your campus is a treasure trove of free or low-cost resources. Whether it’s using the library for study materials, accessing the campus gym for your fitness needs, or attending workshops and counseling sessions, these services are there to support you.
Additionally, many post-secondary schools automatically enroll students in a Student Care Health and Dental Plan, which is included in your tuition. However, if you already have coverage through a parent’s plan or another provider, you can opt out of this plan and save a significant amount of money. For example, at AUArts, opting out of the plan could save you around $340 per year, which could be redirected to other essential expenses or savings.
Living minimally as a student doesn’t mean sacrificing quality of life—it’s about being intentional with your spending to keep your debt down. Before making a purchase, ask yourself if it’s something you truly need to buy. This money mindset can help you avoid impulsive buys and reduce clutter in your life. Plus, when it comes to entertainment, look for free or low-cost options, like student events, outdoor activities, or even movie nights at home with friends.
Balancing work and study can be challenging, but a part-time job can significantly ease financial stress. Many employers in Alberta are flexible with student schedules, offering evening or weekend shifts that won’t interfere with your classes. On-campus jobs are also a great option, as they often understand the demands of student life and may offer additional perks like tuition discounts or easier access to campus resources.
If part-time work doesn’t interest you, perhaps a side hustle will. Check out our post on Side Hustle Ideas to Make Extra Money in Alberta.
A budget is your financial roadmap, guiding you on where and how to spend your money. Start by listing your income sources (like part-time work or student loans) and then track your expenses, including rent, food, transportation, and entertainment. There are many budgeting apps available that can help you keep track of your spending in real time. By sticking to your budget, you’ll avoid unnecessary debt and have a clearer picture of your financial situation.
In this cashless era, simple strategies like paying with cash, saying “No” when its not in the budget or even no-spend weekend challenges are great ways to save a little extra.
If you’re unsure where to start or need some extra guidance, Money Mentors can help you create a personalized budget that fits your unique needs. Our free credit counselling services are designed to help you take control of your finances and build a solid foundation for your future. Reach out to us today at 1-888-294-0076 or book an appointment online, and let’s work together to set you on the path to financial success.
Have questions?
Need more information or want to talk to an accredited financial counsellor for peace of mind? Let us help.
Call 1-888-294-0076 or book an appointment. It’s free for all Albertans.
