THE FLEURY REPORT

Market news & insights for clearer skies ahead

Apr
04

How to Start Saving Seriously

Tips for Students

You’ve nearly completed another school year (congrats!) and are probably dreaming of summer while you study for final exams.

Perhaps you’re also taking on a seasonal job to help pay for next year’s expenses. That’s great! But it may not be enough to get you through 2017.

It’s a lot easier said than done, but saving even a little bit of money while in school will benefit you once you’ve completed your program. Less debt = less stress.

Below are a few ways you can start to save:

Apply for grants, bursaries and scholarships

It takes time and effort, but applying for grants, bursaries and scholarships could mean an extra $1,000 or more in your account. Start exploring your options by checking out Canlearn.ca and Studentawards.com, as well as your own school website.

Opt-out of health and dental coverage if you already have similar coverage

Your tuition usually includes fees for health and dental insurance. However, in most cases, you can “opt-out” of the school’s coverage and you’ll be reimbursed the fees that would have automatically been included in your tuition. Do not opt-out unless you have similar health and dental coverage under your family’s plan or from another source. 

Start a TFSA

If you’re 18 or older, you can open a tax-free savings account which will enable you to set money aside (tax-free). You can put away as little as $25 a month, and have the money directly deposited so that you don’t even notice you’re saving.

Take advantage of being a student

Many businesses will offer discounts to students if they have a valid student card. You can check with your school’s student association for a list of local businesses that offer discounts.

Take advantage of tax deductions and tax credits

Both the federal and provincial governments offer tax deductions and tax credits for students for things like tuition fees, books, moving expenses and more. Keep this in mind if you haven’t filed your taxes yet.