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  • The Mentorship Spot

Saving Money in University

By Saiprasad Venkataraman


It is a well-known fact that students face

many financial problems during their education. With studies being the main priority, students should spend as little time as possible worrying about their finances, so here are a few tips to help you with just that!


  1. Finding a Job


Finding a job is a great way to find that extra bit of money during your higher education. With over 40% of university students in Canada holding down a job(Koho,2021), it is manageable and important as a work experience as well!


Here’s a link to get you started! This guide provided by the Canadian government allows you to choose the kind of job you want to do and the requirements needed to do so. The payment structure is also listed.


https://www.canada.ca/en/services/jobs/opportunities/student.html


  1. Budgeting


Budgeting is an important skill that can help you keep up to date with all your finances. This proven and thorough system helps you manage your expenses and make realistic goals that suit your lifestyle and needs.


Here’s a guide that is nationally used to get you started. It will give you a good idea of why to make a budget, what to consider before you start a budget, how to make a budget, and other helpful tips and tricks!


https://www.canada.ca/en/financial-consumer-agency/services/make-budget.html


  1. Sell Back Your Textbooks When You're Done


One of the best ways to earn money as a university student is by selling old textbooks! With original textbook prices being very high, refurbished models are in high demand. Through websites like Second Bind, Amazon, and Book Power, selling textbooks can be an easy process to make quick cash as a student.


Here’s a link to guide you through the process in Canada. 14 places are listed and the basic overview covering the pros and cons based on your requirements is provided as well.


https://www.savvynewcanadians.com/best-places-to-sell-textbooks-canada/


  1. Build Your Credit


One of the best financial habits that a student must learn is building credit. A credit, which is a score between 300-850, is a measure of your creditworthiness. By getting a credit card and paying payments on time, your credit score will improve. As a student, having multiple credit sources will also boost your score, meaning a student loan might not be a bad thing after all! Having a good credit score will make you eligible for the lowest interest rates and fees for new loans and lines of credit.


For more information about improving your credit score, check the link provided below. It will guide you through simple tips on how to improve your score as a student, from becoming an authorized user to increasing your limit.


https://rates.ca/resources/how-to-improve-your-credit-score-student-edition


  1. Apply for Scholarships


One of the best ways to get funded for your education is through scholarships! These merit-based grants allow for students to receive money based on their performance in their education. Many different types of scholarships are being provided by universities in Canada and for an in-depth look at how they work, check out this article by TMS founder, Komal Patel:


https://www.thementorshipspot.com/post/scholarships-101





Thanks for reading this article! If you liked it, consider checking out the other articles on our page and stay tuned for new ones weekly. Did you know that we have a new series called post-covid reflections? For all the latest updates, check the articles page on the TMS website!


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