As frosh ravages our fair city and the student population grows larger once again, it's time for those of us spending our time studying to minimize our expenses so we can become Real Adults with Savings Accounts and Futures. Living the student life is a tightrope walk of managing your finances while juggling academic, social, and personal responsibilities. The challenge is making the most of these transformative years — whether you go to Université de Montréal, UQAM, McGill, Concordia, or a CEGEP or other college — without breaking the bank.
There are plenty of easy (read: boring) tips for not saving money at university, chief among them "don't spend money," but hopefully this list will provide some more useful, practical strategies for limiting your debt and maximizing your financial aid and student loans. I'm not going to tell you to lean on your parents financially, because a) you already know that and b) it's not an option for everyone! But in any situation where your family is willing to save you money, obviously, it's good to graciously accept.
You can also consider the world of student discounts, communal activities, and on-campus job opportunities. Little money-saving habits, like hosting potluck dinners or investing in a coffee maker, can make a huge difference over time.
Beyond diluting your cleaning products to stretch them, thrifting your clothes, and turning your lights off when you're not using them, there is a wealth of modern solutions available. Technology offers financial tracking tools, and many businesses give students hefty discounts. Every dollar saved during your university years is an investment in your future. So, here are some creative strategies to make student living more manageable.
Start practicing your home cooking
Someone prepares a fruit salad.
Restaurant food is tasty, home-cooked food is cheap. You can do that math, I promise! Making time for potlucks and cooking parties with your friends is a great way to get a lot of good food without paying a lot of money, and sharing recipes helps you build up your culinary skills in a fun way.
Choose your grocery store wisely
A view of the fresh fruit section of a grocery store in Quebec.
When you're shopping, be intentional and savvy about where and what you're buying. We ranked the cheapest chain grocery stores to help you out and also discovered that long-beloved "secret" Segal's is a great place to save on essentials besides meats, which are more expensive anyway.
In general, shopping at small, local fruiteries and family-owned grocery stores is often going to run you cheaper than, say, Rachelle Béry or even IGA.
Try out food-waste-saving apps and free meal opportunities
If you can't afford food, don't be shy about visiting food banks and free meal suppliers. There's no shame in wanting a good meal, let alone needing one. McGill has Midnight Kitchen offering vegan meals for free on a regular basis, Concordia has The Hive's and The People's Potato's free lunch programs, and other university programs also don't require you to be a student of that school specifically, so make the rounds and get your calories in.
There are several apps that avoid food waste by selling near-expiry food at a discounted rate, like Flashfood and Too Good To Go, so keep an eye on those for a cheaper meal every once in a while.
Be careful with your credit cards
Someone holds a smartphone and a credit card.
For many people, studying-related debt is inevitable, but you can still take action to protect yourself from long-term financial struggles. Be wary of automatic payments, and don't forget to unsubscribe from free trials (set a calendar notification, it's worth it). If you can't consistently pay off your credit card, be aware of what that will mean for your debt accumulation and set firm boundaries with yourself about your expenditures.
Budgeting a little can go a long way, and there are plenty of free resources available online to help you get started.
Enjoy free activities as much as possible — especially with your student ID
An audience watches a free show at Montreal's Jazz Festival.
Lucky for you, you've picked a very student-friendly city for your university career. Take advantage of Montreal's free-entry street and music festivals, bar discounts and cheap film screenings. You can hike, visit museums, go to free shows and get acquainted with your nearby restaurants' special deal days.
And don't forget that your student ID will get you discounts at plenty of spots around the city. You can even bring it while travelling for a little extra boost! The small savings add up just like small expenditures, so it's worth keeping up with them.
Take advantage of car-sharing, bike-sharing and public transit systems
A Communauto car sits in a parking lot.
If you have a driver's license, it's worth subscribing to Communauto, which gives you access to cheap as-needed car rentals and Flex cars to take on one-way trips. Typically, the cost is less than an Uber to the same destination.
If you have a helmet (or I guess if you don't have one, but please wear one), try relying on Bixi to make trips around the city for as little as a few dollars per 30 minutes of riding.
Finally, invest in some metro passes and take the newly opened REM — but buy your tickets early and in bulk (like the ten-pass fare) to avoid getting stuck in long lines during rush hours. If you can afford it and you use public transit often enough, it's worth investing in a monthly pass so you can travel all over the island with unlimited trips each month.
You can buy metro passes in places other than stations, just look on the STM's Chrono app to locate it. If you want a better sense of when buses are coming, try the Transit app as well.
Participate in paid studies
It may be a stereotype, but it's for good reason: if you qualify for paid studies, participating can give you a little extra cash that can go towards necessities or even towards fun stuff, whatever you see fit in your newly minted budget.
Become an online shopping genius — but not the way you think
A phone with the Kijiji website open peeks out of someone's pocket.
Instead of opting for pricy products on Amazon etc., try your hand at Kijiji and Facebook Marketplace trawling. You can often find cheap and surprisingly high-quality furniture, decor and even textbooks on these sites. Just don't buy a cat there! That's sketch!
"Buy" your textbooks for cheap (wink wink)
Someone sits at a desk in front of dozens of screens.
Opt for secondhand textbooks, or rely on the uni whisper network to find sites that will provide course materials for a low, low, low, low cost (cough cough). I won't link them here, but if you know who to ask, you'll get a substantial discount on your class documents. Try a TA or an upperclassman. Ultimately, you got this.
This article's cover image was used for illustrative purposes only.
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