Last updated on October 22, 2024.

Post-secondary education can be one of the most exciting, and expensive, times of your life. You’re venturing out on your own, meeting new people, and learning a lot but none of it comes cheap. Managing your money carefully and living within your means will allow you to avoid costly mistakes and prepare you for life after school.

Paying for tuition and living expenses while avoiding a mountain of debt is definitely a challenge, but there are a few ways to make it through school with a healthy financial outlook:

1. Investing in a TFSA as a student.

Take advantage of tax breaks. Did you know that students in Canada are eligible for a variety of tax breaks? Find out what your options are and talk to your accountant to maximize your returns. You work hard for your money, so you’ll want to keep as much as possible! A good option is to consider Tax-Free Savings Account (TFSA). A TFSA allows you to save for short-term or start investing for the long-term. The income from those investments is completely tax-free!

2. Part-time jobs for students.

Squeeze in a short-term work opportunity. Proctoring exams, working as a teaching assistant, tutoring other students, and working for your school’s alumni office are all possible places to find short-term, supplementary work in between your regular job or when you have downtime. Check the bulletin board in your student union office, talk to the on-campus employment office and put out the word that you’re looking for a little extra. Is it an election year? There’s always a need for people to pick up temporary work during election time.

3. Choose a zero-fee bank account.

College life is a financial juggling act, but your bank account shouldn’t make it harder. There are many options out there, but choosing a zero-fee bank account is a great way to save money without the unnecessary fees. Vancity’s Youth Account¹ (for ages under 25) gives you free unlimited everyday transactions. Plus, your deposits are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).

4. Look into grants and scholarships.

Apply for everything you’re remotely qualified for. You’d be surprised how often these go unclaimed because no one applies for them. Start with the online databases. Then think about what relationships you have with companies and organizations in your life through connections or family. Have you been volunteering for years with an organization? Had the same credit union since you were twelve years old? Maybe your parents are part of the local Rotary Club? Most local chapters of these organizations have scholarships and bursaries available, but you have to ask in order to find them.

5. Build your credit history.

Be selective when choosing that shiny new card. Campuses are a hot spot for credit card companies looking for new customers. Be careful! If used wisely, credit cards can be a great way to begin building your credit score, but they can also become a very expensive way to borrow money if you don’t pay your balance off every month. A great choice to consider is the enviro™ Visa* Classic card. The best part? There’s no annual fee and it contributes to the environment with every swipe you make. 5% of enviro Visa card profits go towards environmental initiatives. There’s also a reward points system, allowing you to earn as you spend – rewards can add up quickly and provide you valuable savings.

6. Maximize campus resources.

Before you head out on the town for the weekend, consider checking out what’s happening on campus. From movie nights to fitness classes, your home base is likely loaded with free and fun things to do with friends if you plan a little ahead.

• Utilize free academic resources – many campuses offer free tutoring, writing centers, and academic workshops. Take advantage of these to boost your grades without the added cost.
• Discounted or free services – check out student discounts on software, hardware, and event textbooks.
• Attend campus events and workshops – look for events like career fairs, networking opportunities or financial literacy workshops.
• Use the library – Many libraries offer access to digital resources, study spaces and event or programs that can enhance your learning. The Vancouver Public Library offers a wide range of programs, classes, and events designed to support students. These include workshops on networking, resume building, and various academic skills, providing valuable opportunities to enhance your learning and career prospects LINK: Events | Vancouver Public Library | BiblioCommons

7. Make student loan payments.

Since the government no longer charges interest on student loans, you should first apply for these loans instead of going to banks or credit unions. If you need extra funds from a financial institution, try to pay them off quickly. Don’t wait until after graduation to tackle your loan. Make extra payments whenever you can; any amount above the minimum goes straight to reducing your loan principal and lowers the interest you’ll pay.

Your path to financial confidence.

To support your journey in building financial knowledge and achieving peace of mind, we invite you to explore our Student Banking Bundle, which features a $0 monthly fee chequing account and a $0 annual fee credit card. Plus, you can book a one-to-one planning appointment with one of our wealth management professionals to talk about options relating to your financial situation. Learn more about our Student Banking Bundle and take the next step toward a more secure financial future!

* Trademark of Visa Int. Used under license. 

¹ Everyday transactions are all of these:

• Everyday Cheque and Preauthorized Payment Transactions are cheque transactions and preauthorized payments (PADs) from Vancity Accounts.
• Everyday Online and Mobile Transactions are bill payments, cheque deposit using Vancity Mobile Deposit™, transfers from Vancity Accounts made online using a computer, mobile phone, Mobile Device or using Vancity’s automated Telephone Banking service.
• Everyday In-Person Transactions are Account withdrawals, bill payments, transfers to or from Vancity Accounts conducted person-to-person, over the phone with our branch staff or Member Service Centre staff.
• Everyday Debit Card Transactions are debit card purchases or ATM cash withdrawals or ATM transfers from Accounts