Creative Ways to Save Up Money for School
How to make some dough before you go!
It's never too early to start saving to help fund your education. Here are some ways to make the most of every cent.
Leverage your talents
Using your talents is an easy way to make money and starting your own side business can strengthen your resum?. It can demonstrate skills such as the ability to take initiative and work independently, as well as prove you have good communication and time management skills.
Ways you can use your talents to make money
- Tutor elementary or fellow high school students
- Teach art or music lessons
- Sell crafted items, like mittens, paintings, or jewelry
- Do yard work, like raking leaves or landscaping
- Walk local dogs
- Develop websites for local businesses
Like Marie Kondo says, keep only those things that speak to your heart. Whether or not you're moving away from home, it's still nice to come back to a bedroom that is neat and tidy (and has room for all your new university swag!).
Before you discard any items, try and make some cash. Kijiji or Facebook Marketplace are great places to put your stuff up for sale. It doesn't take much effort, and you'll be surprised what other people are willing to pay for your old stuff!
Looking for a bigger challenge? Try one of these!
Use the 24-hour rule
If you think you want to buy something, like clothes or a new d?cor item, wait 24 hours. If you still want the item the next day, then go for it. Taking a step back and reflecting on your purchases is a great way to ensure you're actually buying something you want ? not just something you thought you wanted.
Use the matching rule
If you can afford to spend $4.68 on your favourite latte or $80 on new shoes, then challenge yourself to put the same amount into your savings. This rule will inevitably make you think twice about what you're spending your money on, and it will ensure that even when you indulge yourself, you're saving at the same time.
Bank your hard work
Getting a part-time job is the most reliable way to earn extra cash. Before upgrading the size of your daily bubble tea, set aside some cash that won't go down the drain. Ask your bank about these savings options!
Rather than checking your couch for long-lost cash, set up a monthly transfer to your savings account. By the time you remember to set money aside, your savings will already have grown!
Invest in a Guaranteed Investment Certificate (GIC)
Do you struggle to leave your savings in the bank? If you won't need extra cash until you start university, lock it into a GIC for a certain number of years. If the market does well, you get more money than you put in. If it doesn't, you still get your initial investment back.
If you can dedicate even just a small amount of your time to any of these, we're sure you'll be happy with the extra savings. For more ideas, check out this ultimate guide to financing your education!
Check out the Ultimate Guide to Funding Your Education