1. Cut Expenses
The easiest way to save money is to spend less. Think carefully before you accept any invitations to trips, festivals, and concerts with friends. The good news is it’s likely many students are in the same situation as you and will be happy to attend free events, take a picnic, or visit a farmers’ market instead.
If you need to purchase supplies before you return to university, buy only what you actually need and go to places that have discounts for students. If you return home for the break, decide whether it would be less expensive to purchase supplies when you’re back at university to save on transport costs or if it’s worth taking advantage of an outlet near home.
2. Pick Up Some Part-Time Work
There are often opportunities for students to make extra cash between semesters. For instance, many working parents need childcare. You may be able to make even more if you offer to tutor kids before they return to school. As well as building your savings, this will provide you with valuable experience you can put on your resume.
3. Search for Scholarships
Dedicate plenty of time over your break to search for and apply to scholarships. There may be some you missed when you started university or new opportunities may have arisen, particularly if your situation has changed. You could reduce how much you’ll pay for tuition, books, and other expenses to reduce your reliance on loans and keep more of your hard-earned cash.
4. Find Investment Opportunities
Grow the money you save and the cash you earn by investing it. Your best option is something safe like a savings account. If you can afford to stash money away for a couple years, you’ll see even higher interest rates — and you won’t be able to give into the temptation to spend it.
5. Improve Your Future Earning Potential
Think even further to the future by focusing on how much you’ll earn after you graduate. You’ll find it easier to land a great job right out of university if you earn top grades now. You can prepare over your break by reading ahead in your textbooks, finding ways to increase your knowledge of a subject, or even relaxing to give your mind a rest.
You can save money all year round by moving into affordable housing. An alternative to Brock University residence is Regent. A lease gives you a furnished apartment with all your utilities included in the rent. Plus, you’ll have conveniences that will help you save more money, such as a fully-equipped kitchen and in-suite laundry facilities. Take a virtual tour to take a look around.