How to Save Money by Being a Student

As students, we all know that money can be tight sometimes, but there are actually a lot of financial perks to being broke and in university. While we have lots of extra expenses, from tuition to textbooks and everything in between, there are certain benefits we can access with our student status. So here are five silver linings that will save you some gold.

1. Bypassing bank fees

Depending on which financial institution you’re with, you might have access to some special perks. I know when I turned 19, I suddenly saw fees being charged to my accounts left and right, and it got me really stressed out. But then I learned that, as a student, I was eligible for a special student banking account, which waived fees while I was still in school. Those fees can add up over time, so it can definitely be a big way to save some extra cash. Try searching online or calling your bank to see if there’s an option like this for you!

2. Opting out of the UVSS Health & Dental Plan

In your tuition, you may see some extra charges apart from classes, one of those being the student healthcare plan. While this can be an amazing discount for those who aren’t previously covered, you may still have healthcare under one or both of your parents. It’s worth checking if you’re covered already, as this is a fee you can opt out of if you provide documentation of other health insurance. Be sure to check deadlines for opting out, because I think we could all use an extra $288.

3. Use an SPC Card

Even when you’re strapped for cash, it can feel nice to treat yourself once in a while. Other times, you just need some new stuff, and there’s no way around it! In these cases, discounts offered by the Student Price Card can be really beneficial. While the card itself costs around $10, it can save you a lot of money over the year. Most stores offer a 10 percent discount, but there are some variations to the discounts. It’s accepted at a lot of places, from clothing and beauty stores to hotels and restaurants. It’s definitely worth the small investment, and can be bought online or in a number of clothing stores or university bookshops.

4. Use your student card to get discounts

Sometimes, you don’t even need an extra student discount card to save a couple bucks. Just presenting your student ID—your ONECard at UVic—can be enough. Art galleries, museums, and historical sites often have discounted or free admission for students, and some retail stores offer discounts as well. Definitely worth asking about on your way to the checkout.

5. Tax Credits and Deductions

There are certain tax breaks specifically for students that you can benefit from. While this may take some more investigating, or some help from your parents, it’s an important thing to look into.  Here’s a good starting place for some of that information.

Do you have any advice for students on how they can save? Share in the comments below!

• money
• saving
• student
• UVic
• Victoria