July 7, 2022

How to Save Up Between Semesters

It’s tempting to spend breaks between semesters having fun and going on adventures, but this can often mean digging into your savings. While you should definitely take some time to destress, the best way to use your time is to save up. You’ll then have more funds to pay off your student loans and enjoy yourself with friends when you return to university after the break. Here are a few things you can do to save.

1. Come Up with Creative Ways to Earn an Income

You may struggle to find a job you’ll actually enjoy when you’re competing with so many other students for seasonal work. The solution could be to find your own way to make money by working independently. You should be able to find plenty of clients if you market yourself online or in your local area. You could offer tutoring services, web design for small businesses, dog walking, babysitting, or anything else that matches your skill set.

2. Spend Less

Avoid spending everything you earn and save as much as possible. You can find inexpensive ways to hang out with friends over breaks, such as attending free festivals, organizing a picnic, or having a day out by a lake. In addition, minimize how much you purchase when preparing to return to university. Reuse what you already have and think about whether you really need something. It can also help to buy items when you arrive in your university town to reduce transportation costs. Finally, try to purchase used items whenever possible — for instance, it may be unnecessary to buy brand new textbooks.

3. Find Investment Opportunities

Take the money you’ve been earning and invest it into some safe options. A savings account with a high interest rate is ideal. You’re never too young to start saving for the long term — and your future self will thank you.

4. Research Scholarships

It could be possible to reduce educational expenses through scholarships. Just because you were unable to find anything when you started university doesn’t mean this option is closed to you forever. Use your free time over the breaks to research options and craft compelling applications. It’s worth doing this during every break, since there will always be new scholarships opening up that could be relevant to you.

5. Prepare for the Semester Ahead

Improving your grades will make your education a better investment and should ultimately mean that you save money. If you graduate near the top of your class, you’ll be in a much better position to land a well-paying job. You’ll then be able to pay off your student loans much faster.

When you save money, you’re also able to afford better student housing. For Carleton University apartments, you have The Revalie. Our luxury student community provides every resident with a sleek suite decorated in minimalist style, easy access to all the top sites in Ottawa, and exclusive amenities, including a fitness centre, media studio, and multiple lounges. Apply today to secure a room!

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