You just got paid. You already have plans for that money. University starts in 18 months. Sound familiar? If you love to spend but know you need to save for college or university in Ontario, this post is for you. Saving doesn’t require becoming a different person — it just requires a few smart systems.
1. Apply for OSAP — Free Money First
Before you do anything else, apply for OSAP (Ontario Student Assistance Program). OSAP provides a combination of grants and loans to eligible Ontario students. Unlike loans, grants do not need to be repaid. The amount you receive depends on your family income, school costs, and other factors. Apply early at ontario.ca/osap — it’s free to apply and worth investigating even if you’re unsure whether you qualify.
2. Search for Scholarships and Bursaries
Hundreds of scholarships and bursaries are available to Ontario students every year, and many go unclaimed simply because no one applies. Your school, community organizations, local businesses, and provincial programs all offer funding. Start searching at least a year before you enrol. The time invested in applications pays off at a very high hourly rate — some awards take 30 minutes to apply for and are worth thousands of dollars.
3. Create a Monthly Budget
Saving becomes much easier once you have a budget. Track your income and expenses for one month to understand where your money currently goes. Then allocate a specific amount to savings — ideally at the beginning of the month, before spending anything. Even $50 a month adds up to $600 a year. Use our budgeting guide to get started.
4. Automate Your Savings
The single most effective saving strategy for spenders is automation. Set up an automatic transfer from your chequing account to a separate savings account the day after each paycheque lands. When saving happens automatically, you never have to make the decision in the moment — and you can’t spend what you don’t see. Start with a small, manageable amount and increase it over time.
5. Open a High-Interest Savings Account
Not all savings accounts are equal. Online banks like EQ Bank and Simplii Financial consistently offer interest rates far above the big banks — sometimes 3–5% or more on everyday savings accounts. Moving your school savings into a high-interest account means your money is quietly growing while you focus on everything else.
6. Track Every Purchase
Awareness is the first step to changing behaviour. Use a free budgeting app (like Mint or YNAB) or even a simple spreadsheet to track your spending. When you can see exactly where your money goes, discretionary spending on things you barely remember becomes much easier to cut back on.
7. Introduce a Cooling-Off Period for Non-Essential Purchases
For any non-essential purchase over $30, give yourself 48 hours before buying. This one habit alone can dramatically reduce impulse spending. The desire to buy something often fades quickly once you step away from it. If you still want it two days later, it might genuinely be worth the purchase.
8. Cut Discretionary Spending and Use Student Discounts
Look for easy wins: cancel unused subscriptions, cook at home more often, and always ask whether a student discount applies before you pay. As a student (or soon-to-be student), you can access discounts on software, transportation, clothing, food, and entertainment through programs like Student Beans and UNiDAYS. These small savings compound over time.
9. Consider Part-Time Work or a Side Hustle
Increasing your income is as powerful as reducing your spending. Part-time jobs, tutoring, delivery driving, freelance work, or selling items online can all add meaningful money to your savings fund. Even an extra $200–$400 a month over 18 months adds up to $3,600–$7,200 toward your education.
| Hamilton Students: Check Out Pathways to Education If you live in Hamilton, the Pathways to Education program through Compass Community Health offers tutoring, mentorship, transportation support, and post-secondary scholarships for students from lower-income families. See our full post on Pathways to Education for more details. |
Your Quick-Reference Savings Checklist
- Apply for OSAP (free, takes 30 minutes, do it now)
- Search for at least 5 scholarships or bursaries you can apply to
- Build a monthly budget and identify one spending category to reduce
- Set up an automatic savings transfer for the day after payday
- Move savings to a high-interest account (EQ Bank, Simplii)
- Download a spending tracker app and review weekly
- Apply the 48-hour rule to all non-essential purchases
- Sign up for student discount programs (Student Beans, UNiDAYS)
- Identify one part-time or side income opportunity you could start this month
Key Takeaways
- Start with OSAP — it’s free to apply and grants don’t need to be repaid
- Automating your savings removes the decision from the equation entirely
- Tracking spending is the fastest way to find money you didn’t know you were wasting
- Student discounts, scholarships, and side income all accelerate your savings significantly
Kevin — Money Life Lessons
I am an Ontario teacher who works with students daily and is passionate about equipping young Canadians with practical money skills before they start post-secondary life. In this blog I will discussing the challenges of saving if you like to spend your money.
| Disclaimer: This blog is for general information and educational purposes only and is not financial advice nor should it be substituted as professional advice. Before taking any financial action based upon any information, you should consult with the appropriate professionals. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED ON THIS SITE IS SOLELY AT YOUR OWN RISK. |
