Five back-to-school saving tips for students
Thought Leadership
Updated 
2 min. read
Whether you’re starting your first semester of university or college, or well into post-secondary, you probably have a lot of expenses. Rent, books, food, socializing – the list goes on. Building good financial habits and getting the right supports in place can help you stay focused on your studies, and stress less about where your money is going.
Here are five tips to help you manage your money:
1. Make a budget
Try dividing expenses into three categories: wants, needs and savings. Then keep an eye on how much you’re actually spending every month on each category.
Lucky for you, BMO has money management tools can help with this. The BMO Insights (Canada) feature on the BMO mobile app that uses AI to collect data on your spending and generate personalized insights.
If you need some help getting started, try out the budgeting module on BMO SmartProgress. You’ll learn strategies, tips and tools to stick to your budget and achieve your financial goals.
2. Open a student banking account to access lower fees – and save you money
Check out student banking accounts or other low-fee accounts. For example, the BMO Student account has no monthly fees and offers benefits throughout schooling and for 12 months afterwards.
TIP: For a limited time, students can earn up to $800* in value with BMO’s current student offers, including a $200* tech reward from Best Buy Canada.
3. Save without stress
Whether you’re saving for something specific or just want to build in the habit, saving can be simple. Small and steady works! If you’re a BMO mobile app user, you can determine a target using the Savings Goals feature and set up automated contributions to help your funds grow.
4. Build your financial literacy
A new school year is the perfect opportunity to learn new ways to make real financial progress. BMO SmartProgress is a free online education platform that features customized financial literacy content that can be consumed anywhere, anytime.
5. Monitor your credit score – and pay your bills on time
Credit score information can remain available for a long time, and can impact your ability to borrow or make large purchases. Forgetting to pay your credit card or phone bills might seem minor – but those oversights are some of several factors that can negatively impact your score.
Check your credit score periodically to ensure all your information is correct, and to identify any issues that could impact your credit rating. Credit Coach is a fee-free way to check your credit report, and to see how potential credit products can impact your score.
