Tips for saving money while studying in Canada

Tips for saving money while studying in CanadaTips for saving money while studying in Canada

Studying abroad can be quite an adventure, as long as you have the money to enjoy your stay, otherwise it will be very difficult to have access to new experiences, friendships and opportunities, since away from home the material needs are magnified and, in a country like Canada, where the cost of living is higher, having enough money will be key. 

I was also an international student and I can understand that many find it hard to control the impulse to spend money on outings that later put at risk the monthly payment of rent, study materials and even food! Of course, this country is so charming and has so many places to visit alone, with friends or as a couple, that young newcomers do not measure themselves and then economic shortages arise, but from the Immigration Department of Immiland I am here to guide them with tips and strategies to manage their expenses. Let's get to know them!

Know your financial situation

Knowledge is power; identify your ability to pay for products and services. Your money may come from a variety of sources such as scholarships, savings, family support or part-time work, so you may be able to establish a benchmark to know if it is a steady flow of money or a one-time delivery that you receive each month and have to manage (render) it.

Use these strategies to identify your ability to pay

  1. Document your finances: Start by documenting all the money available to you at the beginning of your academic year. This involves supporting your student loans, savings, investments and any financial support you have received from family members with written proof, receipts, deposits, transfers, bank statements, etc. Looking at your finances on paper or on your computer will help you manage the financial risks that may arise, making it more likely to avoid critical situations such as lack of liquidity, over-indebtedness or loss of profitability.
  2. Earn money: Work part-time while you study to supplement your income. Explore job opportunities and consider factors such as hourly wage and working hours to estimate your most potential earnings. At Immiland, we have a job board, review current job openings
  3. Seek financial aid: Consider the resources offered by your college or university's financial aid office. The office staff will be able to advise you on the availability of scholarships, loans and other forms of financial assistance tailored to international students. At Immiland Education, we offer student financial management support.

Budget your monthly expenses

Every international student focused on their immigrant status should know that managing their expenses is a critical aspect of making ends meet. From tuition fees to daily living costs, creating a budget, among other similar tasks, will help you allocate your resources on relevant products and services to avoid financial shortfalls and unnecessary debt.

Use these strategies for effective monthly budgeting

  1. Save on major expenses: review your major expenses such as tuition, accommodation and food and be careful to estimate which of them you can save on.
    Many times we become blind consumerists and get carried away by appearances or collective trends, but when you are a visitor in a new country, it is better to opt for comfortable but not luxurious spaces, consider options such as supervisory positions in student residences, house-sitting or homestays with host families for affordable housing solutions.
    If you are traveling single, you can save on accommodation by staying with a host family, called a homestay. Find homestay accommodations with Immiland. Click on Establishment.
    Food should always be taken care of without excess; be creative with meal planning and explore community events that can help reduce food expenses.
    When it comes to transportation, Quebec offers several affordable options for students. A bus ticket costs around CAD$3.50, while a monthly public transit pass costs around CAD$90. Riding a bike is another common option in the summer and the streets are adapted to make it safe and comfortable.
    Depending on the province, you can also inquire about the best value metro card benefit.
    For tuition, choose the offers available on your records, at the end of the month you will be thankful. Apply with Immiland Education and get benefits on your registration.  

  1. Manage lifestyle expenses: balance academic commitments with social activities for a 100% satisfactory experience.
    Differentiating between needs and wants will be crucial to prioritize spending effectively. Sure, it's fine to indulge occasionally, but you need to balance essential and discretionary spending correctly.

  1. Create smart spending habits: use the same on-time monthly payment routine for your credit cards, never allow yourself to accumulate debt. We know that one of the biggest challenges newcomer students face is not having a good Canadian credit history, this is basic to acquiring necessary goods and services. Ask for a free quote on your credit history with Immiland.
    Choose second-hand options to purchase items such as furniture and textbooks, it will always be more economical. Also, anticipate specific expenses specific to living in Canada, such as winter clothing and seasonal variations.
    Remember that July 1, in the province of Quebec, is "Moving Day", that day is your opportunity to take advantage of the fact that many people are getting rid of their furniture, beds, televisions, etc., and you can pick them up for free at their doorsteps, as they do so because they are moving from one home or city to another, at the end of their annual leases on June 30. 

Implement the 50/30/20 rule of needs, wants and savings 

The 50/30/20 rule is a popular budgeting method that allocates 50% of income to needs, 30% to wants and 20% to savings or suitable investments. Apply this operation to solve your specific circumstances as an international student in Canada.

Use these strategies to apply the 50/30/20 rule successfully

  1. Allocate lump sums to your income: First, allocate your available funds to each line item for the entire year, including savings, earnings and overall expenses such as tuition fees. Set up a separate savings account for long-term funds and establish a monthly allocation based on your budget priorities.
  2. Adjust your budget: if your expenses exceed your income, you will need to re-evaluate your budget, then identify areas to reduce spending, or increase your income through additional job opportunities, but be realistic and set up a sustainable financial plan.
  3. Review your budget management on a monthly basis: it is a very good idea to sit down and review your account statements, the bills you have paid and those you have not yet paid; in short, everything that makes up your monthly economy, in this way you will be able to ensure that you meet your budget objectives. Be prepared to assimilate that you may require adjustments, as necessary, to adapt to certain changes in expenses or income.

Use digital applications to manage your budget

The following electronic budgeting applications are the most recommended by financial professionals and accountants in Canada: You need a Budget (YNAB); Monarch; PocketGuard; Honeydue; Good Budget; Koho; Pocketsmith; Spending Tracker; Spending Tracker; Wally GPT.

Regarding the search for economy, Immiland recommends that you research each one before using them, as some of them offer paid plans.

 

So far I have shared with you the tips and strategies that work best for you to save your money while studying in Canada. With them, you will be able to manage your finances 100% and fully enjoy your academic experience in this country. 

Remember that managing your budget well is a skill that improves with practice, so be proactive and adaptable in your financial planning efforts. 

Immiland Canada has a 100% effective financial advisory service for international students.

One more fact! In Canada, international students enrolled full-time can work off-campus for up to 20 hours per week during term time and full-time during study breaks, so take advantage of this option. 

Visit our website to find cost of living by province, language school to immigrate to Canada or write an email to info@immilandcanada.com.

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With love,

Immiland

Note: This article does not constitute legal advice or legal opinion from an attorney. Rather, it is provided solely to inform readers about certain aspects related to the details of the law in legal matters.

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