Although studying in Canada is more expensive than in other countries, the quality of education provided at Canadian universities cannot be beaten by universities in other nations. Studying in Canada will open the doors to numerous career opportunities and you will feel proud of yourself for deciding to study in Canada.
However, a recent study says that many students have dropped their studies due to lack of money. Why does this happen? Is studying in Canada that expensive or students are poorly managing their finances? Many questions need to be discovered. So, you need to be careful while spending your money while studying in Canada.
This article has mentioned some tips that will help you spend your money wisely throughout your journey there. In addition, if you want to get affordable immigration services, you can approach the best Canada visa consultant.
Follow the below tips to save money while studying in Canada:
1. Plan Your Expenses
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Create a budget and prioritize essential expenses.
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Allocate funds for tuition, living expenses, and emergencies.
2. Choose Affordable Accommodation
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Consider shared apartments or rooms.
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Look for options outside city centers or on-campus housing.
3. Manage Food Expenses
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Cook your meals instead of eating out.
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Buy groceries in bulk and use coupons.
4. Utilize Public Transportation
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Buy a student transit pass for discounted fares.
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Consider carpooling or cycling.
5. Take Advantage of Student Discounts
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Use your student ID for discounts on entertainment, shopping, and services.
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Explore student-exclusive deals on software, tech, and more.
6. Part-Time Jobs and Scholarships
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Apply for part-time jobs on or off campus.
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Research and apply for scholarships and bursaries.
7. Save on Healthcare and Insurance
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Understand your university’s health insurance plan.
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Compare rates and opt for affordable coverage.
8. Use Digital Resources and Tools
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Access free or low-cost digital textbooks and study materials.
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Leverage online resources for research and projects.
9. Shop Smart
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Compare prices and look for sales.
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Buy second-hand items or share them with friends.
10. Emergency Fund
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Set aside 3-6 months’ worth of expenses.
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Use this fund for unexpected expenses.
Here is the list of tips you must follow if you want to save money while studying in Canada:
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Make a Budget Plan
Making a monthly budget plan and sticking to it throughout the month is the best way to spend your money wisely. In a budget plan, you can include accommodation costs, travel expenses, grocery expenses, and miscellaneous costs. In this way, you will know how to manage money effectively.
This plan will help you avoid unnecessary spending which will lead to a huge saving in your bank account. Don’t worry, we are not saying you make an Excel sheet. You can simply make a list in your notebook and click a picture of it on your mobile phone. Hence, wherever you move outside for shopping or to have fun, you can easily check out your budget plan and spend wisely.
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Live Off-campus
If you are planning to live on-campus in a hostel, it is going to be too expensive for you. On average, the monthly expenses of living in a hostel will cost you around $1200-$1500. So, living off-campus is a better option if you want to save money to manage other living expenses. However, it doesn’t mean you will live in a private apartment because it will also be expensive. Look for a shared apartment or basement to save $450-500 per month.
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Scholarships
Canadian universities offer various scholarships to students to manage their tuition fees without any kind of stress. However, you need to work hard academically if you want to qualify for a merit-based scholarship. Moreover, if you perform well in the first semester then you will surely be able to get a scholarship from the university or college to cover your next semester’s fee.
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Part-time Jobs
The US government allows international students to do part-time jobs while studying in Canada so that they can earn money and manage their finances easily. So, you can work for 20 hours per week at a minimum wage of $16-$20. By working for just 20 hours a week, you can easily manage your studies as well as save money for household expenses.
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Choose Public Transportation
The majority of students dream of getting their car by studying in Canada costs them an arm and a leg. The maintenance cost of cars is very high in Canada. Moreover, you also need to pay for petrol and diesel which will lead to high expenses. Therefore, it is better to opt for public transportation such as buses and trains. This way, you can save more than half of the money which can be utilized on other things.
Do you have some queries regarding the Canada visa, then you can contact the best Canada study visa consultants who can guide you through the entire process of visa application.
Wrapping Up
To wrap up, without money, you won’t be able to survive in Canada because you will be unable to get basic needs such as accommodation and food. So, make sure to have enough savings in your bank account and follow the tips given above to save enough money while studying in Canada.
