Tips to Save Money While Studying in Canada

Jun 14, 2021    0

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Want to live a comfortable student life in Canada? Well, that one is certainly expensive. Student life is filled with costs for tuition, textbooks, stay, food, healthcare, socializing etc. Graduating from Canada students end up in debt and there are ways you can reduce this.  

 

Below we have compiled a list of ideas that you can adapt, to live a cost-effective yet comfortable student life. Read on to find out. 

 

Apply for Scholarships: Scholarships are your best chance to cut your expenses. The good news is there are many scholarships available for international students. Besides, several school-based scholarships are open to every student. One can find opportunities for mid-career students, part-time students, students from particular geographical areas etc. Through scholarships, you can redeem money for transport, tuition, living expenses, tech needs, etc. Check your universities website and apply for every single scholarship you are eligible for even if you just have a 1% chance of winning. 

 

Student Banking Plans: All of the top 5 banks of Canada provide effective student banking options that you can make the most of. With these plans, you can save some costs every month. That might not seem a lot but please note that even a little comes a long way. 

 

Leverage Student Discounts (With Your ID): These two magic words can save you some bucks wherever you go - Student Discount. Be it having dinner, catching a movie, buying electronics, or traveling, you can save up to 15% everywhere you go. Don’t hesitate to ask. Few places that do not advertise discounts also give students a break. 

 

Spend the Evening in: A glamorous night out might seem fun but it isn’t always the best option when it is followed by stress about making money for rent. Spending evenings indoors can be equally fun (think of a high school party) and most importantly economical. It will help you save a good amount and save you from needless worries.

 

Stick to a Budget: While this might seem obvious, many students won’t do it. Setting a monthly budget is essential. While you won’t always meet the set target, you would be conscious of your spending habits and can curb your expenses accordingly. 

 

Use Public Transport: Using public transport is a healthy way to save money (for you and the environment). You must steer clear of cabs and your vehicles. Public transport is cheaper than all means of transport! Also, student transport passes might always provide student discounts so make sure you check for that. 

 

Living in a foreign country, dealing with a new currency and bank can make managing money difficult. In such cases, prior research can be of great help. The aforementioned tips can come a long way. It will make you worry less about your accounts.

 

References:

https://www.howtosavemoney.ca/international-students-in-canada

https://www.canadianliving.com/life-and-relationships/money-and-career/article/10-proven-ways-for-students-to-save-money

https://thefinancialgeek.com/blog/easy-ways-to-save-money-as-a-student-in-canada/ 

 

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