Tips For International Students To Save Money While Studying In Canada (2024)

There is no doubt studying in Canada is more expensive than studying in other countries, but the quality of education offered at Canadian universities cannot be beaten by universities in other nations. Despite this, studying in Canada will open the doors to numerous career opportunities and you will feel proud of yourself later for choosing Canada for higher studies. 

Moreover, a recent study says that many students have dropped their studies due to monetary constraints. Now you may wonder whether studying in Canada is expensive or whether students are poorly managing their financials. Well, the simple solution to this concern is to manage your money wisely while studying in Canada. 

However, the students are confused about how to manage money wisely. In other words, what steps should be followed to spend money only on the things where it is needed? To learn these steps, you need to read this content till the end. Additionally, if you are looking for affordable immigration consultants for your visa application then consult with the best Canada study visa consultants

Follow The Below Tips To Save Money While Studying In Canada:

Here is the list of tips you must follow if you want to save money while studying in Canada: 

  1. Make a Budget Plan 

The best way to spend money wisely is to make a monthly budget plan and stick to it. In your budget plan, you can include accommodation costs, travel expenses, grocery expenses, and miscellaneous costs. In this manner, you will learn how to manage your money effectively. Moreover, this plan will help you avoid spending money on unnecessary things, which will further lead to a huge amount of savings in your bank account. For this, you don’t need to make an Excel sheet, instead, 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. 

  1. Live Off-campus 

If you are planning to live on campus in a hostel, it is going to be very expensive for you. On average, the monthly expenses of living in a hostel will be around 1200-1500 CAD. therefore, living off-campus is a better option if you want to save money to manage other expenses as well. However, it doesn’t mean you will live in a private apartment because it will also be expensive. Instead, look for a shared apartment or basement to save $450-500 per month. 

  1. 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.  

  1. 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. 

  1. Purchase second-hand Books 

Buying new books will be an expensive option. So, you can use second-hand books instead. By reading these books, you can save money. In addition, you can also buy a library card from the institution to access books for free. 

  1. Choose Public Transportation 

We know that students dream of getting their car while studying in Canada but don’t know that it will cost 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. 

If you are planning to migrate to Australia and have some queries regarding the Australia visa, then you can contact the best Australia study visa consultants who can guide you through the entire visa application process. 

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 above to save enough money while studying in Canada. 

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