Money can also be yours to discover, as a student.
International and postgraduate students in Canada have to constantly juggle between rising tuition fees, soaring inflation and a packed study schedule. One of the biggest challenges for immigrant students remains how to manage their money and make it go further.
Here are 16 solid tips on how international students and new immigrants can save money while studying:
1. Look out for easy scholarships
Canadian universities offer a ton of scholarships to current and potential students, so take advantage of these opportunities and start applying.
Students these days don’t bother to look at what’s available so they miss out on these great opportunities.
Search “scholarship opportunities” on your university’s website and other educational sites. You’ll be surprised by how many free scholarships are out there.
2. Find cheaper entertainment
Entertainment is one of the biggest drains on students’ finances. Finding cheap entertainment in your area, whether on campus or not, is a great way to cut back on spending as an international university student in Canada.
3. Try the 2-day a week zero spend rule
A great way to save money as an international student in Canada is to dedicate one or two days out of each week (try and keep them the same) where you don’t spend a dime.
Just pretend as if you don’t have any money. This will drastically reduce the amount you spend and will save you hundreds of dollars over the course of a semester.
4. Stick to a Budget
International students and new immigrants can save money while studying when they stick to that budget as best as possible.
While you won’t be perfect, and you’ll sometimes go over budget on some things, at least you’ll be conscious of what you’re spending and you’ll be less likely to spend well outside your means.
5. Pack your lunch and avoid Uber Eats
Most university campuses in Canada are flooded with take-out options, fast food joints, food trucks, and other quick-service restaurants. Everywhere you look you can get a fat, juicy burger for under $5.
You’ll be surprised at how much you spend every month on food orders and eat-outs. International students and new immigrants can save money while studying by watching this closely.
6. Buy second-hand stuff
Whenever you need something new, instead of going straight to Amazon, check out these local marketplaces and thrift stores, and see if you can find whatever it is you need for a fraction of the price.
7. Avoid credit cards
Avoid credit cards at all costs. Unless you really have to use credit cards for some essential transactions, just don’t you should just avoid them.
People spend more than they normally would when spending with credit. International students and new immigrants can save money while studying by using credit cards at the barest minimum.
Credit card usage is one of the ways to build your credit history in Canada, but if it will get you into more financial trouble, you are better off without it.
8. Start a Side-Hustle
Another good way to save money as an international student in Canada is to make money on the side.
Have you ever considered starting a side-hustle business? You don’t even really need to call it a business, but just something that earns you extra money.
9.Get free stuff
International students and new immigrants can save money while studying is by taking free stuff on campus and other places.
Whether it’s coupons, t-shirts, pens, lip chap, coffee, tickets to sporting events, just take it. Anything free as a student is good, remember that.
10. Don’t splash out on the latest phone
Don’t be too quick to get the latest phone or upgrade your electronics.
Canadians love staying up to date with the latest and greatest technology, so it can be hard to walk around with an older phone
International students and new immigrants can save money while studying by watching their electronics habits.
11. Fast-track your degree
From a financial perspective, the less time you’re a student, the better. If you can, do your 4-year degree program in 3.
Your total tuition costs might not change as you’ll still need to complete the same number of courses, but finishing early will allow you to get out in the workforce earlier which in turn will increase your purchasing power.
12. Buy used textbooks
Buying used textbooks is a great way to save money as as an international student or immigrant studying in Canada.
Buying textbooks first hand is an absolute fortune, so if you don’t have to, then don’t do it. Not only should you buy textbooks second hand, but you should also turn around and sell what are now double used textbooks.
13. Max out all student discounts
In Canada, and around the university students get discounts on almost everything. Make sure to look around your local area for student discount opportunities.
Canada has what is called a SPC card which stands for Student Pricing Card. This card gives students special discounts all over the country. You should create an account.
Ask about student discount everywhere you go. Don’t leave any money on the table.
14.Make your own coffee and avoid coffee shops
Grabbing coffee out is fun and feels good, but it can also add up quickly. For example, if you’re spending $5 or more on a daily latte, you’ll need to budget more than $35 a week or over $140 a month just to fuel your caffeine habit.
These small $2-$3 coffee purchases are silent killers to one’s bank account.
So try your best to avoid these coffee shops. Make your own tea and coffee, and take your mug with you.
15.Attend networking events and grab the free meals and more
Networking events and conferences are great places to meet like minded people, but they are also great places to get a free meal every once in a while.
Look on your universities website and search up networking events or conferences. This is another great way to save money as as an international student or immigrant studying in Canada.
16.Look for coupons
You can find them online or often in your mailbox. Pair your coupon cutting and use them to plan some of your grocery shopping. You can save a lot of money that way as as an international student or immigrant studying in Canada.
Look and you shall find
There are many creative ways you can save money as as an international student or immigrant studying in Canada. Just look and you will find.
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