10 Money-Saving Tips For International Students In Canada.

It is not easy to leave your homeland and land at a place that is drastically different from where you come from. But International students in Canada work very hard and adapt to a new life. They attend college and go to work, back and forth without taking any breaks, any vacations for a few years until they finish their studies. All while trying to do household chores, saving money and completing school assignments.

Being lived the life of an international student myself, I look back and see a lot of mistakes I made due to a lack of clarity on financial basics. I could have saved a lot of money. That is why I have made a list of tips that can save you some money while you study in Canada.

Bring 6 Months Of Emergency Funds.

There are chances that you will not find any part-time job for a few months, but the bills will still pile up. It is necessary to have emergency funds so that you can survive in the jobless months. In Canada, there are 4 minimum expenses; rent, transportation, groceries, and phone bill. Calculate these expenses for 6 months and bring the minimum requirement when you come to Canada. Canada has GIC plans for international students but it is not enough to cover all the expenses.

How To Save Money On Accommodation.

The most effective way to save money is by sharing. You can share your room with someone until you have enough money to afford your own. You can also live with a family that can even provide meals. Most people go for this option as they won’t have any headache of cooking any meals.

Importance Of Personal Transportation vs Public Transportation.

Both public and private transportation have their own pros and cons. Public buses and subways consume a lot of time but are way cheaper than having your own car. Your own car will save a lot of time but it will be very expensive. Along with insurance, car loan, and gas bills, you have to be ready for quarterly or half-yearly maintenance bills too. Here are a few tips if you want to buy a car:-

Drive an old car while you are a student. That will save a lot on insurance and you won’t have to pay any car loan either.

Bring your international driving abstract from your home country. This way, you won’t have to spend money on driving test right away. Please keep in mind that different provinces have different rules regarding driving with an international license.

Gas prices in Canada go down in the evenings. You can also save big if you keep an eye on the gas stations that sell cheap gas. I have GasBuddy on my phone which tells me gas prices of the nearby gas stations.

Save Money On Food.

Food is sold at different prices in different stores in Canada. Coupons are very helpful to know the week’s food prices. I personally use an app called Flipp to compare prices of food items. Also, here is an old trick to buy only compulsory items when you go for grocery shopping, eat before you go!! Canada has a fast food store or a restaurant at every nook and corner, it is really easy to be allured to eat out. Eating out every week makes a big difference in your monthly budget. To avoid eating out, Always keep some snacks with you so that you can fight an urge to eat out when you are hungry.

Be a Smart Buyer.

Canada is a country of deals. Apart from Boxing day and labour day deals, there are numerous kinds of sale deals that pull customers towards compulsive buying. But you have to be smart about it. Buy the stuff that is absolutely necessary and that too after comparison. You can buy for the whole season in one go. Did you know about the clearance section that every store has? You can buy a $50 item that is $15 in a clearance section!!

Stay Away From Credit Card Debts.

It is so easy to buy everything in Canada. You just have to scratch your card and mostly everything is yours. But keep in mind that credit card companies charge a high amount of interest. Usually, it is anywhere between 19-20%. The debt will go from $500 to $2000 if we don’t control it. I understand that it is important to build a credit score, So, follow these tips to avoid debt accumulation:-

1. Keep only 1 credit card. Do not increase its limit if your income will not allow you to earn more than that limit in your near future.

2. Only use your credit card if your debit card has a balance to pay the bill.

3. And most important, always pay your bills by the end of the month. Credit card companies are not going easy on you by letting you pay only the minimum payment, but they are letting the debt accumulate so they can charge more interest and finance charges.

Find one job that pays more rather than many jobs that pay less:- In my college days, I took 2 jobs. One was a part-time job which paid me minimum wages, another was at a restaurant where I worked only a few hours a week and made half of the minimum wage and worked four times harder. One day I calculated my income and found out that working 3 days at my restaurant job is equal to working one day at my regular job. In my mind, I was thinking that I am working more and making extra money. But that extra money was just not worth it. So, if you are working double or triple shifts for less than it is worth it, and think that you are making more money. You are wrong.

Budgeting To Save Money.

Budgeting is very important. Write your expenses and income for every month. This will show you if and where you are spending more than needed. Visual budgeting is the most effective tool when it comes to cutting back and saving. This simple measure will make a lot of difference in your spending habits.

Split The Bill.

Splitting is the key to save money. It is the key to a healthy friendship and a healthy pocket too. When I lived with my friends, we used to write every expense and split at the end of the month. After a shopping trip, the same thing would happen. Even today after a decade, we split our lunch bills, if not, one person would pay for this lunch and another person would pay for the next lunch.

Use Those Student Discounts!!

Students pay discounted prices in stores, restaurants, and transportation. The trick is to find those places and use the privilege. Some stores give a 10% discount to students who show their student discount card. Students save on bus passes too.

All said and done, money-saving is more about self-discipline, just like dieting. You impose self-control and see the results after a few months. In this case, you will get the results for the whole life.

To learn more about canada read here

How I see Canada: 11 things I learned.