How to save money when studying in Canada

There is no getting away from the fact that being a student can be a little on the tough side. Of course, there is the study to contend with, which is never easy, but then there’s the whole financial side of things to consider. Being a student is not cheap! What makes it even more expensive is when you’re studying in an entirely new country.

Canada is a popular destination for students and the country has plenty to offer those who are looking at progressing their education. If you’re someone who’s looking at making the move and carrying out your studies abroad, we want you to be able to focus on what matters, without getting hung up on financial worries. With that in mind, here are our top tips for saving money while studying in Canada. 

Save on international money transfers 

If you’re an international student, there’s a good chance that you’re going to want to be able to send money to friends and family back home. There’s an even greater chance that you may have family members who are wanting to send money to you. The problem is that, unless you fully explore your options, you can see your funds being depleted as fees eat away at them.

The best way to send money to Canada is via an online money transfer provider. This route can save you a considerable amount on fees and can also see funds reaching you much quicker than if you’d used your bank. This can give your family peace of mind knowing that the money gets to you when you need it, without any unnecessary delays. 

Apply for a scholarship

The reality of international study is that it’s expensive. Studying in Canada is no exception so it’s important to take advantage of every potential saving that there is. A great way to save on your tuition fees is via a scholarship. There are numerous types of these available in the country and they suit a whole range of students from those who are mature to those who are only looking to study part-time. 

There are scholarships that will meet 100% of tuition fees, but others work a little differently. Typically these others will help by meeting travelling costs or by helping you to buy a laptop or textbooks that are needed for study. 

Get yourself a job on campus

When it comes to saving money, there is of course the need to have money to save in the first place! A great way to boost your funds, and help yourself make ends meet, is to explore the job opportunities that are available to international students on campus. You will find that it is common for there to be numerous jobs where only students are allowed to apply so this means that you should have no real problem landing yourself a role.

Of course, you need to make sure that you’re not falling foul of any laws and regulations. This means that you’ll need to leave your job as soon as you’ve finished your studies. If you move to a different educational facility, you’ll need to leave your campus job too. 

Move off campus

While tuition costs can be significant, the next biggest expense that you’re likely to have while studying in Canada is your accommodation. While many students will choose to live on campus because it’s generally easier, you can save yourself a considerable amount by making a move. The reality is that living off-campus is far far cheaper.

If this is an option that you explore, you’ll need to make sure that you carry out some research first. Be sure that you’re moving to a safe area and be sure that the campus can be reached easily. It is also worth having other students who are willing to move in with you. By splitting the expenses you can save even more. 

Save on health care 

A major worry when studying abroad is health care. Every country has different health provisions and, if things go wrong, it can be an expensive experience, as well as a worrying one. The good news is that Canada is one of those countries that is known for the fact that it offers free health care. The bad news is that this doesn’t cover everything! 

To make sure that you’re covered for all eventualities, you’ll need to liaise with your place of study. Some will have insurance schemes that you can opt into. If they don’t have these, they should be able to offer some advice as to where you should be looking. Health insurance is a must – without it, you have the potential for some huge medical bills. 

Make a budget – and then stick to it

This isn’t exclusive to those who are studying in Canada. Instead, this is a tip that can be used by everyone who is looking to save money. Budgeting isn’t always the easiest thing to do, but once you’ve done it, you’ll be pleased that you did.

Keep a track of every spend that you make so that you can see where every penny is going. If you do this there’s a good chance that you’ll identify a few areas where you’re spending when you really don’t need to. Cutting back on this type of spending can make life so much more comfortable and even see you with money to spare at the end of the month. 

Final thoughts 

Studying in a foreign country can be a great experience and there’s a good chance that many people will be envious of the fact that you have the chance to do this in Canada. Being abroad can be tough in many ways while you’re learning to adapt. Knowing how to stay on top of your finances will make it that much easier. 

Getting your finances right means that you can concentrate on your studies and also ensure that you make your time in Canada one to remember, for all of the right reasons. 

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