Saving money as an international student in Canada is crucial because it helps you manage the high cost of living, cover tuition fees, and handle unexpected expenses. It provides a safety net during emergencies, ensures financial stability, and reduces reliance on loans or financial assistance. Saving money also opens up opportunities for travel, internships, and post-graduation plans, enhancing your overall experience and future prospects. It fosters financial independence, builds good financial habits, and sets a strong foundation for your financial success in Canada and beyond.

• Affordable Housing

  Begin your housing search well in advance to have more options and secure better deals. Consider sharing an apartment or house with other students to split the cost of rent and utilities. Explore rental listings on websites, local classifieds, or housing apps.

  For example: rent4easy.com, Facebook marketplace, kijiji.ca, craigslist.ca, some local WhatsApp and Facebook groups

• Be Your Own Cook

  Decide what dishes you want to prepare and make a grocery list accordingly. This helps you avoid unnecessary purchases and ensures you have all the necessary ingredients on hand. Prepare larger portions of meals this allows you to save time. While it's enjoyable to dine out occasionally, it can be costly. Also, use price matching app like FLIPP. Using this use can price match a lower priced item being sold at one store while you are in another store. For instance, if walmart is selling Dempsters bread for $2 and superstore is selling it for $3, you can show the flyer from flipp app at superstore and get the bread for $2. Click on the link below to know more.

  For example: FLIPP App

• Student Discounts - Best Of All Time

  Always carry your student ID card and SPC card i.e. Student Price Card and inquire about student discounts at restaurants, cinemas, museums and etc. Many places offer discounted rates for students, so take advantage of these opportunities to save money.

  Apply Today: spccard.ca 

• Transportation Cost

  Many Canadian universities and colleges have partnerships with local transit authorities for discounted student bus passes. U-Pass programs offer unlimited transit access for a flat fee included in student fees. Some students may be able to opt-out of the program if they don't require regular transit services. Contact your university for opt-out options to save money.

• Utilize Campus Resources

  Your campus likely has health and counselling services available to students. Take advantage of these resources for physical and mental health support. Make use of the campus library and its resources. Librarians can assist you in locating research materials and academic journals. Engage with student clubs and organizations related to your interests, hobbies, or cultural background. Participating in extracurricular activities can help you build social connections. Take advantage of campus recreation and fitness facilities. These may include gyms, sports fields, swimming pools, fitness classes, and outdoor recreational areas. Search for recreational areas near me.

• Mobile Phone Expenses

  Make use of free Wi-Fi networks whenever available to reduce your mobile data usage. Instead of purchasing a new phone with a plan, consider using a bring your own device plan. Research different mobile phone plans and providers to find the most affordable options. Consider both postpaid and prepaid options based on your needs.

• Miscellaneous Spending - Your Worst Enemy

  Prioritize your spending on essential items such as rent, utilities, groceries, and transportation. Allocate your budget to cover these necessities before considering discretionary or miscellaneous spending. Before making a purchase, compare prices at different stores or online platforms to find the best deal. Look for free or low-cost options such as picnics, hikes, game nights, or exploring local parks and attractions.

Remember, saving money requires discipline. Prioritize your needs over wants, set achievable financial goals, and monitor your progress regularly. A great way to start is by simply tracking your expenses in an excel sheet. This will help you gain a better idea on what your expenses are and get your spending in control. By adopting these budgeting tips, you can successfully save money and invest it for your better future life.

While knowing on how to save money, you must also start focusing on these few items ahead of time:

• Emergency Funds

  Having savings provides a safety net in case of unexpected emergencies or unforeseen circumstances. It can help you cover medical expenses, travel costs, or any other urgent needs that may arise during your time in Canada. It is said to have at least 3 months of savings in hand for any unexpected circumstances.

• Post Graduation Plans

  Many international students aspire to stay in Canada after completing their studies for further education or work opportunities. Saving money can support your post-graduation plans such as applying for work permits, pursuing higher education, application for PR or covering the costs associated with transitioning to the first full time job in Canada.

• Financial Independence

  Saving money as an international student fosters financial independence and builds good financial habits. It instills discipline, budgeting skills, and a sense of responsibility for your financial well-being. These skills are valuable not only during your studies but also in your future endeavors.

As an international student in Canada, it's important to be aware of financial scams and take steps to protect yourself. Here are some common financial scams to avoid:

• Quick Job Scheme - Too Good to Be True

  Be cautious of job offers that guarantee high earnings with little experience or effort. If an offer seems too good to be true, it likely is. Legitimate employers provide employment contracts outlining the terms and conditions of your employment. Be cautious when asked to provide sensitive personal information such as passport details, bank account information, or social insurance number (SIN) before you have officially been hired.

• Rental Scams

  When searching for accommodation, be wary of listings that appear too good to be true, ask for upfront payment without proper documentation, or request wire transfers or payments through unsecured methods. Always visit the property in person, read the lease agreement carefully, and use trusted rental platforms or reputable landlords.

• Phishing and Identity Theft

  Be cautious of suspicious emails, calls, or messages asking for personal or financial information. Avoid clicking on suspicious links or providing sensitive information unless you have verified the authenticity of the communication. Keep your personal information secure and regularly monitor your bank accounts and credit reports for any unauthorized activity.

• Bitcoin/Gift card Scams

  Beware of schemes that offer high returns for recruiting others to invest in Bitcoin. Pyramid schemes often collapse, resulting in significant financial losses for participants except for those at the top of the pyramid. When buying or selling Bitcoin, use reputable and well-established cryptocurrency exchanges. Research their reputation, security measures, and user reviews to ensure they are trustworthy.

• Immigration Scams

  Be cautious of individuals or organizations that promise guaranteed visas, work permits, or faster immigration processes for a fee. Canada has specific immigration procedures, and it's important to consult official government websites or authorized immigration consultants for accurate information. Remember that most of your immigration related process can be done directly on IRCC’s website and you do not need a lawyer or agent in middle, despite of what anyone tells you. There a lot of youtube videos freely available on step by step process for any type of application you need to do with IRCC. Try searching on youtube or reach out to us to get free resources, without any charges!
  

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