How to Save Money as A Student in Canada–Are you currently schooling in Canada? As a student and immigrant, you will need to save money especially if you are not on scholarship.
In this article, we’ll show you over 30 ways that you can save money as a student in Canada. Saving money will help you over any unforeseen occurrence in the future.
Saving money as an International student in Canada might seems very hard, but here are some tips and tricks to help you save money efficiently and effectively.
- Budgeting!
When it comes to managing your finances, the sooner you realize that you need to watch what comes in and out of your account, the sooner you will be able to get a handle on your spending habits and begin conserving your hard-earned money.
Keeping track of your costs isn’t as difficult as it appears. To track your spending, you can use a basic excel sheet and a manual procedure. You may also find some handy spending monitoring excel sheet templates online, or you can use budgeting tools to automate this process. I use the Intuit Mint budgeting program, which is linked to my bank account and tracks all of my transactions.
- Make changes to your spending habits.
Being able to manage your spending patterns is an important element of establishing a solid financial foundation. Use the classic 50-30-20 budget guideline, which allows you to divide your spending into three categories: 50% for needs, 30% for wants, and 20% for savings and debt reduction.
- Have a frugal attitude
In this world, there are two kinds of people. Those who make a lot of money but don’t save much for retirement, and those who don’t make six figures but wind up saving and investing their money and finally building up a nice retirement portfolio. Try not to be the first type.
Begin saving money and educate yourself on the various options for investing and developing your money. You can also begin investing in tax-free savings accounts such as RRSPs and TSFAs.
- Understanding how to fully exploit the benefits of a cash-back credit card
A free cash-back credit card is the eighth wonder of the universe for students when it comes to credit cards. In today’s competitive Canadian banking industry, some cards give up to 4% cash-back on purchases, which is incredible. Yet, as a student, you must plan how to optimize this return.
Begin by shopping at stores affiliated with those credit cards or banks. These are the first purchases that qualify for cash-back. Just filling up your tank at participating gas stations qualifies you for cash back.
Second, take use of all the benefits that come with your credit card. For example, free rental car insurance or travel and hotel discounts.
Finally, remember to pay your credit card account on time to prevent interest charges, which can seriously jeopardize your long-term financial plans.
- Brew your own coffee at home
Coffee is regarded as one of the most expensive beverages. Coffee is a massive waste of money, according to entrepreneur and investor Kevin O’Leary, or Mr. Wonderful as he is known on the popular ABC TV show Shark Tank. He would rather make his own coffee at home, which costs him an average of 18 cents per cup, than pay $5 for a cup of coffee at a large coffee chain. Be thrifty, and start making your own coffee!
Other Top Ways to save Money as an International Student in Canada
- Avoid spending money on two days every week.
- Locate Low-Cost Entertainment
- Scholarship Applications
- Maintain a Budget
- Prepare Your Weekly Meals
- Apply for Student Banking Discounts
- Purchase Needed Items from Secondhand Marketplaces
- Avoid Using Credit Cards
- Stay at Home
- Begin a Side Business
- Taking Use of Campus Freebies
- Purchase a Bike
- Claim Your Student Expenses
- Don’t Update Your Equipment Too Frequently-
- Keep Track of Your Degree
- Purchase Used Textbooks
- Search for less expensive electronic textbooks.
- Workout on Campus
- Take Benefit of Student Discounts
- Request Payment from Your Parents
- Coffee shops should be avoided.
- Share a House with Roommates
- Participate in Networking Events
- Limit the number of times you party.
- Obtain a part-time job and take public transportation.
- Be Cost-Effective
Conclusion
It is essential that you learn how to save money as a student in Canada especially as an international student. Please adhere to the tips and tricks here.
If you follow the tips and instructions here, you can be guaranteed to save money and be free from unnecessary financial embarrassment.
