Tips for managing your finances as an international student in Canada
Managing your finances while studying abroad in Canada can feel daunting at first. But the good news is that by budgeting and following smart strategies for saving money, you can take control of your finances and feel good about enjoying some adventures along the way. Here are our top five tips for managing your finances as an international student in Canada.
1. Create a realistic budget
A budget is your best tool to keep track of your spending and avoid running out of funds. Start by listing all your expenses, including rent, utilities, groceries, transportation, phone bills and any school related costs. Next, track your income sources, like personal funds, scholarships, part-time job earnings or help from family.
Once you have an idea of how much money you spend versus how much you earn, you can create a budget for yourself with spending guidelines across all areas of your life. You can even set savings goals or set aside some money for fun. Technology is a huge help when it comes to budgeting, so be sure to check out budgeting apps that can sync up with your bank account.
2. Sign up for a Canadian bank account
Speaking of your bank account, it’s a great idea for international students to set up an in-country bank account while studying abroad. This will help you save on costly foreign transaction fees, plus some banks, like our partners at TD Bank,* offer exclusive packages for students.
3. Take advantage of student discounts
Canadian businesses are usually quite generous with student discounts. From transportation to restaurants, tech and entertainment, student discounts can help you save big. So whether you’re going out to a movie with friends, visiting a museum, or buying a new laptop, always ask if a student discount is available. Just be sure to carry your student ID to prove you qualify!
4. Explore campus resources
Many schools offer different workshops on money management, budgeting, saving, and investing through the financial aid office or even through the business school. It’s a good idea to stay up to date on campus activities and join these events whenever you can!
5. Find part-time work
Many international students want to earn an income while they’re studying abroad so they have extra spending money and/or money for unexpected expenses. As an international student, you’re eligible to work part-time jobs on and off campus, though requirements vary based on your specific study permit. Not only will part-time work help you manage expenses, but it’s also a fantastic way to meet friends, gain professional experience, build your resume, and expand your network in Canada.
Managing your finances doesn’t have to be stressful
By setting a budget, getting a Canadian bank account, taking advantage of student discounts and campus resources; and considering a part-time job, you’ll be ready to manage your money like a pro in no time. And the best part is, with a solid plan in place for your finances, you’ll be able to more fully enjoy your time abroad without worrying about overspending. Here’s to making great financial decisions!
*MPOWER has referral agreements with TD Bank and may earn referral fees from this relationship.
