How to save money in Canada while studying?

Published by ROOT ON on

If you are an Indian student who had/have plans for studying abroad but has financial concerns at the top of your planning list so you are at the right place and Rooton has some suggestions over how to save money in Canada and those concerns can be dealt with and tackled for the rest of the procedure to resume.

Get a student bank account:

Getting a student bank account in Canada brings you some perks like; no monthly account fees, student-specific promotions, and unlimited point-of-sale transactions, and many more. This not only brings you a sense of security but also financial stability up to an extent to assure your stay and survival in Canada as an International student.

The major banks in Canada offer free banking for post-secondary students. At CIBC, for example, students get unlimited transactions for free, while non-students might pay $13.95 per month. All you need is proof of enrolment.

Get a job:

Getting a part-time job aside from your university hours can get you some extra money in your pockets to make it through the week without stressing much on the bigger picture of uncertainties you may face ahead as an international student in Canada. And your earning can help you to layout a budget which we will talk about next. On the Canadian student visa, you have the permission of working for 20 hours/week of a paid job. However, you can work more or less depending upon the type, of course, you have opted for so that it does not affect your college performance. The pay for students for part-time work is around CAD 10/hour. But it can also differ from city to city.

Make a budget and track your spending:

If your expenses exceed your earnings then it may take a toll on your stay in Canada as a whole let alone the savings. It is important to frame a budget for necessary things. And here to differentiate between needs and wants becomes not only crucial but necessary. Make a list of things like meals, transportation, accommodation, and everything and then at the end of the month compare to track your spending and earnings. Finding ways to save and manage money in Canada is not that tough with a layout and list of suitable jobs available for international students.

Apply for scholarships, awards, and bursaries:

Scholarships, grants, and bursaries all offer some sort of financial assistance for students who need it or for those who apply for it. The three of them are different, usually because of the ways in which they’re awarded but also how they’re decided.

Bursaries can be applied for through the university’s website, but make sure you’re definitely able to apply, universities all have different rules and regulations about this kind of thing. The government, through local authorities, also sometimes offers bursaries.

About scholarships, there might be an audition or test game to make sure you’re worth the cash, and for academic scholarships, an exam might be given. More often than not, though, your 15 A*s are enough to satisfy them.

Grant is a monetary gift usually given for a very specific purpose, like studying abroad or undertaking research that costs a bit of money. To acquire it, a proposal and plan will probably have to be submitted to the awarding officer. There might be an informal interview or chat about the plans, just so they know that you’re up to something above board, but so long as the grant is genuinely needed there’s rarely problems in getting it.

These were some of the few tricks and tips to save money while studying in Canada. Opting for any of these is totally up to you but make sure you choose the most reasonable one and where you can make the most out of the given opportunity. For any kind of further consultation do not hesitate to reach out to Rooton as we are glad to serve you with your queries related to studying and saving money in Canada. We understand you!

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