7 Ways to Save money as an International Student in Canada
It can be hard to save money when you are abroad as a student. Although it seems that students don’t have much to spend, but the list is unlimited. From laundry to food, books, and fees, international students in Canada can have a hard time saving money. Here we will tell you some simple tips to keep a balance in your bank account.
Ways to Save Money as an International Student in Canada
Here are seven ways you can save money as an international student in Canada,
1. Apply for scholarships for international students
To save some bucks in your wallet, students can apply for a scholarship for the program they are using and their accommodation and other student discounts offered. Make sure to ask for special services they have for students on transportation, housing, food, coffee etc. There also may be some additional discount cards that students can purchase offering deeper discounts.
2. Get a job on campus
Fortunately, various Canadian colleges offer students job opportunities that even international students in Canada can benefit from. You can find their job listings for students on their websites or lookout for any new opportunity they would be offering. You can take advantage of this job until you complete your study program.
3. Off-campus shared accommodation
Living off-campus in a shared accommodation would be cheaper than staying on-campus while also bearing the academic fee. Things to consider when looking for a shared accommodation should include:
- Visit the rental property, don’t rely on online sources.
- Make sure the area has a decent neighborhood
- Discuss the rental amenities before finalizing (internet, storage, other services)
4. Get a Student Credit Card
Getting all the details of a student credit card beforehand can be beneficial for you before paying back what’s spent from them. If you do not watch it out, you can fall into bad financial habits and pile up an enormous debt on your account.
5. Open a student line of credit
A line of credit varies from a student loan. Students can pick how much money they need to borrow at any given time. It can be highly convenient for international students in Canada. There are interest rates associated with your credit line, but they are usually lower than those associated with student loans. Again, if you only use a fraction of your bank’s credit, you only have to pay interest on that portion.
6. Save on international money transfers
Exchanging money as an international student in Canada can be a little harsh on your pocket. Instead, to transfer money, website like Remitly could be checked for better rates and convenience. Most of the money transfer services have hidden charges that can wreck your budget. Paypal and Wise are services often used by students depending on which country they are linked to.
7. Save money on travel
By the time you complete your study program, you would turn into a cheap travel pro. You will get to know how expensive it can be for you to return to your family, especially on weekends, festivals, and holidays. So keep a check on International travel promotions and avail opportunities while also keeping track of your schedule.