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5 Ways to Save Money as a Student in Canada

Making ends meet can be a hurdle for many students. Generating money, paying the tuition, and saving some cash for your personal use requires exceptional skills and discipline. As such, you must make a few adjustments to your overall spending.

For instance, you can start by budgeting for the whole school semester and staying true to your plans. This way, you’ll know what you need beforehand and accommodate any miscellaneous expenses that might pop up along the way. It’s not uncommon for students, especially those who are just joining an international university, to overspend on unnecessary products or services.

Save Money as a Student in Canada

Are you currently in this situation and wondering how you can save on your spending? Here are a few tips to consider while studying in Canada:

1. Get a part-time job

One advantage of being a student in Canada is the possibility of juggling school and a part-time job. Provided you have all the necessary documents, you can take the available jobs while studying. So, what do you need to join the part-time job market? Well, for one, you will need to get a valid study permit and social insurance number. To get the best out of this opportunity, it is recommended that you find a job close to both the school and your home. This way, you’ll save a lot of time traveling to and from the workplace.

The extra cash you earn from this part-time job can help you meet various financial needs, personal and academic. Another advantage of this move is the fact that it’ll have a great impact on your resume. At the end of your studying period in Canada, you’ll have a resume that can win you jobs wherever you go. To make this even better, it would be a good idea to look for a part-time job that is within your field of study. This will give you the experience needed to boost your career journey.

2. Prepare your own food

This may seem minor to most people, but cooking at home rather than going to the restaurant has a lot of advantages. Take-outs and fast-food joints may look like a great idea, but they can be quite expensive in the long run. In fact, the cost of buying a plate of ready-made food can easily cover all the expenses of cooking several plates of the same meal at home.

Apart from saving money, preparing homemade food has several other benefits. For one, it will keep you healthy. As a personal chef, you have control over the calories and other ingredients added to your food. You also have the luxury of cooking certain meals the way you like, especially if they are unique to your country.

As a student, time is of the essence. Meal prepping comes in handy in this situation. This is basically the act of cooking dishes in large portions then dividing them for future consumption. Employing this technique will allow you to cook whenever you are free and reduce the unwanted traffic in your schedule. At the end of the day, you will save both time and money. In addition, if you are interested in continuing your education in Canada, you can try to study at one of these cheap Canadian universities.

3. Develop budget managing skills

Another very effective way of saving your money is through budgeting. Being cautious about spending your money ensures that you don’t drain your pockets early into your studying period. This is a very useful skill because it will help you live within your limit and avoid unnecessary financial strains.

Perhaps one thing that contributes to poor spending behaviors is impulse purchasing. However, with a budget in place, you’ll be able to question your move and think about the cons and pros before buying any item that wasn’t in your plans.

Also, always check your bank reports or any other document that shows your transactions. This way, you can track your spending patterns and know where or when you spend more than expected. For instance, if you spend over $100 going out on weekends, you can back on that and make the outings twice a month or occasionally.

4. Choose affordable accommodation

How much do you spend on rent and other related facilities? Many Canadian universities offer on-campus accommodation. The student can also rent a room or an apartment just outside their selected institution. Depending on the institution and the city, on-campus accommodation can be quite expensive, and even the cheaper ones are filled out quite quickly.

As such, going for an off-campus room can save you a large amount of money. It is highly recommended that you get a roommate(s) to help cut the costs even further. You can share various utility expenses like electricity, water, and even food.

Another good idea is to live with a relative if possible. Of course, many students love the freedom that comes with living away from home but if you are all about saving money, then be ready to take any chance that presents itself.

5. Take advantage of discounts

Many businesses are always marketing their products and are willing to compromise on their prices to attract more customers. As a student, you can take advantage of this opportunity to shop for your needs. Always be ready to grab any discount chance that comes your way, especially if it is an essential item.

In the same breath, you can also go for second-hand items to save even more money. With the advent of the e-commerce industry and online sales at large, it has become a lot easier for buyers to access a wide range of products in one place. You can peruse through social media pages or e-commerce websites for any opportunity to save a few bucks.

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