Moving to another country means investing in a new future. Change takes time, dedication, and a solid financial foundation. That said, if you are planning to study in Canada in the near future, making a budget for student life is essential to secure your quality of life during your studies.
So, how do you budget for student life in Canada? If you are new to this, there are many strategies you can follow. Check out the tips below and see what best fits your reality!
Tips for making a budget for student life in Canada
Canada is a great country for international students. Nevertheless, it can be a bit expensive if you don’t plan your budget for student life ahead. To make your life easier, you can follow these 3 tips below:
1 — Take a look at the living cost
Most students choose which city to live in based on the available colleges or schools. But that doesn’t mean you need to live next door to the institution you’re enrolled in. It can be really expensive to live in the downtown area of cities like Toronto and Vancouver, so sometimes you will have to look for places in the suburbs.
The good thing is that you will find a great public transport system in Canada, so it won’t be a problem to live far from your school or university. This means you can search for the cheapest areas within the city. And how do you do that? By searching for “rent (name of the city) Canada” on Google. You will be able to see rent prices in each neighborhood and choose the one that fits best your budget for student life.
2 — Compare the product prices
Another tip on how to budget for student life is comparing prices. Stores and supermarkets in Canada have a wide range of prices between them, so you need to do your research and be sure to choose a place to live closer to the cheapest stores. You might be tempted at making your groceries at 24-hour conveniences closer to your place, but remember that these places might be more expensive.
3 — Choose the type of accommodation
There are many types of accommodation in Canada for international students. One of the most common is to rent a place and share it with other students, so the rent is lower. Besides that, most universities offer accommodations for their students for a lower price. So you will need to decide which one makes more sense according to your budget for student life and your needs.
Finally, having an emergency budget will provide you with much more peace of mind and security; therefore, you should start saving money before your trip.
To do that, you can use Western Union Canada’s app. You can send money to Canada and pick it up in cash when you arrive in the country. This way, you can start to make your budget for student life in advance and be sure to have something saved even before your trip.
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