In Canada, Students Should Make Coffee @ Home, Live Off the Campus

Despite challenges and the high cost of living, says HiWiPay, there are ways to save money, such as tracking your expenses, being thrifty and using cashback credit cards.

By GEETA CHAUHAN

As an international student in Canada, money is your prime concern. Despite challenges and the high cost of living, there are ways to save money, such as tracking your expenses, managing spending habits, being thrifty, using credit cards wisely, etc. Continue reading to explore the various ways to save money as an international student in Canada.

Track Your Expenses: Saving money involves knowing where your money is going, so track your expenses. You can use various methods for tracking that can help to streamline the process, such as

• Excel Sheets: Excel is a powerful tool that can be used to create a personalised budget tracker. You can categorise your expenses, input monthly costs, and use formulas to calculate totals and averages. This method is flexible and can be tailored to fit your specific needs.
• Budgeting Apps: Apps like Mint provide a more automated approach to budget tracking. After linking your bank accounts and credit cards, the app categorises transactions in real-time, provides insights into your spending habits, and even offers personalised budgeting advice.

Manage Spending Habits:

Once you are all set to track your expenses, you can move on to managing how you spend your money. One of the most popular budgeting rules is the 50-30-20 budget rule. Here’s how it works:

• Spend 50% of your after-tax income on your necessities and obligations. This includes rent, mortgage, insurance, groceries, health care, utilities, etc.
• Spend 30% of your after-tax income on your wants. Your wants are things that are not really essential, but that improve your lifestyle, such as vacations, new clothes, eating out, a new gadget, etc.
• Allocate 20% of your after-tax income to savings and investments.

While this rule can help you manage your finances easily, it is not a hard and fast rule; you can adapt it according to your financial situation and personal circumstances.

Get a thrifty mindset: A thrifty mindset can help you save thousands, regardless of your salary. Basically, it refers to the practice of being careful with one’s resources, specifically money. It involves carefully budgeting and looking for bargains and discounts.

Here’s how a thrifty mindset works:

1. Forget about cheap goods and invest in high-quality goods that will last for a long time.
2. Avoid impulse purchases and stick to your shopping list.
3. Reuse, repurpose, and recycle.
4. Instead of paying for services like home repairs, beauty treatments, etc., see if you can do it yourself.
5. Plan your meals a week ahead to reduce unnecessary food item purchases.
6. Consider buying used items or shopping at thrift stores. You can find high-quality products there at a low cost.
7. If possible, use public transportation instead of owning a car.

See, being thrifty is not about depriving yourself but making mindful decisions about your spending.

Utlize cash-back credit card: Cash-back credit cards are a great tool for students in Canada to manage their finances and save money. It offers several benefits like:

1. Building Credit History: If you responsibly use your credit card, you can establish a positive credit history.
2. Financial Independence and Responsibility: With it, you will be able to track the expenses, budget effectively, and learn the consequences of overspending early on.
3. Access to Rewards and Benefits: You can earn cash back or travel rewards on everyday purchases, allowing students to save money or enjoy travel perks.
4. Emergency Funds and Security: One of the most important benefits is that it serves well if you need an emergency fund.
5. Convenience: You don’t need cash to make purchases with a credit card

Remember, while credit cards can offer numerous benefits, they should be used responsibly to avoid debt and maintain a good credit score.

Make your coffee at home: If you are a caffeine addict, you already know how much money you can save by making coffee at home as an international student in Canada. You won’t only save money, but you will also have complete control over the quality of the ingredients and the strength and flavour of the coffee. The best part? You will be able to have a cup of coffee ANYTIME, without having to go out.

Consider Living Off-Campus

Living off-campus in Canada significantly cuts back your financial distress. Here’s how:

1. Shared Rent and Utilities: When you live with roommates, you can split the cost of rent and utilities such as electricity, water, and internet. This can reduce your individual expenses.
2. Shared Groceries and Meals: Living with others often means you can share the cost of groceries and take turns cooking meals. It can help to save money and time.
3. Lower Rent: Off-campus housing options are often cheaper than on-campus dormitories or apartments. You can easily find off-campus houses for international students close to campus.
4. Flexibility: Off-campus housing often comes with fewer rules and restrictions compared to on-campus housing, meaning it will be cheaper or have flexible lease terms.

While living off-campus can save money, it is important to consider factors like transportation costs to and from campus, the reliability of roommates in sharing costs, and the terms of your lease.

If your parents are sending money from India to Canada to cover your expenses, you know there are many fees and charges associated with international money transfers, like taxes, markup fees, transfer fees, TCS, GST, currency conversion fees, and many more.

All of these can add up and cost you more than you can imagine. To save money on international transfers, transfer money through HiWiPay, an online remittance company and your support system for international money transfers. Here’s what it offers:

• Convenience
• Security
• Money transfers within 24 hours
• No paperwork hassles
• Low markup fees
• Complete transparency

All you need to do is gather all your documents, fill out a simple form, complete the KYC, and digitally submit the A2 Form. You can do this from ANYWHERE, ANYTIME. Visit HiWiPay’s website or download the app today.

Buy Used Textbooks or Rent Them: Buying used textbooks or renting them can significantly help you save money as an international student in Canada. You can buy them through online platforms like AbeBooks, Book Outlet, Amazon, and ThriftBooks for a fraction of the cost of new ones. If you are someone who doesn’t plan to keep the textbooks after your course ends, you can rent them for a semester or two. You can even go into your university’s library and borrow the book from there. Either way, you must always consider the book’s condition and edition.

Shop Local & at Grocery Stores: Being mindful of your shopping habits and making smart choices can go a long way in managing your finances effectively as a student in Canada. So, consider shopping locally and at grocery stores to save money.

Here’s how you can save money by shopping at local shops and grocery stores:

1. Reduced Costs: Compared to large supermarkets, fresh food is frequently more affordable in neighbourhood markets and grocery stores.
2. Seasonal Produce: It is often less expensive and fresher to purchase fruits and vegetables in season.
3. Bulk Purchase: Purchasing goods in bulk might be more economical if they are non-perishable or are something you use regularly.
4. Store Brands: Store brands are typically less expensive than name brands while maintaining a comparable level of quality.
5. Sales & Discounts: Be on the lookout for any available deals or discounts. Weekly sales are held by several grocery shops on certain products.
6. Meal Planning: Plan your meals for the week based on what is on sale or what you already have at home.

Enjoy Free Entertainment Events & Venues: Since you are an international student abroad, naturally, you’d want to experience life in Canada to the fullest by attending entertainment events and venues. But some of them cost a lot, so be on the lookout for free entertainment events and venues to save money. The country offers:

1. Free Events and Activities: Cities like Toronto and Ottawa offer a variety of free events and activities ranging from music concerts to art exhibitions to film festivals.
2. Public Parks and Outdoor Movies: Many parks host free outdoor movie nights that you can enjoy.
3. Museums and Galleries: There are some museums and galleries that are free to enter in Canada.
4. Local Community Events: Keep an eye out for local community events like festivals, parades and community gatherings. These events are often free to attend.

Fully Utilize Public Transportation: Fully using public transportation is a great way to save money as an international student in Canada. Here’s how:

1. Monthly or Annual Concession Passes: In Canada, many public transit providers offer annual or monthly concession passes that allow unlimited travel at a set price. Compared to purchasing separate tickets for each trip, this might be far less expensive.
2. Student Discounts: Public transport in Canada offers special discounts to students, so be sure to ask about that. You may have to show your student ID for this.
3. Efficient and Economical: If you are in a large city, public transport is the most efficient and economical way for you to travel.

Remember, while public transportation can save money, it is important to consider factors like the proximity of your housing to transit stops and the frequency and reliability of the service.

Studying abroad can be financially challenging, but by implementing these life hacks, you can effectively manage your expenses and enjoy your international experience to the fullest. (The author is Co- Founder and CBO at HiWiPay)