Living in Canada can be expensive if you don't have a plan for money expenditure. You can get into trouble and lose all your money including your savings. Therefore, to live there, you should know some tips to save money and tighten your loose pocket.
Here are some of the tips to save money so that you can utilize your money on cheap products with little expenditure and more savings in your hands.
This is your foremost required after arrival in Canada. You will have to opt for either off-campus or on-campus accommodation. Living on-campus can be expensive and hence you should find accommodation near your institution i.e., off-campus. You can access the maximum benefits of living there by sharing your room with a friend and dividing goods between yourself. This, in short, will cut off your excess expenses and make your life easier in Canada. You can take public transit to reach your institution or if it is close by you can or walking. In addition, you can negotiate with your landlord for the rent or ask for some student concession for that apartment.
When you are living abroad, away from your family, you need to take care of your meal. You cannot get "ma ke hath ka khana" (food cooked by mother) but you can get healthier food like home by cooking yourself. In cases, you do not know how to cook food or shortage of time or both you can look for a "meal plan." It will be better than buying food from outside on a daily basis which will be expensive and unhealthier. In addition, you can buy food in bulk or in sales or when there is some discount which is mostly at the end of the month or at some festivals. Buying goods in these seasons can help you in making money from cashback offered online and getting some coupons at the store.
Students spend their money on clothes for the sake of fashion and show-off. You know it is important but spending unnecessary money just for the competition is unhealthy. Just like food, you need to invest money wisely otherwise it will stop making noise i.e. they will be spent. You can shop at thrift stores and buy clothes at a cheaper rate. And if you want to sell your old clothes, you can and get money in exchange. In this way, your wardrobe will be re-energized with new clothes, and you can still be fashionable. Further, you can buy woolen clothes as shawls, sweater, gloves to protect yourself from cold rather than burning fossil fuels (saving the planet by saving money).
It is the easiest and most accessible means in any country to explore places and for transportation. You can get student discounts on travel. In fact, some university provides free transportation for students. It is also better than owning a car where huge investments are required on a regular basis as servicing and fueling. Sometimes, your pocket needs to be cooled down and for that proper planning will be executed.
We all priorities our health before anything and when we are at a different place, it becomes all the more important for self-care. Therefore, it is our responsibility to get our health insurance issued or whenever you visit the hospital/pharmacy, you get a discount on your student id card. In case if you fall sick, you can avail this insurance and save your money. As you know Health is Wealth and so if your health is perfect, your money will be saved automatically.
This is one of the reasons for your arrival in Canada and your selection for Canadian institution in itself proves your intelligence. But it won't be sufficient to survive here. You will require books and purchasing new books will be expensive. Therefore, it is advised to purchase second-hand books from book-stores at cheaper rates. In fact, your second-hand books can be sold, returning all your invested money. In addition, you can utilize your library card by issuing your books and returning them after you have finished reading it. You can use your internet to download e-books and further reading them on your mobile phone or laptop.
You have already invested so much money in education, accommodation, food, etc that you are left with little savings. Therefore, you need to work. Working is not about saving money but making and managing it smoothly. You can get a part-time job easily from university and get placement by applying for it. Obviously, it will consume some times and efforts. You will have to take out time from a busy schedule and rather than working a full day, you can take up 2-3 shifts a week.
Living far away from family will make you feel lonely and calling home with your international number will cost you much. To save your money on international calls, you can connect to them with Skype and feel your family/friends are nearby you with a video call. In addition, you can normally call your family members through Skype even though they don't have skype.
It is difficult to settle everywhere but if you have a local friend, he/she might help to buy goods at a reasonable price as compared to the market. With the help your friend, you become more familiar with their culture and language. Knowing their culture and language can benefit you at local markets or places.
When you are at a new place your cash is deposit in your bank account so that you can use that money later. You can also get a savings account and use Canada's debit card to withdraw cash. Using a debit card of their official country will deduct more interest rate. You should change your habit of payment where you pay from cards, you need to pay in cash. It will track your money chart, and you will know when you are overusing them. You can also get some student’s deal at a bank which you will have to ask from the banker.
Other than these saving tips, you can add more to your pocket by-
1. Saving coins and collecting them in a jar. It will be a good initiative to save your money and at the end of every month, you will see a jar full of coins which can be deposited in the bank.
2. You can also hide money like under mattress, in files, boxes, etc and later use them in crisis.
3. Preparing a shopping list and adhering to them. You will observe how sticking to the list stops you from buying unnecessary products and saves money for your future together. You can also buy goods in bulks but make sure you don’t waste them. These two strategies can be of great use if used wisely and strictly.
4. Membership cards can be irritating but they can offer a vast deal of discounts on shopping, salons, groceries, transports, accessories, movies, etc.
5. Paying bills on time. You may think it is unnecessary to add it because you will remember to pay your bills but when you will start living there, you can forget and hence it will be an effective method. You should pay your bill(s) on time rather than making their collection. Paying bills and taxes on time keeps your money chart up today.
6. Making a spreadsheet of your expenses. It is necessary to write down all the expenses at a place. It will calculate your total expense together with keeping a track on money invested.
7. Students can apply for scholarship programs in the university. You need to complete some forms or draft some letter to the head. You should avail these opportunities for free and get free money.