Budgeting tips for international students in Canada

Blog - October 25, 2022
Budgeting tips for international students in Canada

Across Canada, tuition costs for universities for both international and Canadian students have increased. In 2021/2022, the average tuition fees for international undergraduate students in Canada rose 4.9% from a year earlier to $33,623. Average tuition fees for international students in graduate programs rose 3.6% to $20,120 in 2021/2022. Graduate tuition fees for international students rose the most in Saskatchewan (+16.0%) and were unchanged in Newfoundland and Labrador. There are, however, some ways for students to budget, invest money, and bring down their costs, so they can minimize losses by rising them. In this blog, I will declare some ideas of the best budgeting tips for university students in Canada.

Best budgeting tips

Studying abroad is the first time that many students get the chance to practice real-life budgeting. With inflations in economics and a rise in tuition fees, getting the necessary finance and saving money is more difficult than it used to be. However, it is still possible to save by following practical tips, such as:

  • Using a budgeting app
  • Using public transportation
  • finding low-cost hobbies
  • Having a part-time job

Use a budgeting app to track expenses and income

In the old days, budgeting meant taking out a calculator and making a long list of all of your expenses, receipts, and income. Thankfully, technology has made this a lot easier!

Free budgeting apps allow you to connect your debit and credit cards, bank accounts, and more so you can keep track of your money.

Most budgeting apps automatically categorize your spending, allowing you to see where you can cut back and save more. They’ll also keep track of your income, so you can check your total expenses.

Use public transportation

Using public transportation like buses or subways definitely will help you to reduce your costs. Riding a car would be a more expensive option due to fuel and insurance costs.

Cycling is the most efficient mode of transport, you can rely on a bicycle when you need to travel short distances, and is cheaper to buy one.

Find low-cost hobbies

Friends are the antidote to the burdens of daily life. It is good for you to share some common activities with them. Going out to clubs or having dinner at restaurants would not be a good choice instead try to experience these hobbies:

  •  Biking in summer
  •  Going to the gym
  • Free university clubs
  •  Local gaming/eSports leagues
  • Hiking at Parks

Have a part-time job

if you are heading to Canada for higher studies and looking for ways to manage your expenses, this guide is for you. You will clearly benefit from working in some of the best part-time jobs. It helps you to offset your expenses and gain some useful work experience.

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