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How to Save money for Canada Education

how to Save Money for Canada education

Being a student is already hard but sponsoring yourself through school is more difficult. International students in Canada or seeking to study in Canada have additional worries to deal with. Being a student involves lots of expenses and intentional students even have more expenses as well. As a student, you have less time to work, so it is very important to find ways to save money for your Canadian education. 

Studying in Canada can be expensive and quite challenging if you don’t plan to fund your studies. It is necessary to know some tips to save money to fund your studies in Canada.

Below are some of the best ways to save money as an international or prospective international student for Canadian education. 

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Ways to Save money for Canada Education

In this section, we shall make justice to various ways through which you could save money for Canada Education and this time, we are starting with the most important of them all, Applying for international scholarship to study in Canada

  1. Apply for international scholarships to study in Canada

One of the best ways to save money for your Canadian studies is to apply for scholarships to study in Canada. All that is required is to research the internet, they are lots of school-based scholarships that are open to all types of students, such as

  • Mature students
  • Part-time students
  • Students from specific geographical location
  • mid-career students and etc

They are various forms of scholarships, some are full-tuition scholarships, some are partial, some are one time grants etc. 

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  1. Apply for a job on campus as an international student 

This step is only for existing international students in Canada. Canada permits international students the ability to work while they study. Most schools have lots of job opportunities that are open to only their students to apply. International students in Canada are eligible to work, however, there are few guidelines stated by the Canadian government that international students must adhere to, they are

  • Must be a full-time post-secondary student
  • Must possess a valid study permit 
  • Must have a Social Insurance Number (SIN)

Working on campus doesn’t literally mean working in one of the school buildings. You might get a job working for one of the faculty members, a private business that functions on campus, a student organization, etc.

  1. Open a student line of credit 

This is quite different from student loans because you can decide how much you intend to borrow at a particular time. 

For instance, you were approved for a $15,000 line of credit but you only require $5,000 and so you borrow $5,000 and pay it back. You don’t have to bother paying the other $10,000 because you did not use it. The interest rates are quite lower than that of student loans.

  1. Utilize student discounts

This step is also for existing international students in Canada. A lot of shops and businesses offer special rates and discounts to students especially when they display their student ID card before purchasing. Researching the net of malls and top shops and restaurants in your location that offers student discounts is a good start. 

Students are eligible for discounts on lots of stuff, ranging from music streaming services, entertainments events and lots more, below are some of them.

  • Microsoft offers MS Office 365 to students for free
  • Canon offers discounts to students on their products and also offer 20% discounts on services and repairs
  • Bulk Barn offers 10% discounts to students on Wednesday and also offers a 40% discount on a Globe and Mail newspaper subscription. 
  1. Utilize the various saving methods

Learning how to save is actually the initial step in saving for your Canadian education. Saving money and collecting it in a jar at the end of the month is a good idea. A fixed savings account where you save monthly or weekly will curtail your spending and enable saving properly.

  1. Create a budget and track your spending

Budgeting can be extremely difficult, no matter what age or economic status. But when you are determined to save money for your Canadian education, you will do what is required and this includes budgeting.

Below are some of the essential rules for making a budget

  • Putting down your weekly or monthly income
  • Revisiting your past transactions
  • Being honest about your important expenses
  • Checking out how much you have spent
  • Knowing your wants and needs
  • Sticking and being disciplined to your spending limits.

Studying in Canada is exciting, but you have to be prepared as well. Doing the proper research before immigrating and becoming an international student in Canada will really be of help. 

 

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