Planning Your Finances as an International Student

Budgeting, banking and employment tips to help you plan your life in Canada!

Finances are rarely easy for students in general, but as an international student, you may face more challenges, including coming into a new country and culture, not knowing how much things cost, what's essential, what's optional, and so on. Here are some tips that will hopefully help you plan your finances and reduce the cost of studying in Canada!

Budgeting

Always estimate how much cash you'll need on purchases; it's helpful to write down what you think your expenses will be and keep tabs on it throughout the year! Allot yourself a specific amount on personal money each month, and try to save as much as you can for emergency fund such as laptop repairs! There are lots of apps out there to help you.

Textbooks

Consider buying your textbooks used, or share them with a friend! It's often cheaper this way and you end up saving money! Redeemer University College has a Buy and Sell Facebook page to help students get reduced textbooks, or you can try other online markets like Kijiji, or directly from graduating students.

Banking

Canadian banks are trustworthy! If you wish to set up a bank account in Canada, it will take about two weeks. It's a good to keep your extra money there! Many banks will have discounted bank accounts for students, meaning you don't have to pay service fees. You may even receive an incentive or bonus when signing up.

Employment

Need some extra cash? Look for on-campus employment! Many universities will have part-time jobs which help students to earn some income while studying. There are also job boards which can help you find babysitting jobs, landscaping, etc. Most student visas will permit you to work at least a few hours a week while you study.

While getting hold of your finances may seem stressful at first, there are definitely lots of ways (as shown above) to help make university more affordable. Check out Redeemer's financial aid page for more information and advice.