Managing Your Finances as a Canadian Student: Dos and Don'ts

Keeping track of your dollars and cents has never been more important. Here's how you can keep your bank account happy.

Canada is a beautiful place to enjoy your post-secondary years, and it's fast becoming one of the most popular destinations for international students.

Whether you're a local student or you're visiting from abroad, it's vitally important that you consider how you'll finance your time in college or university. We've brought together a few useful dos and don'ts to help you stay on top of your spending and ensure you're not too deep in the red at graduation.

Dos

First up, let's look at a few things you should absolutely be doing to help you manage your finances:

1. Give your income a boost

Particularly as a first-year student, you'll likely find yourself with a good amount of spare time on your hands between commitments. If you can find a job, this will go a long way towards helping you to manage your finances while in college or uni.

There's almost always jobs available on campus or in the surrounding area, so you'll be able to find a role that suits you. Not only will this give you some extra cash, but it's also a good way to meet new people in the area.

2. Differentiate between needs and wants

Living independently, you will likely have to make more financial decisions than ever before. It's important to consider any larger purchases carefully, and avoid any impulse buys. Make a clear distinction between purchases you need to make (such as books and groceries) and any luxuries that you could live without (such as the latest tech).

3. Make the most of student perks and benefits

Many different retailers and brands in a range of different industries now offer student discounts to lend a helping hand to younger customers. There are different types of savings cards available to both local and international students in Canada, so be sure to do your research and you will be able to start saving money on everyday needs.

Don'ts

Okay, the dos were easily. Don'ts can be tougher. You'll have to exercise your willpower — but don't beat yourself up if you slip here and there!

1. Spend beyond your means

Though there are lots of different things you'll need to pay for at school, this also means there are lots of ways you can save. Doing your research and shopping around for different options will ensure you get the most out of your money.

Things like phone plans, groceries, or eating out usually offer budget-friendly options, so don't just opt for the nearest shop or the first deal you see.

2. Overlook second-hand goods

Particularly when it comes to your learning resources, you should always consider second-hand options. You will easily be able to access online forums or marketplaces where students will sell any textbooks and equipment they no longer need having completed their studies. This is a great first port of call when it comes to purchasing your required books, and be sure to sell them on once you're finished yourself.

3. Take unnecessary risks with your money

It's important to remember that student loans are just that — loans that you should treat as you would money you've earned. Student loans can provide you with an injection of cash, but it's crucial that you're responsible enough to budget effectively, and don't suddenly splurge on things you wouldn't normally spend on.

It can be tempting to invest your money in different areas, such as cryptocurrency, but this can ultimately leave you in financial trouble. Again, think twice before spending any large amounts.

We hope the tips and advice above help you get a sense of where your money goes, and how you might hang onto more of it. Be sure to visit your school's financial aid department if you're having trouble with funds: many schools have emergency programs that can help you meet rent or get a bite to eat if you're struggling.

Best of luck in college or university!