Budget Smart: Studying in Canada on a Tight Budget

Keeping track of your finances is critical if you're going to study at a Canadian college or university.

Even once the financing is in place for your program of study in Canada, the planning doesn't stop. There's still a lot to learn about earning money — and saving money!

Are you aware of all the different sources of funding after you arrive?

How much do part-time jobs pay?

How much can you earn in the summer recess?

Do you know how to budget? What does a dozen eggs cost, or a dinner out with friends?

Budgeting guidance and advice

At the Canadian University Application Centre, budgeting is an important part of our guidance, in an effort to ensure students like you are suitably matched with an environment that fits your financial situation. Part of our assistance involves connecting prospective students with those already in Canada, to help get better prepared for money management issues.

Still, there are many other resources to get educated on these issues, too. In terms of finding different sources of funding, one excellent option is the organization HigherEd Points.

HigherEdPoints

In Canada, most Canadians have one or more "points cards." Every time they make a purchase, they have a card — or a mobile app — which they scan to keep adding points. After accruing enough points, they can be redeemed to reduce the cost of goods and services (depending on the specific card).

HigherEdPoints also has an offer for international students! Anyone collecting points from their purchases can transfer the value of the points towards tuition instead. International students can even invite friends, or other contacts, to transfer their points into the student's own plan. Get your friends and loved ones involved in sharing points, and you could take a big chunk out your tuition fees.

Worksheets and videos

The HigherEdPoints website also has a Ways to Pay for School page to give further guidance, including worksheets for students to do their initial budget planning. Do download the worksheets — they're very helpful!

Finally, the website also has an ALT-Scholarship program: more information about this can be found in this recent Canadian College and University Fairs (CCUF) presentation by Suzanne Tyson. You can watch below or on YouTube.

Jump to 22:00 minutes for a discussion of the ALT-Scholarship program. From 6:00 to 9:00 in the same YouTube link there's also a helpful discussion on budgeting.

CCUF offers many other resources for international students, too. One excellent presentation on lining up other funding sources in Canada can be found below or on YouTube.

The presentation features a variety of tips on navigating the Canadian financial system — and how to get the biggest benefits you can, without making costly mistakes. (For example, by paying at least the minimum required amount on your monthly credit card statement). The program host, Tracy Bissett, also runs the Young Money podcast to help guide young people in their financial planning.

Study in Canada: your next steps

To stay up to date on the latest CUAC events, and of course, the latest news on studying in Canada, visit the CUAC website and subscribe to our blog. You can reach out with any comments or questions to blog@cuac.ca.