Your Guide to Saving Money This Summer

As an international student, money may be tight. Here are a few tips on making your dollars and cents go further here in Canada.

Money makes the world go 'round, and it seems like there's never enough. As an international student in Canada, you're able to work any number of hours while you're on summer break — otherwise you'll be capped at 24 hours per week come September — so here's some advice on getting and saving money through the summer.

Create a budget

A great place to start when it comes to saving money is creating a budget. Track the things that you know you'll need to spend money on (e.g., food, gas, rent, phone bills) and approximately how much they will cost you each month. Make sure that money is set aside and then allocate the rest between your savings and money to spend on fun.

This is also a great time to decrease the money you spend on things for fun and put more into your savings. One way to do this is by cutting out one tiny, yet frequent expense. Maybe instead of paying for a food delivery service, you save the extra money and go pick it up yourself, or maybe you stop buying coffee every day and start making it at home.

Start tracking your spending and you'll quickly realize what costs you can easily cut out. Once you realize how much you can save by making small and easy changes, you'll wonder why you didn't start sooner!

Be mindful of your purchases

It's easy to get caught up in the excitement of all the new fashion, technology, and wellness trends and end up buying a bunch of unnecessary items that go mostly unused. We've all been there — in the excitement of buying something "new" we end up with something we never even actually wanted. Avoiding these types of purchases is a great way to save money and ensure you don't clutter your closet.

Next time you think about hopping on a new trend, wait a day or two before making the purchase. This'll help you decide whether it's something you actually want and stop you from making unwise impulse purchases.

Get a part-time job

Getting a part-time job is a great way to make some extra money and add to your savings. Try working at your local coffee shop or bookstore, or start tutoring younger students. There are plenty of opportunities to earn cash while also doing something you enjoy. An added bonus of working a part-time job is the experience and skills you gain! They are an amazing addition to your resumé. This will greatly benefit you when it comes time to apply for co-op jobs, internships, and other part-time jobs.

Start saving this summer. Track your expenses, set aside savings, don't spend money on unnecessary items, and get a part-time job to earn a little extra cash. Start saving now and your future self will thank you!