Moving to a new country can be as thrilling as it is daunting, especially when you’re stepping into the life of an international student in Canada. From figuring out the quirks of a new education system to finding the best spot for poutine, there’s a lot to absorb. One of the biggest challenges? Managing your finances. But don’t stress—I’ve got you covered. Here’s your ultimate guide to navigating life in Canada on a budget, with some practical tips on how to make the most out of your student experience without breaking the bank.
1. Open a Canadian Bank Account
First things first, get yourself a Canadian bank account. It’ll make life so much easier, from paying tuition fees to managing day-to-day expenses. Thankfully, CIBC offers a student-friendly banking package that’s perfect for international students. With CIBC, you can bank for free and, as a bonus, snag an SPC+ membership for free too. That means access to hundreds of discounts at your fingertips, helping you save on everything from food to fashion. Trust me, this is a deal you don’t want to miss.
Learn more about how to bank for free with CIBC and get your SPC+ membership here.
2. Create a Realistic Budget
Next up: budgeting. Canada can be an expensive place to live, especially in cities like Toronto and Vancouver. But with a bit of planning, you can keep your finances in check. Start by listing your monthly income (think part-time jobs, allowances from home, etc.), and then track your expenses. Remember to include rent, utilities, groceries, transportation, and that occasional coffee shop splurge.
Now, here’s where SPC comes in handy. With an SPC membership, you can save on essentials, making it easier to stick to your budget. Whether you’re grocery shopping or grabbing a quick bite, SPC’s got your back.
3. Make the Most of Student Discounts
One of the best perks of being a student in Canada is the plethora of student discounts available. From tech gadgets to dining out, you can find deals on almost everything. SPC offers exclusive discounts with partners like Kernels Popcorn, Taco Bell, and Marble Slab Creamery, just to name a few. You’re already saving big on tuition—why not save on everything else too?
Pro Tip: Always carry your student ID and SPC card with you. You never know when a store might offer a student discount, and flashing that SPC membership could mean instant savings.
4. Cook at Home
Eating out can drain your wallet faster than you can say “extra guac.” Save some serious cash by cooking at home. Not only is it cheaper, but it’s also healthier and can be a fun way to explore Canadian cuisine (but seriously, how do they make poutine so good?).
Need some inspiration? Stock up on groceries with your SPC membership and take advantage of deals at partners like South St. Burger and Yogen Fruz when you want to treat yourself. Balance is key!
5. Use Public Transportation
Getting around in Canada is pretty straightforward, and public transportation is a budget-friendly option. Whether you’re taking the bus, subway, or streetcar, you’ll find that most cities have reliable public transit systems. Many schools also offer discounted transit passes, so be sure to check with your student services office.
If you need to travel long distances, like heading home for the holidays, book your tickets early to get the best deals. SPC doesn’t just save you on daily expenses—think about the bigger trips too.
6. Find Affordable Housing
Rent is probably going to be your biggest expense, so it’s crucial to find a place that won’t eat up all your money. Start by looking for housing options near your school. University residences are convenient, but they can be pricey. Consider shared housing or renting a room in a student-friendly neighborhood to save on costs.
And remember, your SPC membership can help you save on everything you need to make your new place feel like home, from linens at Linen Chest to dorm-friendly gadgets.
7. Stay Connected for Less
Keeping in touch with family and friends back home is important, but international calling and data plans can get expensive. Look for affordable mobile plans that cater to students, and make the most of free communication apps like WhatsApp, Skype, or Zoom.
Also, take advantage of Wi-Fi whenever possible to cut down on data usage. Many campuses, coffee shops, and public places offer free Wi-Fi—just another way to keep your budget in check.
8. Explore Free and Low-Cost Entertainment
Who says fun has to cost a fortune? Canada is bursting with free and low-cost activities that will help you unwind after a week of lectures and studying. From hiking trails to art galleries, there’s plenty to do that won’t hurt your wallet.
As a student, you can often get discounted or even free admission to museums, cinemas, and other attractions. Keep an eye on your SPC membership for deals on entertainment and dining, and make the most of the student perks available to you.
9. Find a Part-Time Job
Landing a part-time job can significantly ease your financial burden and help you gain valuable work experience in Canada. Many international students are eligible to work up to 20 hours per week during school terms and full-time during breaks.
Start by checking your school’s career services or job boards for on-campus positions. On-campus jobs are often more flexible with hours and understanding of your academic schedule. Off-campus jobs are also a great option, especially in retail, hospitality, or customer service, where many businesses are eager to hire students.
Remember to have a well-prepared resume and cover letter, tailored to the Canadian job market. Networking is key, so attend job fairs, and workshops, and connect with classmates or professors who might know of opportunities. Working part-time not only helps with finances but also builds your resume and network in Canada.
10. Seek Out Scholarships and Grants
There’s a lot of financial aid out there, and it’s not just for Canadian citizens. Many scholarships and grants are available specifically for international students, so do your research and apply for as many as you can. Every little bit helps when it comes to offsetting the cost of tuition and living expenses.
Your school’s financial aid office is a great place to start, but don’t forget to look for external scholarships too. There are plenty of resources online that can point you in the right direction.
11. Join Student Organizations
Getting involved on campus is a great way to meet new people and build a support system. Student organizations often host events, workshops, and trips that are either free or heavily discounted for members. Plus, it’s a fun way to take a break from studying and explore new interests.
Many universities have clubs specifically for international students, so you’ll have plenty of opportunities to connect with others who are going through the same experiences. These connections can be invaluable as you navigate your new life in Canada.
Final Thoughts
Adjusting to life in Canada as an international student is no small feat, but with a bit of planning and the right resources, you can make it a smooth and enjoyable journey. Remember, your SPC membership is more than just a discount card—it’s your ticket to living well on a student budget.
So, go ahead and explore all that Canada has to offer, without the financial stress. And if you haven’t already, get your SPC+ membership through CIBC and start saving today.
Spend. Save. Repeat. With SPC.