Are you getting ready to study in Canada but unsure if you’re ready?
Don’t worry, we’ve got you covered! Studying overseas can be a thrilling experience, particularly in Canada, which is stunning and vibrant and has long been a top choice for students from Hong Kong and Taiwan.
Reputable universities and a diverse culture will make you feel completely at home. However, in a first-world nation like Canada, the cost of studying abroad can soon mount up.
Here are some things to look into and consider while deciding whether you can afford your study trip to Canada!
Studying In Canada: How To Budget As An International Student
1. Research Your University Tuition Fees
Investigating your specific institution’s course prices is the first step in your affordability assessment. The majority of your expenses will go toward tuition, so you cannot afford to make a mistake in this area!
Course fees might vary greatly depending on your university, city, and type of course, particularly if you want to master specialized subjects like engineering, medicine, or the sciences. Make sure the charge you see is for the whole life of your program and isn’t just an annual estimate.
2. Determine Your Living Expenses
Your daily living expenses will account for the vast majority of your spending after your tuition.
This may be anything from CAD 2,000 to more than CAD 3,500 each month, depending on the city you live in!
To take use of the facilities and opportunities offered by a large metropolitan city, you must be willing to pay a high cost of living if your university is situated in a major metropolis like Toronto or Vancouver.
Make sure to include the following expenses in your total:
- Your lodging
- Your cuisine and amusement –
- The health and medical expenses
- Transportation
- Travel and vacation costs
3. Look Into Financial Aid & Scholarships
It can be challenging to get money for your study abroad, so it’s critical to look for as many options as you can.
International students can apply for a variety of funding possibilities. They are dispersed throughout undergraduate and graduate courses.
Many of them are grants and monetary rewards when you finish a semester of study, but some can be full sponsorships throughout the duration of your academic term, covering your living expenses and housing costs.
On their official website, you may find out more about the scholarships that are offered in Canada.
4. List Out Savings & Potential Income Sources
What is your savings amount? Do you possess a skill that would enable you to make money overseas? Or do you have to work and study at the same time?
All of these are important questions to ask yourself in order to determine if you need to set aside time now to increase your income or whether you will need to live on a smaller budget when you travel abroad and make money there.
Therefore, take the time to make a list of your savings and any possible sources of income that could help you, particularly when you arrive in Canada.
5. Seek Out Affordable Accommodation Options
Living independently in Canada may seem like an enticing alternative, but it may be costly. Rent can easily take up 30 to 50% of your monthly budget, so you can save a significant sum of money if you can find a less expensive place to stay.
Are you visiting a city where you have friends or family? The best course of action is to get in touch with them and inquire about the possibility of living together.
If that’s not realistic, you might want to look for other students who are going to the same place as you and see if you can save money by renting a house together.
6. Create A Budget Plan
Making a budget plan is the last step after preparing all of them. It will assist you in creating plans for the upcoming years and determining whether you are on track or whether you need to make additional lifestyle reductions.
You should be sure to include:
- How much you can afford to spend each week
- The amount of money you have saved for unexpected medical expenses
- How much money do you have available for travel and leisure during the school breaks?
- How much you can afford to spend on major purchases (school supplies, computers, furniture)
- Your monthly costs, such as your phone bill and transit pass
