Even once the financing is in place for your program of study in Canada, the planning doesn’t stop there. There is 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 with friends?
At the Canadian University Application Centre, this is an important part of our guidance to make sure students are suitably matched with an environment that fits their financial situation. Part of our assistance involves connecting students with those already in Canada to help get better prepared for money management issues.
But there are many other resources to get educated on these issues. In terms of finding difference sources of funding, one excellent resource is through the organization HigherEd Points.
In Canada, most Canadians have one or more “points cards”. Every time they make a purchase of one thing or another they have a card (now also in their mobiles) which they scan to keep adding points. After certain levels are reached, one might earn $20 or $50 on points and can use the money to reduce the cost purchases at any time.
HigherEd Points has an offer for international students where anyone collecting points from their purchases can transfer the value of the points towards tuition. International students can even invite friends, or other contacts, to transfer their points into the student’s own plan.
The 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 are very helpful!
Finally, the website also has an Alt Scholarships program and more information about this can be found at this recent Canadian Colleges and Universities Fairs presentation by Suzanne Tyson (CCUF January, 2022)
https://www.youtube.com/watch?v=iEzKkfikVkU
Fast forward to 22:00 minutes for a few minutes of discussion on the Alt Scholarships program. From 6 minute to 9 minutes in the same YouTube link there is a helpful discussion on budgeting.
The CCUF also offers a variety of resources for international students. One excellent presentation on lining up other funding sources in Canada can be found here.
There are a variety of tips on how to navigate the Canadian financial system, and get the most benefits you can without making costly mistakes (like
at least paying the minimum required amount by the deadline on your monthly credit card statement). The program host, Tracy Bissett, also has a Young Money podcast to guide young people on financial planning.
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Email comments or questions to blog@cuac.ca