Once you start thinking of moving abroad, Canada hits your mind within seconds after the USA and the UK. There are many factors that influence the decision of a study abroad aspirant. One of them to study abroad Canada is finances. This article will tell you the factors that affect the cost of living in the Canadian state. Moreover, you will know the ways to reduce the pocket burden. Also, it will help you to grow independent.
Factors Affecting Finances
Do you know what affect the budget of a foreign students? If not, then read this section. There are many factors directly affect your budget while you study abroad Canada. A few of them are mentioned in this section.
Accommodation
There are two kinds of living places that a student can opt for. These are
- On-campus places includes hostel and dorms in the campus.
- Off-campus accommodation includes flats, shared spaces and PGs
The type of living place chosen by the study abroad aspirant also hampers the cost of living in Canada for Indian student. Thus, the average expenses are:
- Shared: 300-700 CAD (18,496.15 INR – 43,157.68 INR)
- Apartment/Suite: 450-1,500 CAD (27,744.22 INR – 92,480.73 )
Tuition Fee
The fees to study abroad are usually linked with the ranking that the institute holds. The higher the tuition fee, the higher the monthly budget as well as the pocket strain. The fees range from 12,000 CAD to 1,69,000 CAD for courses like physiotherapy, journalism and health sciences.
Area of Admission
The area in which your college is located highly influences the living cost. The urban regions have high costs for everything right from transport to bread and of course, the fees that the institute charges. On the other hand, the rural and sub-urban towns are much cheaper as compared to cities like Vancouver and Toronto.
Transportation
The type of transportation used while candidates study abroad Canada impacts the monthly budget. The experts advise that you should use public services along with the discounts available on student identity cards.
How to Reduce Cost of Living?
Canada has a high quality of life. In simple words, it also means that life is expensive there. However, there are numerous ways in which the foreign student can reduce the cost of living in Canada. By living in the other country, you not only learn many things but you also become independent financially. A few of them are listed below.
Set a Budget
Deciding a monthly budget is vital for a study abroad aspirant. You must bifurcate the money as per the days and weeks. Make a list of the items you need every month and dedicate an amount to it. One must monitor the inflation rate in the country every time. It is standing at 3.4% in 2024. You should write the exact amount spent on your needs. It will help you to track it easily.
Learn to Cook Well
One of the ways to reduce your expenses in foreign land is to cook your own meals. Moreover, you will not feel homesick. However, you can opt for an Indian restaurant if unwilling to cook but they will create huge bills.
Manage Your Money
You must be able to manage the money. You may save it or invest it. A proper track of each penny must be kept in order to avoid any future inconvenience. Also, your money must be kept safe from any financial fraud.
Part-Time Jobs
One of the best options to manage your finances in a foreign land is to opt for part-time jobs. It enables you to get exposed to the global environment that you will enter as well as earn pocket money. This will help you a bit in managing the finances while you study abroad Canada and gain some experience.
Consult Locals for Cheaper Options
You should ask the people who have been living there for a while as they would know the local stores with cheap rates. Hence, asking them would save a lot of money and time. It will help you to explore the area.
Use Your Student ID Outside of College
You can save money by using a cheap mode of commuting. However, discounts on transport are given on the student identity cards. Also, you get student discounts while you buy electronic items. You just have to present the card to avail the waivers.
Conclusion
In conclusion, you got to know the cost of living in Canada for Indian students and the ways to save it. Moreover, you can consult a study abroad consultant to seek help. They will assist you in everything from college selection to settling in your dream nation. One such platform is gradding.com where the team of experts will guide you by analyzing your academic and financial profile. Also, they will tell you the ways to wisely spend and save money in Canada.
