Financial Intelligence: How To Save Money For college In Canada 

1. Get Creative With Your Spending Habits

The ability to make your money work for you is one of the important components of the Financial Intelligence. In order to save, begin by altering you lifestyle and how you manage your money. Take a look at the opportunities for mitigation of costs.

For example, instead of purchasing new text books, find another that suits the purpose of using old ones or borrow from the library. Students can get a cheaper fare for transportation, affordable meals, and cheap entertainment.

Another way is to replace going to a cafe with preparing meals at home, and this will significantly save your money for the day. Small lifestyle modifications have a way of saving you a lot in the long run.

2. Be Realistic With Yourself About Money

It is useful to be as realistic as possible in one’s financial expectations. This means you have to be very clear on exactly how much income you are receiving each month and how much expenses you are putting out each month. Document how much you earn from working, loans or your parents and then look at what you spend on shelter, meals and travel.

In case you find out that you are expending much more than you should, then rearrange. Having such realistic approach will assist you avoid unnecessary debts and learn way of saving for college.

3.Find Scholarships

Scholarships are one of the most efficient methods of easing the cost of college education in Canada. In this case there are many scholarship that are offered depending on students performance, extra curriculum activities or even talents. Take time in your search trying to find out the various scholarships available on the internet or from the college’s financial aid department.

I would recommended that you should apply for as many scholarships as possible to maximize your chances of winning the scholarships which do not entail repaying the money. This is virtually ‘free’ cash which can cater for part or the whole of your tuition fees.

4. Save Big Chunks of Cash

Any money which you find yourself having in your hands for instance the birthday money, tax refund, casual income among others should be saved. Saving these large amounts of money into a separate college savings account makes it possible for one to build adequate fund when the need arises.

It is much better to put aside that bonus money with the idea of saving for college in mind. The more you can save initially, the less you’ll have to borrow or work in order to pay your educational costs.

5. Creating a Budget

A budget should be set because it plays a major role in making an individual financially wise. Create a list of all your expenses that you have on monthly basis and put together money for those categories like rent, food and so on. It is important to save some ass part of your income.

A budget will show exactly how you are using your money and will help you from creating a budget- over or going over the budgeted figure. It is advisable to remain loyal to a particular stores to help you save your money for college.

6. Get an Extra Part-Time Job

Another excellent method to save for college is to be employed and secure a part time job if possible. Besides providing an additional source of income, it will also familiarise you with time sharing between work and college.

Most students within Canadian institutions provide employment in retail and food services or work on campus employments. Every hour saved, even if for a couple of hours a week, would mean a lot of money to be saved in the long run.

Moreover, some employers also provide incentives like tuition assistance so as to chip away more costs of college.

7. Apply For a Grant

The other important source of funding is through grants as they do not require the student to make repayments. Government grants in Canada are categorized as needs and merit grants or can be based on certain conditions while private grants are offered based on students’ financial requirements.

As with scholarships, don’t simply accept any grant without doing some homework and applying for the one that would be applicable to you. While grants can be used for a part of your tuition fees or living expenses, you retain more of your savings with grants than say, loans.

8. Negotiate Your Tuition Fees

There is always an opportunity to bargain on your tuition fees; yes, it is possible. This may sound strange, but when you are wasting your time some colleges and universities in Canada may be willing to discuss the financial aid options with you particularly if you have been offered admission from different schools. Be sure to inform your financial status and discuss the possible ways enjoying tuition cut or having payment agreements. Unbelievable but it is a fact that even if changes are small, the amount is bigger in the long run.

9. Start Saving Early

It is wise to start saving for college as early as possible so that the process will not be challenging. If you’re still years away from college, saving a couple of dollars every month can still result to a massive amount. One should open a separate interest-bearing account, where you can let the money grow.

You can also open up government savings programs such as a Registered Education Savings Plan (RESP), where you can also get extra grants and tax credits.

Conclusion

Everything stated above means that saving for college in Canada does not have to be a stressful affair if you use your financial brain. The only thing you’ll have to do is to be creative with what you spend; look for a scholarship and grant, work in order to pay for college bills, and try to save your money. Then you can make a huge difference in the amount of money that you spend in college. The idea is to make early preparations and remain loyal to the savings plan.

At the end of the day, with these my tips, you would be in a good position to finance your college education and successfully steer your academic dreams without necessarily burying yourself in acres of debt.

We wish you all the best!