Many people dream of having a better life and lifestyle and that is their reason to move abroad to developed nations like Canada, hence they need to understand how to manage money well to be able to survive in a foreign country. For this, it is imperative that one plans everything in advance.

Budgeting:

It is the first step of the financial planning. You should note down all your major expenses for the duration of education first and then write all the minor ones and make a priority list for them. After that write the source of money for each expense next to it. This will give you a clear insight into the funds available to fulfill the needs.

Accommodation:

Housing cost depends on the city you are planning to live in and also whether you wish to live on Campus or outside campus. Also, it is also dependent on the kind of lifestyle you want for yourself as everything has a price. It is generally $500 to $2000 per month which needs to be paid in full for the academic year if you want to stay in the campus and monthly if you wish to live outside.

Eating expenses:

It include food & groceries expenditure which is generally $240 to $480 monthly. You can register for a meal plan if you wish to live on the campus and it provides you access to all the cafeterias on the campus to have a meal. However, if you plan to stay outside, you need to cook for yourself and buy your own groceries.

Utilities, Cable, Internet & Telephone:

This will be approximately $210 to $260 per month. The price for the equipment adds or reduces the amount for you.

Medical Insurance:

Canada places a lot of emphasis on the health of the people; therefore, health insurance is mandatory for all and generally costs $75 to $120 monthly. You need to check whether your province offers medical coverage for international students or not. If it does not then your college or university will have plans for you which you can buy from them.

Travel Health Insurance:

For this, you need to get in touch with your school or the travel agent who could let you know the details for this. You need this if you plan to live in various parts of Canada and you are planning to live in Canada for less than one year. You might need this if you are there for an internship or a co-op program.

Recreation:

Entertainment is an important part of life and one needs it to release the stress of life. This could be around $120 a month. You need to decide what your interests are and what you want to spend money on. You can join a gym go out with friends for a movie or eat out once in a while in any famous restaurant that serves your native cuisine. There is a lot that Canada offers in terms of entertainment and you need to be wise while selecting options for yourself.

Transport:

Last but not least, transportation has a big part in the expenses as you need to commute to the university or markets or to workplace. You should find out about the affordable public transportation near the campus and your accommodation to be able to plan it well in advance. It is usually $80 to $156 if you buy a transportation pass which is a good option for students. You can also check in your college or university as many of them include a transit pass in the fee.