A budget may ease your life by ensuring that you have more money coming in than going out, yet many students don't make or use one. Here is a starting point.

A few essentials are:

1. Create a budget for yourself.
2. Your earnings: Even if you don't feel like you're making much money right now, your budget should reflect that. Tracking your income is crucial because overseas students are often only permitted to work 20 hours per week while classes are in session. Tracking your finances and where they are going can be simplified using budgeting software or an app.
3. Your recurring expenses: List the expenses you have each month, such as rent and utility bills, along with their costs.
4. Your own personal costs: These costs are adjustable, as opposed to your set expenses. You might feel that purchasing a snack is necessary, but you might alternatively bring one from home.

For instance, after considering your income and fixed costs, you decide to allocate $200 each month for food and groceries. You'll need to deduct the amount you spend from the $200 total you gave for that month's spending as the month progresses.

Find Ways to Start Saving

Prioritising your purchases once you have a budget will help you uncover methods to save. You can use savings to achieve future objectives like buying a new laptop or, eventually, a car. Using two different types of accounts is one method many individuals save money.

Savings Account: Spending and paying bills are both possible with a checking account. A savings account produces interest (1% of your investment), which helps you increase your wealth. Even if your current income is modest, saving a small amount each pay period can be beneficial in the long run. Regular little sums quickly pile up.

Monitor, Evaluate, and Revise

Budgeting is an ongoing process rather than a one-time affair. It's crucial to routinely (ideally monthly) review your income and outgoings and make adjustments to better represent your actual circumstances. As an international student, the financial environment in Canada may be different from that in your home country, and it may take some getting used to, but with the appropriate knowledge and resources, you'll be ready for success in your life, career, and finances.

iSchoolWallet is a one-stop solution to all the budgeting problems faced by students. It’s a platform that offers exclusive deals and discounts if you’re a student. So if you are a student based in Canada, register yourself on the website for free and start saving!