How to Save Money as a Canadian Immigrant

Every immigrant needs to master how to handle their finances once they arrive in Canada. It’s important to have an idea about the costs of transportation, utility and how much rent you will pay in your preferred province.

You can also research the common taxes and the real costs of goods and services. This information will be useful when planning your finances. Taking this step will also help you manage your daily expenses if you’re yet to secure an employment opportunity.

Many people are still planning to relocate to Canada despite the coronavirus pandemic. The country offers world-class healthcare services, affordable tertiary institutions to mention a few.

These tips will help you save money before and after you get to the Great White North.

Have a To-Do list

Writing every important task and item down can help you gain clarity and save time as you plan your relocation to Canada. Endeavour to mark each task you complete on your checklist immediately.  

Create a Budget

The next step to take after writing your to-do list is to determine the amount that each item on it will cost. Budgeting will reveal the important expenses and the likely time you will exhaust your savings, especially if you have limited funds. It’s also easier to maintain focus as you execute your plans. However, budgeting won’t work unless you stick to it.

 Pick the Right Bank Account

Consumers carry out transactions in Canada with their debit or credit cards just like in many countries in the world. It’s more convenient to pay for goods and services through banks than carrying cash around. The issue of safety must be considered too.

Evaluate your average monthly balance and transaction habit before selecting a bank. This will help you to reduce service fees in the long run. Try to ask for a recommendation, visit financial institutions websites or work with a financial advisor.

You should compare different options so that you can end up with the best account.

Reduce household expenditure

You may be left with a small saving after buying groceries, paying for utilities and covering other expenses at the end of every month. Check out some of the ways to save money:

1. Thrift stores and garage sales contain treasures at affordable prices. Garage sales may emerge in your area, especially during summer.
2. You can take advantage of coupons when shopping for groceries.
3. Buy non-perishable products in bulk during sales in the supermarket. As you take this step, remember to check their expiry date.
4. Schedule a family day out or involve your kids in sports activities instead of subscribing to cable TV.
5. Take smart decisions to save energy costs.

It’s advisable to set aside enough funds once you secure a job in Canada. This will ensure that you and your family are taken care of in case the unexpected happens. The funds should be able to cover you for at least 6 months.

Another option is to open a Registered Education Savings Plan (RESP) and a Tax-Free Savings Account (TFSA) for your children. The Canadian government support both investment options. The good thing is that your savings will be tax-free.

Don’t Hesitate to Ask for Help

Hiring movers will cost a fortune if you’re moving to another country. Nevertheless, there is nothing wrong with asking for help from your loved ones. This will provide an opportunity to bond with them more as they provide support. Sell or donate some items instead of packing all your belongings.

Move at the Right Time

The costs of housing and moving services are usually higher in fall and towards the end of the month. Moving to Canada during the winter will help you save a considerable amount of money. Asides that, you will have access to several housing options.

Cancel all Unnecessary Subscriptions

It’s high time you start cancelling every subscription you hardly use or can’t enjoy once you leave your country. For instance, certain streaming services, your gym membership and mailing services to your previous address.