Member-only story
Are you a Student and Broke?
I Saved $10k in Under a Year as an International Student in Toronto
Is it really doable? And the five things that made it possible.
Never in my dream did I think of pursuing a Master’s degree. But here I am, more than a decade after completing undergrad — back to student life. Although it’s been a year since I moved to this amazing country, it all seems unreal to me. Living in Toronto feels like a dream — a fairy tale. There is such vast cultural diversity here. One minute I am walking amidst skyscrapers, and next, I am on a hiking trail. But, the one thing that never fails to bring me back to reality is — the financial stress of being an international student.
The struggle of staying financially afloat in the most expensive city in Canada is real. Add to that the exorbitant tuition international students pay, and it is enough to keep anyone awake at night. It sure keeps me awake.
Reflecting on this past year, one of my shiniest achievements was saving $10,000 in less than a year. While it only made a small dent in my tuition, it gave my confidence an enormous boost and reinforced my determination.
Setting the context
Before I get into the details of how I did it, some background information to set the context. I am what you would call “a mature student” — someone coming back to academia after a long gap. I applied for the study permit under the SDS program — meaning I had proved to the immigration officer that I had sufficient funds to support myself through a $10,000 GIC. I would get back that amount in 10 equal installments for the duration of 12 months. I brought an additional $1,000 in cash and paid one month’s deposit for my accommodation. I am not including my detailed financial background on my education loan or how much money I had back home. I only want to specify the money that I started with in Canada.
The five things that made it possible
Now on to the things that helped me
