Studying in a full-time program like the MSc Finance program in an expensive city like Vancouver can be quite a financial challenge. While you might know what you’ll be paying in university fees when you sign up, everything else can feel like a question mark, especially if you’re moving from outside the Lower Mainland or from another country. Here are some tips to help you manage this journey in a financially responsible way.
Housing
If you’re moving to the Metro Vancouver region for your degree, sorting out housing should be your first priority. Segal is conveniently located near SFU’s downtown student housing at the Charles Chang Innovation Centre. For a downtown residence offering an easy commute to school, the rent is fairly reasonable. However, if you want to find something cheaper or if the locality doesn’t work for you, there are numerous listings on Facebook Marketplace and Craigslist, as well as other platforms. It’s advisable to seek help from someone you know or an existing student to avoid scams.
Commute
Living away from school means dealing with traffic-heavy and time-consuming commutes to downtown. While public transit may not always save you a lot of time unless you live close to a SkyTrain station, thankfully, all SFU students are eligible for the TransLink U-Pass, which significantly reduces the financial burden of commuting.
Everyday Essentials
Planning your grocery needs in advance and sticking to that plan when shopping can save you a lot. Most supermarkets in Canada have loyalty programs, which can help ease the financial burden of shopping for essentials. Online resources like Flipp can help you score the best prices on everything you need.
Student Discount Programs
Take advantage of numerous student-exclusive discount programs like SPC, StudentBeans, and UniDays to feel less guilty about your purchases. If you’re new to Canada, most telecom providers offer student plans at discounted rates. My personal advice is to register for a student plan without a device initially and then take advantage of Boxing Week deals to get a better plan later.
General Advice
It’s easy to lose track of your budget when small expenses add up. It’s a good idea to plan a budget at the start of each month with headers marked for different expenses. Keep logging your spending against all these headers, and you’ll quickly see what you need to cut down on.
By following these tips, you can manage your finances more effectively and focus on your studies without constant financial stress. Vancouver may be an expensive city, but with careful planning and resourcefulness, you can make your time here both academically and financially rewarding.
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About the Author
Usman Ali holds a bachelor’s degree in Accounting and Finance. After graduating in 2021, he worked in corporate finance at an engineering firm and functional consulting at an IT consulting company before starting his MSc journey. During his free time, Usman indulges in reading fiction, spanning from fantasy to crime thrillers, and stays informed about current affairs. He also considers himself an anime enthusiast and enjoys binge-watching shows on Netflix and Prime.