How To Manage Your Expenses and Save Money

By Sukh Dhaliwal

One source of stress for international students is their financial status, which can be caused by currency rates and tax amounts. It is important to “be careful in considering the cost of certain items and remember, tax is not included on price tags in North America” (ApplyBoard, 2019, 7), which suggests that many developing eastern countries have yet to establish appropriate tax rates in retail and therefore a sudden change can cause confusion to new coming students. Multiple factors can lead to financial struggles these students face, however how to avoid some of these struggles is what you will find throughout this chapter.

This chapter will outline some money saving tips on how to manage expenses not only within your university but also outside of your university. Majority of these are found not to be used by students simply because they are not aware of these tips; students are not informed at all about the advantages they gaincan obtain from being a student at KPU and therefore this may result in money loss.

Saving within your university:

• ) Medical Benefits

Before taking extra measures to manage expenses and save money, one should be aware of the benefits included in his/her tuition fees every semester. Failure to learn the benefits that are already included in the given your tuition fees may result in paying double for certain amenities. Dental/medical care costs are very high for international students without insurance, to avoid these costs one can review the tuition fees as dental/medical care can be included in the fees that is already paid.

• ) Commute benefits

Public transit is a very common and efficient means of commute for not only international students but also domestic students. A common way of getting around on public transit is by using a compass card. This card is prepaid and allows for quick, easy, and unlimited access to sky trains and public buses without having to dig for change every trip.

It can be purchased online, over the phone, in person at the Chinatown station, and also at vending machines located at most stations. Although this card can be purchased multiple different ways, it sometimes is also included in your tuition fees for the semester at a much-discounted price than elsewhere. More information on this card can be found at www.compasscard.ca.

A breakdown of your tuition fees can also be found under the student menu in the Online Self Service portal; https://one.kpu.ca.

• ) Access To Resources/Computer Repairs

Another benefit also included in your tuition fees is library, technology and learning center access. This can include booking study rooms, free computer access with your KPU login, and renting out books/movies/DVD’s at no cost of your own.

A large luxury that many students aren’t aware of is free computer repair for their laptops. If you happen to have issues with your laptop, the technology department can easily take a look for you and help to you resolve your issue at no cost. Compared to external repairs, this in-house amenity will save hundreds of dollars for a student. This is known as the information department which can be found on the third floor of the arbutus building on the Surrey campus. They can also be reached by phone at 604.599.2116 or email at servicedesk@kpu.ca.

• ) Tutoring Services

The learning center is another resource that is again free of charge and available to students that may need some extra help in their courses classes. It is located in the library and allows for one on one tutoring sessions, workshops, and online help as well. For those students that feel they may be struggling in their classes and need assistance with understanding concepts will really greatly benefit from this luxury, especially because it is of no cost. Again, compared to external services this amenity will save a great amount of money for students. Tutor bookings can be made online through www.kpu.ca/learningcentres.and include everything from workshops to study sessions.

• ) Textbook Savings

We are all aware Many students are aware of how expensive textbooks can be especially if buying them brand new. Many new coming students know to buy textbooks second hand but do not know where they can buy them from or who to ask. The first resort would be to get yourself added into the Facebook groups that includes over 10,000 KPU students looking to buy and sell used books. The used book prices drop significantly and can save you hundreds of dollars throughout the semester if bought second hand. Another website commonly used for buying and selling textbooks is www.bcbookworm.com which also serves the same purpose as the Facebook groups.

• ) Rewards/Financial Assistance

Students have the option to visit the Student awards and financial assistance department to check if they are eligible for some financial aid. This can include anything from a loan to a scholarship, depending on your academic standing with the university. It may also be limited strictly to course tuition and will not aid in other areas of financial struggling. More information can be found by emailing awards@kpu.ca, or calling at 604-599-2700.

Saving outside of your university:

• ) Retail Savings

A luxury that is available to students outside of the educational institution is the student price card, also known as the SPC card. This card allows for further discounts on a numerous amount of retail stores and restaurants; 10% off of any purchase made by a Canadian student who is above the age of 13 with a valid student ID. The card itself can be purchased online and stored in an online app along with your student ID for easy access, and is only $10 for the entire academic school year.

If you “Take your student card with you anywhere you go and with every purchase you make, simply ask if the employee accepts student cards. Although it may be a small amount initially, it adds up to a large sum in the end” (ApplyBoard, 2019, 2). This supports the idea that any small change can make a large difference at the end of the year, and the only way you will see               a change is if you begin now.

• ) Accommodation Savings

Many students have found that sharing a basement/apartment between 4-5 other students will lessen the amount they need to pay and make use of the space. This is supported by the survey done by students of Arley Cruthers CMNS 1140 class in which international students were asked “What is your current living situation?” (Cruthers, 2019, 1) and majority of the responses came back with; renting with roommates.

“If you don’t have friends to live with, you can check for a bedroom in a shared home through a simple Google or Kijiji search. Alternatively, you can connect with other students looking for roommates or a sublet takeover through your host school’s Facebook group” (ApplyBoard, 2019, 5). Finding roommates is not a difficult task especially in todays generation as people are connecting online from all over the world, and not to mention there are multiple students living here looking for accommodation so you are not the only one.

Many basements/houses for rent listings are posted in public places often visited by students on the daily. For students coming from India, postings can be found inside temples and nearby grocery stores along with contact information. Postings are also found inside laundromats as those are visited often by the public.

• ) Food Savings

Wholesalers such as Costco offer a large quantity of food and other household necessities at lower costs and in larger portions. For those students that share their living space with other students, buying larger quantities for all bodies of the household and splitting the cost between the roommates comes out to be much cheaper than buying individual groceries which you may not always finish. A Costco location that is close to the KPU Surrey campus is located on King George Hwy and 74th avenue, which is across from Superstore and the dollar store. This is easy and efficient for students that do not have vehicles as they are able to walk to the different grocery stores quickly.

A minimum charge of $60 is required to make a membership card, which allows for further exclusive savings and can last one whole year.

• ) Phone plans

As an international student, you will be making many calls to your home country to keep in touch with family and friends. Sometimes calling abroad leaves you with a very large phone bill to take care of at the end of the month, however if you use your student login ID at most public places you will be able to connect to the wifi. WhichThis allows you to use apps such as Whatsapp to connect with friends and family all over the world for free. Not only Whatsapp but many social medias can be used to connect with people across waters with only a simple connection of wifi. This will decrease phone bill costs greatly and allow for further savings as you do not require data or long-distance charges to be applied.

If you visit www.fido.ca/nac/choose-plan?type=byod more information can be found about plans or if you visit a Fido mobile store, the representatives can provide a very cheap phone bill catering to your needs.

• ) Everyday Savings

Other luxuries, for an example credit cards, can also be used for savings such as the TD travel visa. This specific visa allows for great savings as many international students will be making trips back and forth to their home country and can use the points on their visa for savings on plane tickets. Some visas also allow accumulated points to receive savings on movies, restaurants etc. Depending on the bank you are with, you can go into the branch and get more information on which account and visa is perfect for you.

References:

1. Dyczkowsky, A. (2019). How to budget as an International student. ApplyBoard. Retrieved from http://www.easybib.com/reference/guide/apa/website

2. Cruthers, A. (2019). How International students find accommodation. Google forms. Retrieved fromfile:///C:/Users/User/Downloads/How%20international%20students%20find%20accommodation%20(1).pdf