How to study in Canada without spending much money – Tips for saving money 2024


Canada is a popular study destination for international students, including Nigerians. It offers a wide range of high-quality educational institutions at relatively affordable prices. Additionally, Canada is a safe country with low levels of crime and violence.

However, Nigerian students should be aware that the cost of living in Canada is high. To help students save money, we have compiled a list of tips that will help you save.

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Ways to study in Canada without the breaking bank

Studying in Canada can be expensive, but it doesn’t have to be. Here are some tips on how to save money on your education:

Choose a low-cost university


There are many affordable universities in Canada, including Memorial University of Newfoundland, University of Regina, Royal Roads University, University of Saskatchewan, and Athabasca University.

The following is a list of five low-cost Canadian universities in Canada.

Cook your own meal

Eating out is expensive, so save money by cooking at home.

Shop at thrift stores

Thrift stores are a great place to find clothes, furniture, and other items for a fraction of the price of new items.

Avoid unnecessary expenses

Don’t feel pressured to buy things and subscriptions that you don’t need.

Walk or bike whenever possible

This will save you money on transportation costs.
Take advantage of student discounts. Many businesses offer discounts to students.

Apply for scholarships and bursaries

There are many scholarships and bursaries available to international students. You can find information about scholarships and bursaries on the websites of universities and scholarship organizations.

Get a part-time job

International students are allowed to work part-time while they are studying in Canada. This is a great way to earn extra money to help cover your expenses.

Live with roommates

Sharing an apartment or house with roommates is a great way to save money on rent.

It is possible to study in Canada without breaking the bank. By following these tips, you can save money on your education and living expenses.

There’s a popular misconception that studying abroad is out of reach for most students. However, studying in Canada as a Nigerian does not have to be prohibitively expensive. In Canada, you can study for free or for very little money. To learn how to read this post.

Financial Aid for Nigerian Students Studying in Canada

There are a number of financial aid options available to Nigerian students studying in Canada. These include:

  • Student loans: Student loans are a type of loan that is Student loans designed to help students pay for their education. They can be obtained from either the government or private banks.
  • Scholarships and grants: Scholarships and grants are financial aid that is awarded to students based on their merit or financial need. They do not have to be repaid.
  • Bursaries: Bursaries are financial aid that is awarded to students based on their financial need. They are typically one-time payments that do not have to be repaid.
  • Student credit lines: Student credit lines are a type of loan that allows students to borrow money up to a predetermined amount. They can be used to cover the cost of tuition, books, and other expenses.
  • Financial aid from individual educational institutions: Many Canadian universities and colleges offer separate financial aid options for Nigerian students.
  • Financial aid from the government: The Canadian government offers a number of financial aid programs to students, including scholarships, loans, and grants.
  • Work-study programs: Work-study programs allow students to work part-time while they are studying. This can be a good way to earn extra money to help cover the cost of education.

Budgeting Tips for Students Studying in Canada

Here are some tips for budgeting as a student in Canada:

  • Calculate your net income. This is the amount of money you have left over after taxes and other deductions.
  • Make a list of all of your monthly expenses. This should include things like tuition, rent, food, transportation, and entertainment.
  • Categorize your expenses as fixed or variable. Fixed expenses are those that stay the same each month, such as rent and tuition. Variable expenses are those that can change each month, such as food and entertainment.
  • Calculate the cost of each expense on a monthly basis. This will help you to see how much money you are spending on each category.
  • Add up your expenses and compare them to your net income. This will help you to see if you are spending more money than you are earning.
  • Adjust your budget as needed. If you are spending more money than you are earning, you will need to make some changes to your budget. This may involve cutting back on unnecessary expenses or finding ways to increase your income.

Frequently Asked Questions

How much bank is required to study in Canada?

Immigrants Annual funding requirement (doesn’t include tuition) Monthly funding requirements (additional to the tuition)
You (the student) CAN$10,000 CAN$833
First family member CAN$4,000 CAN$333
Every additional accompanying family member CAN$3,000 CAN$255

How much bank statement is required to study in Canada?

For a Canadian student visa, you need to provide bank statements from the previous four months to cover your tuition and living costs.

Can I study in Canada if I am broke?

Scholarships are available for students with financial constraints, regardless of their major, background, or destination.

What is the cheapest city to live in Canada?

  • Sherbrooke is a city in Quebec.
  • Quebec City
  • New Brunswick’s capital is Saint John
  • Laval, Quebec
  • Halifax, Nova Scotia
  • Montreal, Quebec
  • Lethbridge, Alberta
  • Abbotsford, British Columbia

How a Nigerian student can study in Canada?

Nigerian students can study in Canada by applying for a study permit, meeting requirements, and demonstrating sufficient financial support.

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