University Life’s Added Costs and Tips To Save

By University Study
A clips of shot of a stack of books and a coffee cup taken outdoors

By Evan Bryant, Carleton University, BJ 2025

The costs of tuition, and housing fees if staying on campus, are clearly outlined when applying to university, but what are the added costs of moving away from home and completing your degree?

Food will be the biggest expense for most students not on their school’s meal plan, and this can get costly if not planned for, or if you like to eat out. Groceries can be costly. Even on a lighter diet you’ll probably be spending around $250 to $400 a month.

One thing to look for is grocery stores offering a day for students to get money off of their groceries. Tuesday’s are 10 per cent off for students at my local grocery store, so I get a big haul every couple of weeks.

If you’re away from home, I would always suggest having a school meal plan because it ensures you’re eating enough while studying. School can get tough and making meals can seem like a chore. Before you know it, it’s November and you’re eating cereal for all three meals.

What I cannot stress enough is if you’re a coffee drinker, get yourself a coffee machine and make it in the morning and try your best not to spend the money at school or the coffee shop on the way.

It can seem too easy and so cheap but it does add up. Getting into the routine of pouring yourself a cup at home can get rid of that $5 a day charge.

Another expense slipping the minds of some is the cost of having fun, because unfortunately in this world, having fun costs money (most of the time).

It’s important for your mental health that while at school you’re taking breaks and doing things for fun, but it’s not always cheap. Going to a football game, a restaurant with friends,  mini-golfing or bar-hopping are all great escapes from the pressures of school but they all cost money.

Some great things to do without breaking that bank are going for a hike or walk in nature, playing video games, or many more listed here.

These added expenses can quickly make wallet thinner, but they’re vital to a healthy year and successful university life.

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Compared to many countries, studying in Canada is very affordable. You will likely need between C$20,000 and C$30,000 annually to cover tuition. This range is an average only and will vary according to the institution and program in which you are enrolled. The costs for housing, food and other living expenses will depend on your location and your own needs, but C$15,000 annually is not an uncommon estimate.

Tuition

Tuition fees for international students vary across provinces and programs. The table below shows the weighted average tuition fees (in Canadian dollars) for full-time foreign students, by field of study.

Tuition fees by university can be found on the Universities Canada Website

University tuition fees (Canadian dollars) for full-time Canadian and international students in an arts and humanities program, 2023 – 2024 / Source: Statistics Canada

Do remember that the costs associated with attending university go beyond tuition fees. You must also budget for items such as books, living expenses and housing.

University of Saskatchewan-Students standing in front of campus buildingCitizenship and Immigration Canada mandates that you prove you have enough money to meet your financial needs while studying in Canada before you start. So it’s important to begin sorting out your finances – and looking into the possibility of obtaining a scholarship to help fund your education – early on.

Housing

Most universities offer on-campus residences for students, some of them specifically for scholars from abroad. But acceptance at a Canadian school does not automatically mean you can get a room in residence. Students must apply separately for on-campus housing, and its cost varies across institutions and will depend on whether or not you want a private room or a meal plan, for example.

Some international students choose to live off-campus in an apartment. Rent for a typical two-bedroom apartment in Canada averages $1,930 per month*, but varies depending on the city or neighbourhood and the type of accommodation. As a renter, you may also need to pay additional monthly costs for utilities such as electricity, home phone, Internet and cable television, as well as personal expenses and renter’s insurance. Some students share apartments or entire houses in order to reduce their housing costs, or they rent rooms in private houses, sometimes also paying for use of the kitchen. *Source: CMHC (Fall 2022)

Most universities can provide assistance with finding housing, both on and off campus, and answer questions through their housing office or student services.

Transportation

Depending on where you live, you may be able to walk or bike to campus. Many students, particularly those in larger cities, choose public transportation: buses, subways, commuter trains or ferries. One-way public transit fares typically cost a few dollars, and monthly passes range from about $80 to $150, although many transit providers offer student discounts.

Health insurance

All international students in Canada must have health insurance, and the medical coverage that’s available varies from province to province. Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, and Saskatchewan cover international students under their provincial health care plans, but coverage generally depends on the length of your stay.

Dalhousie University-two students on computers at a tableHowever, international students planning to study in Manitoba, Nova Scotia, Ontario, Prince Edward Island or Quebec must arrange for private health insurance.

You can find out more details about health coverage through the university websites and those of the provin­cial ministries of health.

Cost calculator

To help calculate your overall expenses and estimate the cost of living in Canada, try the education and living cost calculator for students at educanada.ca.

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By Mohamed Berrada

Starting university is a major milestone. For many, it’s their first foray into adulthood—and their first time managing a budget. Budgeting can seem complicated, but it’s an essential skill for personal and financial success. Here are some ways students can get ahead. 

Cut unnecessary expenses  

Cutting unnecessary expenses is an important part of balancing your budget. Your budget shrinks every time you spend. If you’re not careful, you might blow your budget before you know it. Here are some tips to reduce your spending.  

Tips for saving 

Student discount and benefit programs are designed to help you save money, but it can be difficult to know how to apply them effectively. 

Learn about credit and debt 

One credit card mistake can leave students paying the price—literally and figuratively! —for years to come. Credit cards pose major pitfalls to students who don’t know the risks. 

By learning how to manage your budget as a student, you’re developing a skill for life. Reducing your financial stress starts with your budget. By cutting unnecessary expenses, finding daily savings, and learning the basics of credit and debt, first-year university students can make smarter financial choices and start their university life off on the right foot. 

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SPONSORED CONTENT

This article was written by Employment and Social Development Canada (ESDC)

Personal savings now represent the single most important source of funding for post-secondary education, and they reduce the need for loans and bursaries later on. Research indicates that children with education savings are more likely to attend and complete post-secondary education and graduate with less debt.

The Government of Canada encourages the use of Registered Education Savings Plans (RESP) to save for a child’s education after high school. This includes full- or part-time studies not only in university, but also in trade school, apprenticeship programs, college and CEGEP. The savings in an RESP grow tax-free until they are withdrawn to help pay for the costs of education after high school.

Money is available to help you save.

An RESP is also the only savings account that attracts education savings incentives, such as:

What can the money saved in an RESP be used for?

The money can be used to help pay for expenses related to education after high school, such as tuition, books, tools, computers, transportation and rent.

When should I open an RESP?

It’s never too late to start saving for a child’s post-secondary education, but it’s best to start early so the money can grow over time. An RESP can remain open for 35 years, even if there is a delay in starting post-secondary education, the savings will be there when it’s needed.

Who can open an RESP?

Anyone can open an RESP: parents, guardians, grandparents, other relatives or friends. While the education savings incentives are only available for eligible children, you can also open an RESP for yourself or another adult, such as a spouse or partner. The money saved in the RESP will grow tax-free until it is withdrawn to help pay for the costs of post-secondary education.

Helpful Links

  1. For more information about RESPs and the education savings incentives, go to ca/education-savings
  2. For a complete list of organizations that offer RESPs, go to: ca/list-resp-promoters
  3. For information on how to get a Social Insurance Number, go to: ca/social-insurance-number
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