When students come to Canada, they do come with a lot of dreams. Some wish to Get a good car, some wish to get a dream house, some want the perfect lifestyle and much more. Sometimes as a student there can be some mistakes made which can delay the process of achieving those dreams. There are sources and instances from past students which will be mentioned in this blog along with their stories so that you can learn and try to avoid those mistakes again.
GIC expenditure
When the student lands in Canada they will get the GIC money of a total of $2000 into their account that they have opened. The mistakes that students make is that they tend to spend this $2000 on a laptop, mobile, going on a long trip and many more unnecessary experiences. This money needs to be saved and used during the third or fourth semester as fees.
Sharing accommodation with classmates
Most of the students tend to share the accommodation with students that are their classmates. There are numerous advantages that one might think like assignments, class work and other related college or university tasks. When you share the accommodation with a classmate everyone gets busy at the same time but what happens in the process is that no one is able to do the housework when the time for the exams comes near. They all become busy at the same moment. None of the students will have the time to do the cleaning, cooking, washing and other household chores. There have often times been student conflicts and friction created due to the responsibility of the task at hand. Not many students are willing to come forward to complete the tasks.
Conflicts and fights must be avoided at all costs.The sole purpose is to make a career and get settled according to the lifestyle that you have always wanted. This is a very common occurrence and it is advised not to take this route and instead try an alternative route. The mental peace and mindset will get disrupted by quarrelling and not keeping sanity prevailing throughout the house. As a result, neither studying nor working will be possible for you.
The studies, as well as the general environment of the house, will be altered.It is also recommended not to share accommodation with students where you are working as well since this will lead to similar problems. Try to look for a third group wherein your entire social circle will also improve along with a bigger network which can lead to better opportunities and advancements later on when looking for a permanent job. Usually when you share an accommodation with the same group you study with, the circle is smaller and you are unable to expand the circle and make more friends. Networking is very important in Canada not just to get your dream job but also to get to know your surroundings really well.
Buying an expensive car
Many students buy an expensive car when they arrive in Canada, which can cost upward of $25,30 or even 35 k which is considered to be very expensive especially if you are a student. Unless you have enough money to spend then that will work out fine, but this does not happen on most occasions. As a student you are allowed to work for 20 hours per week and the most you can earn is $1000,1100 per month and this is not enough to make enough money to pay EMI for the car that has been purchased.
The biweekly instalments will be around $220 which comes to $440 per month. This equates to 45% of the monthly salary along with insurance which is another $200 and then gas which is another $200 along with the car maintenance. You will spend close to $900 on the car, which is not recommended considering you will have other expenses as well as a student and this amount will not be sufficient to sustain yourself. So precaution needs to be taken and the budget should be looked into from time to time. Students often start working on cash or start food and groceries deliveries on the side to pay for the extra expenses. The studies will take a back step if you focus too much on extra jobs. It is recommended to build skills and knowledge instead of doing extra work.
Once the skill set or knowledge has been gained over time, use it to get a good job after completing your studies. The pay will be higher, you will also not be paying as much and will have more time and money to spend on the car. In case your work is far away and buying a car is a necessity then it is recommended that you go in for a cheaper car which has lower EMI or which can be bought in cash. Once you get a job and want to purchase the car of your choice make sure that the expense is not more than 15% of the monthly salary, although 10% is what is usually recommended.
Buying expensive items such as clothes, gadgets, shoes and other electronic gadgets Such as laptops, PlayStations etc on credit cards is not recommended. This again has large monthly costs attached to it and it is recommended not to do this since it will be a major part of the expenses as a student. Make sure that your expenses for these items are not more than 5 times the amount in your account. An example for this would be that if you have a tshirt which costs $30 then make sure that you have a total of $150 in the account. In other words, if you can’t afford five of anything, you won’t be able to afford even one. If you adhere to this rule, you will not face any financial difficulties during your time as a student.
The payment for credit cards must be done on time or it will affect the credit history. Even making the minimum payment is enough but it needs to be done in time or the credit history will be affected. As a student your debt will increase and this will not be good since you will be burdening yourself with debt at a young age which can affect your general well-being as a student. The interest rates are high in Canada and this will be an added expense and a totally worthless one. Just making the minimum payment can affect the credit score, which will not be very beneficial in the long run. Basically it is recommended to make the credit card payment when it is due and possess a debt free account in Canada.
Making PR the first priority
No doubt that the PR is an important document but one must also look into other factors as well. On most occasions students get part time positions in Restaurants, cafes, supermarkets etc and then move up the ladder to managerial positions so that they can get the PR based on those positions. Getting a good corporate job will be at a different level and will also give you the required satisfaction.
PR should be the second priority, the first priority should be to get a good corporate job and build a career foundation which can help you in the long run. For example if a student starts working in a gas station as a part time attendant and after working for two years becomes a manager over there then they starts to think that it’s worth continuing to work as a manager until they secure a corporate job after a period of say six months. After working for a year in the managerial position one feels that they can apply for PR and then get the job related to their field of study. The managerial job becomes habitual and one does not want to move to another position which is related to their field of study. The focus should not be on the managerial positions but on the positions related to the field of study. The part time job must only be considered to clear the expenses and nothing more. One should not be looking to make a career out of the part time jobs. A PR is a byproduct of the studied in Canada and not the only motive to get in Canada .
These are the common mistakes that have been observed by the students and people around them during their journey as a student in Canada. All the mistakes have been highlighted along with the viable solutions for them. Following this would be very beneficial to students and their journey in Canada will only become much easier.Get in contact with one of our advisors to learn more about the student experience in Canada. We Will evaluate all your possible options and give you the best possible advice as valued student and immigration consultants.
