Whether you’re relocating for work or personal reasons, taking the plunge and moving to a new country is a daunting experience for anyone. It’s a good idea to have well-prepared savings account to help you tackle unexpected expenses and feel relaxed in your transition. If you’re feeling overwhelmed and not sure how to save money to move to Canada, there are a few tips to maximize your savings and prepare you for your new life abroad.
Here is a list of things that you can do right now, to help you save money to move to Canada;
- Sell things that you don’t use anymore
- Cancel recurring subscriptions
- Find ways to make extra money in your free time
- Track your expenses
- Cancel cable subscription
Saving months in advance can help make the process easier for you, and make your dream more of a reality. Taking out loans or borrowing can put a debt over your head that will only hinder you while abroad, so it must be avoided at all costs. Having a good amount of savings is crucial for anyone considering moving to the beautiful country in the near future.
Out With the Old, In With the New
Decluttering around the house and selling some of your gently used items will help you in more ways than one. Sorting through your items and selling the unessential on Facebook marketplace, LetGo, or other similar apps can make you quite a few dollars.
Not only that, but it will start slimming down your belongings before you go over. That means less hassle for you, and less money spent on moving expenses as well. Organizing your belongings and making decisions can help make your big move seem real to you, and maybe even prevent you from spending or acquiring new possessions.
Recurring mail subscriptions are one of the latest fads that have people spending hundreds of dollars per month for things they don’t really need. If you have a makeup or fitness (or even underwear!) subscription, you definitely want to cancel those several months in advance before you go.
That gives you time to save those reallocated funds, and make sure the subscriptions are actually canceled. Otherwise, you might be stuck in Canada and, find out your subscriptions have been delivering to your old address.
Rather than forwarding your mail or changing your address to your new one, just cancel your subscriptions. In some cases, companies will give you a free month or a serious discount if you attempt to cancel, so you might get a bonus in the long run.
Doing Some Research
If you have a regular job you are currently committed to, saving (or making) money can be difficult outside of it. If you don’t have time to really sit down and rearrange your finances, then you might consider making a few extra dollars on the side by taking surveys. Most surveys are quick and you can do them while watching TV. While they may not amount to much at first, if you keep up with it, you can have a serious chunk of change that will come in handy when you finally go abroad.
Odd Jobs are Even Better
If you do have a little extra free time on your hands, then you could consider the booming “gig economy,” where some people make several hundred dollars a month just by doing odd jobs around their city. Plenty of new apps and startups make this easy, and bring the work to you. Most apps have weekly or even daily cashouts, which is especially helpful if you’re in a pinch. There’s a variety of tasks to choose from, including:
- Dog walking
- Ride sharing
- Grocery shopping
- Food delivery
- Secret shopping
If any of those kinds of tasks sound appealing to you, then you can try downloading some of the popular apps on the market. Some tasks, such as food delivery, occur more often in the evenings, making it easy to fit your side work into your schedule. Or, if you are a mom with limited time on your hands, then these gigs are a great way to make some extra cash without committing to a full time or part-time job.
Spending the Old Fashioned Way
Credit cards and digital currency have transformed the way consumers spend their money, perhaps in a bad way. Using a debit card makes it difficult for some to control their money because they are unaware of what their balance is, or can lose track of how much they spent already.
A simple solution to keeping better track of your finances is to carry cash. Having a physical representation of your money (and how much you have left) can prevent you from overspending. If you set a budget for yourself when you go out, then you can take that amount with you, and no more.
A debit card, on the other hand, makes it all too easy to overspend. An added bonus is the change you get in return. People often avoid cash for the hassle of carrying it and dealing with the change, but change is a great opportunity to maximize your savings. Saving the change from your purchases (and maybe even storing it in an old fashioned piggy bank) can easily add up over time, and potentially add up to a couple of hundred dollars.
Spending the New Fashioned Way
If you’re not a fan of cash, there are still some options for you. Apps have made it easier than ever to save money effortlessly. Some apps, like Acorns and Robinhood, will round up your purchases and keep them stored in your own personal savings account. What’s unique is that they will then take these funds and invest them in micro stocks.
Owning just a fraction of some of the most performing stocks may seem like a waste, but it guarantees a return and minimizes your chance of loss. Whenever you are ready to cash out your savings, just go into the app and start the process. They’ll sell off your shares and return your profit.
If you’re moving to Canada, chances are that you won’t have the same internet, cable, or phone providers. Instead of shutting these utilities off right before you move, which can be a major headache, start paring them down ahead of time.
Cable is one luxury that many people have, but can do without. It can also be one of the more hefty expenses in a household. The sooner you terminate your service, the more months you’ll have where you can allocate that expense into savings.
On the other hand, perhaps your contract isn’t up yet, and getting out of it early can result in some serious fees. If your move doesn’t coincide with the end of your contract anyways, it might help you to save by just getting your termination out of the way. Otherwise, think ahead, and see when it’s best to turn off utilities for you.
Learning how to save money to move to Canada means finding all the unexpected ways you can put cash back into your wallet. If you know you are planning to go within the next year and your lease is fixing to come up, don’t renew it.
Getting your security deposit back can be just what you need to go abroad. Since most apartments charge a full month’s rent as a security deposit, you can keep that money in your savings account for a rainy day. The worst thing you could do is move to a new place, which incurs application, admin, and security fees on top of the first month’s rent.
A better option is to stay in an temporary rentals like Airbnb or even couch surf! Temporary rentals may not look like much of a way to save, but it will help to downsize your possessions, budget better, and finalize your move.
Thinking Ahead of Time
Of course, not everyone lives in an apartment, and some have mortgages or homes to think about. It may be hard to let go of your home, but it’s best not to wait.
Selling a house can take months or even years, and it’s definitely not a process you want to go through while living separately in another country. But, if you’re nervous about selling your home, you always have the option of renting it out. It’s more work that way and presents its own unique set of challenges, but if things don’t work out in Canada, you’ll at least have something to come back to.
One of the most common pitfalls of new immigrants to Canada is rushing through the move. On top of paperwork and legal bindings, a traveler has to juggle currency exchange, housing fees, and finding work.
Saving money ahead of time will help prepare you for those expenses, and give you security in case something falls through. It’s important to remember that the cost of living differs from city to city, and things like food cost alone might put you in the negative.
There are many options on how to save money to move to Canada that will work with your schedule and needs. Having good savings means having peace of mind, and will allow you to focus on adjusting to your new life in Canada.