How to Successfully Manage Your Personal Finances

Know this: living in this metropolitan area is financially advantageous. That is why you may choose to study in Greater Montréal and even to stay here after graduation.

Overall, compared to most similar-sized cities, life in Greater Montréal is cheaper. The Economist Intelligence Unit’s studies show that the cost of living in Montréal is lower than in Toronto, Vancouver, Boston, New York, Chicago and San Francisco.

This reality can be explained by several factors including:

• Housing costs – Especially advantageous compared to those in many other big Canadian and American metropolitan areas.
• Healthcare costs – Clearly lower in Canada than in the United States.
• Childcare costs – The affordable universal daycare system means childcare costs are lower in Québec than elsewhere.

That said, to reach your desired standard of living more quickly, you’ll need to plan accordingly.

Here are three building blocks to healthy personal finances:

Make a Budget

To know how much money you’ll really need, it’s best to plan your budget. Teaching institutions such as the Université de Montréal or UQAM, offer information (in French only) on typical budgets and cost of living for students.

Monitor Your Credit Rating

Making sure you pay your bills and pay off your debts in a timely and consistent manner will help you build a good credit rating, enabling you easier access to loans afterwards.

Think Long Term

In the area of personal finances, it’s always wise to look into the medium- and long-term future. If you are starting your career in Greater Montréal after your studies, you’ll certainly find investment opportunties to ensure your future.

Did you know?

As a foreign student you can file a tax return to claim a tax credit for your tuition fees. However, to be entitled to this credit, you need to be able to declare a certain income. If your income is insufficient, you can also carry forward these credits for future years, when you will start working for example. Inquire about this when you file your Québec and Canada income tax reports.

Find out more

• Budget Calculator (Financial Consumer Agency of Canada)
• Downloadable Grid Budget (Option Consommateurs)