Starting a new life in Canada as an international student is exciting but it can also be overwhelming. And so, for this reason, it’s easy to lose track of your family goals and financial goals especially when you are swamped with school projects, part-time jobs, looking after your kids, and the whole process of obtaining a PR. (Side note) This post is long over due. I was supposed to post this last November but life got in the way (big time!).
Anyways, I’ve list down some steps you can take or probably assess to get your life in Canada right onto a good start. I hope you will find these tips helpful.
Read also: Setting Good Intentions versus Setting Clear Goals
1. Know Your Goal as a Family and Write it down.
Remember the sleepless nights, anxiety, all the emotional turmoil and financial stresses you had to go through to make it here in Canada as an international student with your whole family? Make the journey all worth it. Goal is there for a reason. Goal experts say that if you don’t write your goal, then it is merely a wish. So, take the time to write your goals on your notebook or in the notes of your phone if you are not the type of person who likes writing down in notebook. What are your goals apart from obtaining a PR?
2. Keep track of your Numbers.
It doesn’t matter what happens in the past or if you feel you are not good at managing money. It’s important to know the $$$ that’s coming in monthly but is also equally important to know the $$$ that’s coming out. Having a financial tracker or a budgeting app is helpful. If you are new in the budgeting or money management, you can start by using an excel sheet or a notebook. Write down the following:
3. Build up your emergency funds.
You can’t run away from financial obligations. Whether it’s paying for the survival necessities, debt or loans, or gifts/gratuities. Money continuously flows. As an international student or a new immigrant, the best financial step you can take if you want to start your life on a good ground is to build up your emergency funds. If you already have an emergency funds set aside, well and good for you. Otherwise, take this opportunity to start. It doesn’t matter if you are holding a free health card or not paying any tuition fee for your kids. Emergency funds is for unexpected things so you don’t have to touch your investment money for your retirement and home.
4. Avoid unnecessary spending.
You don’t have to buy a new sofa or a new phone if your current one is still good and working. You don’t have to buy a lot of winter coats. Having two coats are enough. But you might be thinking of investing in a few good quality innerwear. Saying no to something you want when you know you don’t necessarily need it will serve you well later on. You should learn how to pep talk yourself when these circumstances happen.
5. Talk to your Bank or Financial Advisor.
Building a new life in Canada is a huge deal. Dreams will begin to realize when you have a few support group and mentor you can trust. I am sure you are thinking of buying a house sooner rather than later. You are also thinking of preparing for your kid’s college education, and your retirement. It is best to begin your financial journey in a new country off the good ground. Seek the advice from your banker or financial advisor or a trusted friend whom have experience or success you are also aiming. There are tax-free investment vehicles offered by the government. Explore, research, and seek advice regarding the following:
6. Monitor your Goals and Finances regularly.
The ability to monitor your goals and finances is a skill. If you are not yet good at it. You must start with the habit of doing so. Scientific studies say that it takes 90 days for a human being to develop a new habit. This means that, to be able to consistently track your goals, you need to be looking at it and monitoring it daily if not weekly for the next 90 days until you develop this good habit of doing so.
7. Discuss plans with your Accountability Partner or Trusted Advisor.
If you are not confident you can stick to your goals and trackers, then it’s best to engage with an accountability partner. Your accountability partner could be your spouse, or your trusted advisor. The intention of discussing your goals and action plans is for you to arrive at your desired state in the timeline you have set for yourself and your family.
8. Adjust actions plans if needed.
Don’t change your goals simply because things didn’t work out the first time or the second time. Look and asses at your action plans instead and ask yourself, why it didn’t work and what you need to improve or do to reach your goals. Know when to seek outside help when the circumstances require you to do so.
9. Look around and outside your comfort zone.
You can make your new life in Canada an enjoyable one. Don’t be afraid to go out there and meet new people. Don’t limit yourself into knowing only your co-international students. Meet other people like the locals, friends you know who have successfully settled down in Canada. By expanding your views, your horizon widens, and inspiration ignites.
10. Never neglect your spiritual growth.
Your biggest stronghold is your faith. Don’t get the busyness of life get in the way of enriching your body and soul. Enjoy the journey as an international student and a new immigrant. Learn to smell the roses along the way.
READ ALSO:
7 Things International Students Must Do – The First Two Weeks in Canada
Top 3 Mindset to Become a Successful Immigrant in Canada
