Embarking on an MBA journey in Vancouver means not only advancing academically but also navigating the financial landscape to ensure a robust platform for the future. While Vancouver is a vibrant city with a plethora of leisure activities, it is one of the most expensive cities in Canada necessitating prudent financial management. Attuning to a new culture while managing tuition fees, soaring rent prices, groceries, leisure expenses, insurance and academic workload can be overwhelming. Financial planning plays a key role in shaping our MBA experience.
First and foremost, crafting a detailed budget aligned with our lifestyle is essential. By tracking expenses and breaking down financial goals into manageable parts, we can gain clarity and control over our finances. Additionally, given the intensifying academic workload as the MBA progresses, I recommend finding a job early when academic pressure is low as it can provide invaluable financial stability. This proactive approach allows for enhanced flexibility in balancing academic and personal life as the workload intensifies. Furthermore, as we enter the course’s last stretch, savings generated through this early hard work will allow you to channel all your energy towards landing your desired job, thereby setting you up for success.
Furthermore, SFU offers an array of resources beyond academic courses, all at no additional cost. Leveraging services like the Career Management Centre (CMC), networking events, workshops, etc., enhances skill development and helps save money by tapping into available resources.
Establishing a credit history early is another key aspect of financial planning. Obtaining a credit card and using it responsibly, such as treating it like a debit card. I always paid my bills promptly rather than waiting for the due date contributing to building a positive credit score. This not only unlocks the benefits of credit cards, like cashback rewards but also lays the foundation for future financial endeavors.
Lastly, set up an emergency fund to meet any unforeseen expenditures. Having a safety net will not only help during hard times but also allow us to focus on why we came for the MBA – to upskill and advance our careers.
Being an MBA student in Vancouver is not just about getting a degree; it’s about laying a strong financial foundation for the journey ahead. By gathering skills, managing expenses wisely, planning for the future, and making informed financial decisions, we can navigate this chapter of our lives with confidence and emerge financially empowered for the future.
Featured Photo by Micheile Henderson on Unsplash
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About the Author
Rahul Jawa is a current MBA student having completed his undergraduate degree and a Post Graduate Diploma in India before relocating to Vancouver. Professionally, he has over six years of experience managing real estate development projects and running an event management firm. In real estate, he collaborated with architects, purchased materials, and coordinated with contractors to ensure project completion to the required standards. In event management, he handled sales and oversaw successful event implementation by coordinating tasks among different teams.