Moving to Canada is exciting, but let’s be real, managing your money in a new country can feel like trying to solve a puzzle without all the pieces. To make your landing a little smoother, here’s a guide to the financial mistakes many newcomers make (and how you can dodge them like a pro).

1. Ignoring Your Credit Score

In Canada, your credit score isn’t just a number, it’s a golden key. It affects your ability to rent an apartment, get a phone plan, or even land a job in some industries. One common mistake is ignoring it altogether.
Open a credit card (preferably one made for newcomers), use it for small purchases, and pay it off in full each month.

2. Choosing the Wrong Bank Account

Not all bank accounts are created equal. Some come with sneaky monthly fees that can eat into your savings.
Look for newcomer packages or student accounts that offer no-fee banking for the first year (or longer). Don’t be shy, ask the bank about every fee before signing up.

3. Overspending Without a Budget

It’s tempting to live large when you arrive, especially with so many new things to see and buy. But without a budget, you might find yourself broke faster than you can say "double-double."
Track your spending for a month. Apps like Mint or even a simple spreadsheet can help you spot where your money is actually going.

4. Forgetting About Hidden Costs

In Canada, it’s rarely just “rent” or “price tag.” Taxes, utilities, insurance, and service charges love to sneak up on you.
Always read the fine print. Whether it’s an apartment lease or a new phone plan, ask, “What other costs should I expect?”

5. Sending Too Much Money Home

It’s natural to want to support your family back home, but if you don’t build your financial foundation first, you’re setting yourself up for stress.
Create a giving budget. Plan exactly how much you can afford to send while still taking care of your needs.

Settlin can also help you with your bank account setup, so you don't get stuck with an account that charges you for simply existing.

Starting fresh in a new country already comes with enough surprises, your bank account shouldn’t be one of them. Stay smart, ask questions, and remember: small, consistent money moves now can set you up for a big, comfortable win later.