How to Save Money While Living in Toronto

How to Save Money While Living in Toronto

Toronto has been rated the most diverse city on Earth time and time again and is home to endless artists and musicians out to stun.  Unfortunately, with the beautiful architecture and incredible people, the city’s price tag is pretty high.  If the cost of living scares you, but you still want to make a place for yourself in The Six, here are some tips to help you save on dough while living in Toronto.

Public Transit, Of Course!

Not enough can be said for public transit!  By not owning a car, you save money on insurance, car payments, gasoline, and check-ups for your vehicle.  For $150 a month, which is only expensive if you ignore how much money you’re saving; otherwise,  you can ride anywhere in the city and have access to buses, trains, and other transit choices.  Of course, in a pinch, you may have to resort to a cab if you want to get somewhere in a rush, but generally, Toronto is very walkable and is a great city to cut that seatbelt and be free of getting pulled down by the expenses of a car.

Don’t Fear Roommates.

There’s a stigma around having roommates after you’re over a certain age.  Unfortunately, this stigma ignores the fact that being over thirty, or hitting other life milestones, doesn’t magically make the rent around you any cheaper.  Of course, you could look at homes for sale in Toronto, but even then, you should pay attention to how much your mortgage will cost.

Many who buy homes still have roommates or tenants to share their home with to afford it comfortably.

There’s nothing wrong with having a roommate or two!  They make the city more affordable and give you the security of knowing someone else is there if something goes wrong.  City life can make people feel isolated and alone, so it’s okay to admit that you want to live with someone.

Eat Out Once A Week

Many financial advice blogs will tell you never to eat out or that if you purchase a coffee cup in the morning, you’re your financial undoing.  That’s not putting real people into consideration.  We want to splurge here or there; sometimes you need that cup of coffee in the morning- or other times there’s nothing like a fantastic restaurant-cooked meal to cap off the week.

What you need to do, instead of cutting out the things that make our mouths so happy (and Toronto has a ton of them!), is to cut down on how often you indulge.  Getting out of the habit of getting take-out or in-restaurant food several times a week and instead of having one nice meal out can save you a few hundred dollars a month depending on your household’s size.

Toronto has some fantastic farmers’ markets that can help you cook meals that will have you looking forward to getting in the kitchen.  Don’t be afraid to try new things and let the city inspire you: if you try something at a restaurant that you love, try making it at home as well!

The Food and Travel Buff

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