Are you looking to move to Toronto, Canada or perhaps, you currently live in Toronto, Canada and you are looking to save money on rent? Well, we’ve got the best proven tips for you.
So, here is the truth of the matter. Getting a rented apartment in Toronto is very expensive. And anyone that is familiar with Canada knows this fact. It’s not a new thing. That’s just the way things are in Toronto.
Do you know that Toronto is one of the most expensive places in the world to rent an apartment? Getting a one-bedroom apartment in the Canadian city of Toronto costs up to $2,000! Monthly, I should add.
The price of these apartments keep rising and there is no sign of it ever reducing anytime soon. Toronto is not just expensive for the sake of it, it is actually one of the best places in the world to live and is also the economic center of Canada. So, yes, if you appreciate these qualities that the city possesses, you might happily agree with the rent costs.
But with these high rent costs comes the lower possibility of having savings. Savings is a very important asset that every working adult should have.
Apart from the security that having good savings provides, it is a good financial habit that you should inculcate regardless of your situation.
So, how can you have money to keep aside / to save when the rent of your apartment in Toronto is so high? In this piece, we will share some actionable tips that you could try. These tips will hopefully guide you in saving rent in Toronto.
Tips To Save Money on Rent In Toronto
1. Have A Budget
Budgeting is an action that you must embrace if you want to be able to save. There are times when you would have paid an outrageously expensive bill on food, partying, or outings. And then you check your account balance and you are wondering how you did not stick to your budgeting routine.
After this spending sprees, many people get inspired all over again to discipline themselves and stay on the budget that they draw up.
If you will be able to pool savings together in Toronto, this will be highly dependent on how good you are with sticking to the budgeting plan. Create a budget plan that is feasible not outrageous. It should be sustainable for you in the long run because savings is done over a long term period.
2. Partner up With A Roommate
If living alone is not a must for you then you really should consider getting a roommate. But if living alone and the freedom that comes with it is important to you, then by all means, get the apartment for yourself only.
But if you are really hell-bent on saving up, finding a roommate to split the bills with is a very good idea. When you have a roommate, you can split the monthly rent between / among yourselves. This will definitely save you hundreds, if not up to thousands of dollars.
Other household bills that might weigh you down would also be shared too. But when choosing partner(s) to pair with, you should really check to make sure that you choose someone that is financially responsible. Someone who will hold up their end of the bargain. But once you choose the right person, you will find that pairing up makes the bills and rent much easier on your pocket and hence, you will be able to save.
3. Reduce Eating Out
Have you ever sat down, taken a pen and paper and actually calculated how much goes out of your pocket every month just on eating out? Try it, and you’d probably be amazed.
Track your eating-out expenses, then calculate at month end. Sure, online food delivery is fast, cool and convenient but it is better to stress yourself to get groceries and cook your own delicious meals yourself, than for you to regularly order take-outs.
Stock up on groceries and cook your meals, you will thank yourself later for it. You can eat out on weekends and on special occasions that call for it of course. But eating out everyday is bad news for someone that wants to save in Toronto. If you are really serious about saving, then you will eliminate all these unnecessary expenses that are obviously hindering you from having savings.
4. Consider Setting Up An Automated Savings Account
Automating your savings makes sure that a constant percent of your monthly income goes straight into the savings account once your pay-check arrives.
You won’t have to go through the hassle of transferring money between two bank accounts etc. 15% or whichever percent of your salary is convenient for you to save, should be stashed away regularly on a monthly basis.
You could also set up a high-interest savings account in Toronto. There are variety of options for you. When your money sits in these interest accounts, it gains interest over time. You could earn up to 2.5% interest on your actual savings. This is a fantastic way to save money up while on expensive rent in Toronto.
Conclusion
While these 4 tips shared above has proven to help people save money on rent in Toronto, Canada, there are more tips you could follow.
Be rest assured that if you stay religious to these 4 tips we dished out to you in the above texts, you will be on speedy race to having reasonable savings even with expensive Toronto rentals. Don’t doubt us. Put the tips in action. And of course, if you have more tips to share, we are more than willing to read those. You can pen it down for us using the comment session.
