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Master The Art of Saving Money in Toronto with 6 Tips

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Are you living in Toronto and trying to save up money? Take a look at this article to find 6 most useful tips on mastering the art of saving money.

Save money while living in Toronto

Source: Freepik

Living in Toronto can get expensive among the major metropolises in the world. Let us learn some hacks to save money when living in Toronto.

Saving money is an essential element of life. It is the only way to ensure a brighter future for ourselves and our families. But managing money can be troublesome if you do not know where to start. 

Toronto is one of the most livable and competitive cities in the world. It is the second most expensive city in Canada to live in. 

1. Structure your budget

Budgeting is the key to saving money. According to the Rental Market Report created by Canada Mortgage and Housing Corporation (CMHC), the average rent for a one-bedroom apartment in Toronto is $1,417. If you plan on living on rent in Toronto, you need to create a budget according to your income.

Decide how much you need to keep aside for your rent, groceries, travel expenses, and other bills. By doing this, you will get into the habit of separating a part of your salary every month.

2. Invest your saved money

Savings are all about discipline and commitment. People need to have a set amount of income going into their savings account each month and then stick with it for the long haul. The concept sounds simple, yet it might be a little tricky to get done.

The different options available to help you invest intelligently are:

  • Principal-Protected Note (PPN)
  • Mutual Funds
  • Exchange-Traded Funds (ETF)
  • Registered Retirement Savings Plan (RRSP)
  • Tax-Free Savings Account (TFSA)

Toronto is home to the Toronto Stock Exchange (TSX), the 12th largest exchange and one of the largest in North America. If you know how the investment in the stock market works, you can also invest your money in it.

Medical expenses
Source: Freepik

3. Medical expenses

Canada has a universal healthcare system that is beneficial to all citizens. It helps you in saving a lot of money on healthcare services. All the provinces in Canada have health insurance plans. You can find a Health care plan in Ontario as per your requirement.

4. Save money on commuting

Public transportation is an excellent means to commute around and benefits thriving economic development. Some of the public transport you can use to save up on your expenses are:

  • TTC (Toronto Transit Commission)
  • Triplinx
  • Metrolinx
  • PRESTO

Cycling is also one of the fastest-growing modes of transportation in Toronto. If your workplace is near your home and you can also choose the option of cycling. It is an environment-friendly option, and you can also benefit from it as it helps you maintain good health.

You can also save up a lot of transportation money by carpooling to work.

Costco shopping
Source: Freepik

5. Shopping at Costco or similar bulk grocery store

When you purchase at bulk food stores, you can cut down on packaging and food waste. Purchasing goods in bulk allow you to pick up what you require and how much you need. Explore a bulk grocery store in your area and save a lot of money.

You can also go grocery shopping at Costco. The reason to do so is that you can get the best pricing on several staples while also benefitting from the easier bulk buying. You can take advantage of rewards and cashback offers besides the availability of various food items.

6. Try cooking at home

The best way to save a lot of your money is by cooking at home. When you cook at home, you already know how much food you have on hand, so you only make what you need. When you cook for yourself, you go toward basic and nutritious meals. This way, you will not only save all the money you would have spent on dining out, but you will also develop healthier eating habits.

While living in Toronto, there are many methods you can adopt to save money apart from the ones mentioned. If you are moving to Toronto and want to buy a house, check out ‘Guide to buy the best home in Greater Toronto Area (GTA).’

References:
https://www.nbc.ca/personal/advice/immigration/managing-your-money-wisely-in-canada.html
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