There’s no denying it, home prices are high in the Greater Toronto Area. It can make saving for a down payment pretty daunting, which is why we’re sharing a few money saving tips with you.
You may have heard these before, but maybe today is the day you read the tip and actually decide to follow through with it!
Reduce dining out by one meal a week
How often do you buy lunch and/or dinner? If you live in Toronto, it’s pretty safe to say you’re probably spending $10 to $30 on lunch or dinner each time you eat out, and that’s on the low end. Imagine you cut out just one of those meals a week. That would equal four to five meals prepared with more affordable groceries every month. You could be saving $40 to $150 just by reducing your dining out budget!
Make coffee at home
How many coffees do you buy a week? There are people who buy two coffees every day from Monday to Friday. At $6 a day, that’s $30 a week and $120 to $150 a month! Buying a bag of coffee beans and making coffee either in the office or at home can save you a ton of money.
Practise the 30-day rule
Impulse buys can take a big chunk out of your bank account, and usually, the item you bought wasn’t necessary. The 30-day rule forces you to put big purchases and potential impulse buys on hold for 30 days so that you can decide whether you really need that thing. Practising this rule basically eliminates all impulse buys because anything that you do end up getting after the 30 days turns into a well thought out purchasing decision.
Eat less meat
High quality meat is basically the most expensive food you can buy. Even low- to mid-quality meat is expensive. Embracing a more vegetarian diet is a great way to save on groceries and even dining out (vegetarian dishes tend to be less expensive). If you do this, make sure you’re substituting properly by eating more things like beans, quinoa, tofu, and lentils.
If you have a gym in your condo, then great. If not, then start cycling or jogging, or even get a membership at a local gym. Not only is exercising good for your health, it also takes up a chunk of time in your after-work schedule that you probably would have filled with a money-spending activity, like going to the movies, getting drinks, shopping, or worse, shopping online. Distract yourself with fitness and you’ll end up saving money and getting stronger.
These five ways to save money could result in hundreds of dollars saved a month, and that would go a long way in saving for a new home!