Here are some ways to help make living on your own more affordable.
Seven tips for cutting costs
- Share a place – Living with roommates can be a great way to save while you start out on your own. Having roommates cuts down on your share of the rent and utilities.
- Use public transit – A car loses value with age and costs more. Parking, insurance, repairs and gas are expensive. Taking the bus or catching rides with friends can be cheaper alternatives.
- Don't buy what you don't need – If you don't need a TV or microwave, don't get one. It may be cheaper to do laundry at your local laundromat instead of having your own washing machine.
- Avoid eating out and buying costly prepared foods – You can save a lot of money if you cook for yourself. Saving just $5 dollars a day adds up to $150 a month.
- Buy used – You can get great discounts on used items like furniture, appliances and textbooks.
- Pay off credit cards on time – If you use credit cards, pay them off in full and on time.
- Take advantage of student discounts and free stuff – Sites like Craigslist and Kijiji often offer free items, including furniture. There are also sites that advertise free samples and coupons.
Find ways to trim your budget: Use this worksheet to help you find expenses you can cut back on.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca