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(Nikola Bilic/iStockphoto)
(Nikola Bilic/iStockphoto)

Budgeting

How to trim your budget Add to ...

Here are some ways to help make living on your own more affordable.

Seven tips for cutting costs

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Buy used – You can get great discounts on used items like furniture, appliances and textbooks.
  6. Pay off credit cards on time – If you use credit cards, pay them off in full and on time.
  7. 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.

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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

 

 

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