Moving to a new country can be daunting. Whether you are an international student, moving for work, or immigrating to seek a new life for yourself and your family, the whole process is a massive investment of time and especially money. Here are some financial tips that can save you both in the long run.

Toronto’s Cost of Living Is High – Budget Accordingly

It’s important to research your destination thoroughly before moving to a new country. Many newcomers get blindsided by the difference in cost of living between their home and Canada and end up spending more on essentials than expected. Toronto in particular has one of the highest costs of living in the country, second only to Vancouver. Websites like LivingCost are useful for a general comparison between where you currently live and where you’re moving, but the more research you’re able to do, the better.

Look up costs for transportation, groceries, and rent in the area you’re considering and form a realistic budget based on that. The recommended ratio for budgeting your income is 50% on needs (rent, groceries, transportation), 30% for wants (hobbies and entertainment), and 20% for savings, but this number can fluctuate based on individual needs and situations such as recently immigrating. Don’t be too disheartened if your numbers end up different from this template, as the average ratio of housing costs compared to income in Toronto currently stands at around 40%.

Budgeting Tips For Daily Life

• Purchase Food in Bulk: Places like Costco and Bulk Barn are great for saving money compared to conventional grocery stores, though the former requires an annual membership fee. You can also share a Costco membership card with others to further lower membership costs between yourself and any trusted parties you’re sharing with.
  • If you’re worried about things going bad before you can finish them, there are many ways to portion and freeze food to extend their shelf life.
• Look For Grocery Stores Servicing Your Culture: Toronto prides itself on its diversity, and that means there are many different stores around to service different cultures. Consider moving close to one of these stores, as they are often cheaper than big box grocery stores such as Loblaws.
  • Chinese grocery stores also tend to have a broader selection of goods for different cultures combined with lower prices.
• Connect With Others: There are many groups online for finding like-minded people in Toronto. Sometimes they might offer goods and services or post deals. With these, you should exercise caution. Try to meet with sellers in public if you can and beware of any deal that seems too good to be true.
• Shop Around For Options Often: For phone, internet, and cable plans in particular, providers will often give introductory deals to customers that are far cheaper than their standard rates. These are often provided via third party sellers, so it may take some searching both online and in person to find a good deal. When the terms of your contract are up, you can change providers and take advantage of specials that way.

Consider A Fully Furnished Rental

When considering your options for where to live in Toronto, renting a fully furnished unit has many advantages. The most noteworthy one is that with a furnished unit, you don’t have to spend time or money looking for furnishings or moving them from one place to another. In fact, it’s actually cheaper on average to rent a fully furnished apartment than an unfurnished one in Toronto according to liv.rent reports. A one bedroom furnished unit goes for a bit over $100 less on the market than a one bedroom unfurnished unit, a massive difference when you consider how those savings will compound over time.

What’s the Best Apartment For You?

What may be the perfect unit for one person may have a dealbreaker for another. You may have heard that “location is everything”, and that’s especially true when considering where to live. Moving multiple times is costly, so you want to make sure you find the right place for you. Consider these location tips to lower your living costs:

• Lower Commute Times: You’ll save the most on commute if you choose a place where you can walk or bike to your workplace or school, but also consider living close to public transit.
• Live Close To Amenities: Continuing from the above point, look at affordable grocery options, doctors accepting new patients or walk-ins, and other facilities that might be important to your needs near the place you’re considering. For example, if you own a dog, you might want to live near a pet supply store and a park as well. If you want affordable recreation, consider living near a library or community center.
• Live Close To Community: Different parts of Toronto are known for different cultural populations, and living in the right area for you can mean easier access to culturally appropriate food and clothing. For example, there is the iconic Chinatown at Spadina and Dundas, or the neighbourhood at Gerrard Street East and between Coxwell Avenue and Greenwood Avenue known as Little India.

Toronto Furnished Living – Your New Home In the City

With over 20 years of experience and over 120 fully furnished units throughout the city, Toronto Furnished Living is your go-to company for affordable one and two bedroom units across Toronto, Scarborough, and East York. Our flexible lease terms mean we’ll work to find a leasing plan that works for you. We also cover utilities such as water, electricity, heating, air conditioning, and wi-fi, giving you one less thing to worry about when balancing your budget. Check out our available units today and contact us for a booking or for more information at info@torontofurnishedliving.com or +1 (888)-376-4976.