Tips for Living on a Tight Budget in Toronto

A common downside of being a college student is being broke. When you live alone as a student in Toronto, you have to master the art of saving money and budgeting. Embracing several tips for saving money could go a long way in helping you out. When students move to Toronto for studies, they often have many questions regarding their living expenses. Despite the many expenses involved, the good news is that you can still survive on a tight budget.

Below is a breakdown of the common expenses that you will encounter:

Housing

The housing costs will depend on the type of structure, square footage, amenities, and location. The cost will also depend on whether it is a shared or single occupancy. You can find a furnished unit in a professionally managed building, with onsite facilities starting at around $1,100 CAD. Bigger units (one-bedroom condos) and units in the core of the city cost more. Your budget will primarily revolve around your choice of housing. You should discuss with your landlord what is included in your rental cost, for example, utilities and wifi. The good news for students is that rent has decreased significantly due to COVID -19.

Internet

For students, the internet is not a luxury but a necessity. Most internet providers in Toronto have special discounts for students. You should ensure that you do some research to find an internet plan that suits your budget. Once you find an internet plan that suits you, you won’t have to worry about a lagging connection, given that Canada ranks among the best 15 countries in the world in fixed broadband speeds.

Hydro

Hydro refers to electricity. If electricity is not included in your rental cost, it’s hard to approximate the exact expense. Usually, the minimum hydro cost is $50 CAD. The cost might be much higher than this, depending on your usage. The cost will be higher if you constantly use large electrical appliances, including air conditioning. When renting a unit, you should find out whether heating costs are included in the rental cost; you will definitely need to heat your house during winter.

Transportation

It’s best to get used to Toronto’s TTC system even if you live close to campus. The TTC system includes buses, streetcars, and subways. With the city’s transport system, you will enjoy per-use prices and an unlimited monthly cost. Most transport systems in the GTA use the Presto card payment systems. You will incur an additional cost if you travel outside the downtown core, especially if you use intercity transport systems like GO Transit. Cars are expensive options for most students due to their high maintenance costs.

Groceries

The cost you incur on groceries will vary depending on your personal preferences. You will find a variety of grocery stores in Canada; some are more affordable than others. The cost of groceries will range between $50 and $100 CAD per week.

Tenant Insurance

Tenant insurance covers your liabilities in case of any accidental damage to your residence or unit. Tenant insurance also covers your contents. With this insurance, you will make up for costs in case your belongings are damaged or stolen. You can get yourself this crucial insurance coverage by contacting housing support or searching online. The cost of tenant insurance will range from $15-$30 CAD per month.

Entertainment

Being a student in Toronto is fun. You will have the perfect opportunity to discover what it is like to be a student in a multicultural city. This is the perfect time to make exciting connections. However, most entertainment activities will be at a cost. You may need to set aside some cash for a Netflix subscription or a night out with friends. Entertainment costs will depend on your personal preferences; budget according to your needs. On average, entertainment costs could be around $150/month CAD.

Books and Supplies

You will incur additional costs outside your tuition fees on books and supplies. You may need to acquire books, lab equipment supplies, electronic devices, and other technology. You should contact Student Services to find out whether you can access government or institutional bursaries to help you ease the cost.

Emergency Fund

It is always advisable to keep some money aside because an emergency can happen to anyone. You should start small and set aside money that will cover your essentials if you run out of cash. For a start, you should have around $500 CAD in your emergency kit.
 

Additional Easy Ways to Save Money as a Student

Now that you understand the common expenses that you will incur, you should explore some easy ways of saving money as a student:

Find Cheap Entertainment

Finding cheap entertainment is a great way to cut back on your spending as a campus student. For example, many universities give students free or extremely cheap tickets to watch the university teams play. You should seize such opportunities; you will save money while showing solidarity with the school team. Other affordable entertainment includes attending local music shows, half-price movie nights, amateur sporting events, and non-profit events.

Make a Budget and Stick to it

To save money as a university student, you should try setting a monthly budget and sticking to it as much as possible. Sometimes you will go over the budget. However, with a budget, you will be aware of what you are spending, making you less likely to spend outside your means. You can use online budgeting tools for your budgeting.

Apply for Scholarships

Canadian universities offer many scholarships to ongoing and potential students. Take advantage of every opportunity you get. Ensure that you apply for every scholarship you qualify for. You will not get all the scholarships, but it will make a great difference. With scholarships, you could have your tuition fee paid and have several thousand dollars to spare. Many students do not bother to look for what is available on the university website. Ensure that you regularly check the university website and apply for every opportunity you get, even if you only have a slight chance of winning.

Prepare Meals for the Week

You can save a lot by preparing your meals for the week on Sundays. Many university campuses in Toronto have a wide variety of takeout options. You can barely exhaust the fast-food joints, food trucks, and quick-service restaurants. You will feel tempted to buy food from these places. However, even if the takeout options offer unmatched taste and convenience, they will have an adverse impact on your bank account. To avoid this, have some pre-made dishes that you can heat and eat within five minutes. In addition to helping you save money, making your own meals will sharpen your cooking skills.

Avoid Using Credit Cards

Most people are likely to overspend money when they have a credit card. As a student living in Toronto, you can save money by not overspending it. Spending money with a credit card is so effortless nowadays that you won’t even feel like you are spending money. A credit card will make you spend well above your means and kill your budget and saving goals. Unless you really have to, don’t use credit cards.

Buy Items on Second Hand Marketplaces

You will need to buy some things in the course of your student life. You can find most items on second-hand marketplaces. You could literally buy anything from these marketplaces, including clothes, phones, furniture, shoes, books, and appliances, anything you need. When you need new items, don’t go straight to Amazon. Check the local marketplaces; you might get what you need at a fraction of the cost.

Have a Side-Hustle

Having a side hustle that brings in some cash is a great way of saving money as a student in Toronto. The side-hustle doesn’t have to be a business. It is just something that brings in extra money. You will not get rich off your side hustle, but you will make a nice side income that will allow you to save more money. You could sell items on your social media accounts like Facebook and Instagram. You could also start a blog and monetize it.

Take Advantage of Free Stuff on Campus

Many universities give free stuff, especially at the start of a semester. You should take advantage of the free items. The items could include coupons, tickets to sporting events, t-shirts, coffees, and lip chap. The free stuff will not save you thousands of dollars but will help you save a significant amount.

Buy Used Textbooks and Electronic Versions of Your Textbooks

A great way of saving money as a student in Toronto is buying used textbooks. New textbooks cost a fortune; don’t buy them if you don’t have to. In addition to buying second-hand textbooks, you should also sell the books that you no longer use.

Before you purchase a textbook, you should check online for an exact version of the textbook in e-version. The e-version will provide you with the exact material at a cheaper cost.

You might not be able to incorporate all the money-saving strategies outlined above. That’s okay, just pick several strategies and stick to them. You’ll be surprised at how much money you’ll end up saving.
 

Apartments near York University

Contact QUAD student housing to get apartments near York university.