Buy below your means: Even though you’re approved for a maximum amount for a mortgage, it doesn’t mean you should take that amount.It’s a must if you live in a high tourist area, you could be missing out on a lot of money! Learn to use Airbnb: Whenever you need to leave the city, you could be using your home as an income-generating asset.Pit multiple mortgage brokers against each other for the best rates, they have access to hundreds of lenders and work on commission so are motivated to get you the best deal. Negotiate better mortgage rates: If you’re up for new mortgage rates, look outside of the big banks.Sublet your place: If you’re gone for a while, consider subletting your place so you can save on rent costs.Try to ask for 10% less to start and see if they would consider negotiating down. Negotiate when re-signing a lease: If you’ve been a good tenant, your landlord might not want to lose you.Look for a new place in the wintertime: Demand is usually lower because people don’t want to move in the winter, so homeowners have more trouble renting out their units.Be mindful that depending on where you work, this might increase transportation costs. Live further from the city core: downtown rent is usually a lot more, so try to live outside the core.A few ways to save on shelter and housing: $20,200 is the average amount spent by Canadians on housing. Find different ways you can save on dining out, whether it’s going less frequently, or choosing better places with deals to go to.Look up ways you can save on groceries in Canada.Substitute fun things for restaurants: If you really need to get out of the house and socialize, how about a walk outside, or go to a cafe instead of a restaurant? There are a million other fun things to do than go to overpriced restaurants.Have fun cooking: Look up new easy recipes, take a cooking class, and try cooking with a friend.You still get to socialize and save a lot of money also. Host meals or barbecues at your own place, or at a friend’s place instead of going out to eat.Not only do you save money, but you will probably eat way healthier also! Meal prep – You can prep meals for a few days at a time, to make it super convenient to grab food and go.Here are a few ways to save on food costs: FoodĬanadians spend $10,311 per year on food. Look at improving on three of the biggest expenses: Food, shelter, and transportation. This breakdown of expenses provides some valuable insight into how to improve your spending and saving habits in Canada. How to Improve Your Spending Habits in Canada Using This Data Tobacco, alcohol, and cannabis at $1,785 per year.This includes things like recreational equipment and related services, home entertainment equipment and services, recreational services, and recreational vehicles. This includes direct health care costs and personal care costs. Other important contributors to expenses in Canada in 2019 are: $3,344 is the total spent on clothing and accessories in Canada. ![]() Average Household Expenses on Clothing and Accessories ![]() ![]() This includes things like communications (cell phones, internet), and household furnishings and equipment. The total spend on household operations is $5,448. Average Household Expenses on Household Operations Transportation is the second-largest expense for Canadians, with the average household cost coming in at $12,737. What does the Average Household Spend on Transportation? $1,829 in other accommodations such as hotels. Split up into $18,371 in principal accommodation, which is things like rented living quarters, owned living quarters, and utilities. ![]() No surprise here, shelter is a very big portion of what Canadians spends on each year.
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