Living in Canada’s major cities is expensive.
Take Toronto for example: It’s not uncommon to see $1,000,000+ homes in almost every neighborhood.
Rents are sky high even for small one bedroom condos and auto insurance is out of this world.
It all seems to be getting worse and not better…
This is making it tough for millennials living in cities to save even a few dollars at the end of their month!
Sadly, saving is a must in these tough times. Lucky for you, we have some tricks you can implement today!
Weather you are saving up for a property or for a simple getaway, these next few tips will put a couple extra dollars in your pocket.
5 Best Tips for Canadian Millennials trying to Save Money
#5 Use a Credit Card
This may sound like the opposite of what many want to do but if you are responsible and can pay off your credit cards each month, you can save up to 4% in some cases.
The TD Visa Infinite card provides you a cashback for all the purchases you have made, usually from 1% to 3% depending on what you are buying. For this card, you will get 3% back on any gas, groceries and recurring bills and 1% on everything else. This is literally a discount on life!
Take a look at some of the current special offers that exist on the market.
As you spend, you will notice a cash reward on your account which you use to pay off your credit directly.
You may be thinking why would the banks offer this?
They are hoping that you forget to pay off your debt. They will then charge you 19.99% for what you owe. Do not let this happen.
#4 Switch over to Simplii Financial or another No Fee Chequing Account
Why would you pay a monthly fee plus have a limited amount of withdrawals on your own money? Oh and if you want cheques sent to you, pay up!
Most large banks do not charge you anything if you have at least $3,000 in your account. Well millennials sometimes do not. “Lets make the poor poorer” they said!
Switch your chequing account over to Simplii Financial. They charge you nothing for your account, they give you free cheques and you have unlimited transactions! Their customer service is amazing and their online system is fantastic. If you want to withdraw money you go to any CIBC ATM.
#3 Call your internet/phone carrier
Get on the phone, give them a call and discuss how you can move forward from here as the pricing is too high. Do you have a couple of services with them? Tell them! You are a loyal client and want to know what discounts can be offered. Their retention teams are usually fantastic and in most cases they have the power to offer at least a small saving or a slightly better offer.
There are many low-cost providers as well however many of them do not offer the same service as the main ones in Canada.
#2 Use Hydro during non-peak times
You can literally save over 50% on your hydro bill by simply using it at a different time! Every weekday from 11am to 5pm are on-peak hours. In Ontario, you are paying 13.2 cents per kWh. Off-peak hours are from 7pm to 7am and your price goes down to 6.5 cents per kWh. Over 50% less! Do your laundry after 7 or on weekends.
#1 Live at your parent’s house
You can save a few dollars on credit cards and another few on switching your accounts. But nothing saves you more money than simply staying at mom’s house.
Rent in Toronto has hit a record average of $2385 per month in 2018.
It’s tough for millennials to choose to stay at home after 30, but if your parents live close to your work and are allowing you to stay…just do it. You can expect rent to increase yearly and don’t hold your breath for a market crash.
Today, there is nothing wrong with living at home, times have changed since 20 years ago. Do not compare yourself to the last generation.
When you are ready to own, that is when you can move out! In the meantime, start learning everything you can about investing.
BONUS TIP:
Auto insurance in Ontario is becoming a little too expensive for the average resident in the Greater Toronto Areas. We compiled a list of top 5 tips to reduce your auto insurance in Ontario.
We hope you enjoyed this list! If you have your own tips that helped you save money please share them below!
Downtown Money is a millennial online magazine aimed at helping our generation move forward. Follow us for the latest news worth your time.