Staying debt free in Toronto is next to impossible if you don’t create an effective budget. Let’s explore some daily expenses that are crashing your finances which we always neglected.

Transportation Cost

Roaming around Toronto is not cheap, a monthly TTC pass costs $156 and occasional riders may find pay-per-ride fares $3.35 with a PRESTO card. If you use a car, gas, parking fees, and car insurance are big expenses. Parking in downtown costs you $4/half-hour (approximately $347/month), $328.93 is the approx monthly gas cost on typical residential use and insurance will cost you $193/month as of last survey.

Budget Tip:

• Use public transport if possible to save money and try to explore discounts on PRESTO cars via the TTC Fair Pass Transit Discount Program.
• If possible consider cycling, carpooling, or walking to avoid extra expenses.

Housing Add-ons

Renting a one-bedroom apartment in Toronto costs you $2,500/month (starts), but rent is not the only expense. There are many small things we neglect during budget planning; such as electricity, internet, and tenant insurance, which will cost you $233.39/month (average). If you own property, maintenance fees, property taxes,s, and home insurance are additional costs ($8532/month depending on area and other factors).

Budget Tip:

• Search for a rental that includes utilities or find a roommate to share an apartment and rent.
• Look for bundle services to save money, such as internet and phone plans.
• Rexdale-Kipling, Keelesdale-Eglinton West, and Scarborough are less expansive neighborhoods.

Health and Wellness

According to a Global News report, an average Canadian spends $9,054 yearly on their health care. Dental care, vision care, and Pharmaceutical pills are not included in general health insurance. Gym and fitness classes are also costly.

Budget Tip:

• Try to ask your employer to give extended health benefits if possible.
• To save extra money on prescriptions use apps like PocketPills.
• Try home exercises or join free workout classes, and use parks and trails.

Dining and Groceries

Regular takeout or dining can drain your budget, even casual meals cost you $60/day. Groceries are also costly, depending on which goods you buy, $50-$100/week on regular groceries, and special and imported items double up your cost.

Budget Tip:

• Find budget-friendly stores like No Frills and use apps like Flashfood to get discounts.
• Cook at home if possible.
• Dine out only on special occasions or on offer/discounted months.

Use Canada consumer debt relief programs if you neglect the above costs and are stuck in debt or contact Credit720; we help you to create a perfect budget, which will help you to stay debt-free in Toronto.