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Living an enjoyable life doesn’t require a big bank account balance. You can enjoy a fun and fulfilling lifestyle while keeping your monthly expenses low. To do it, you’ll need to make conscious and consistent financial choices. Here are some actionable tips to help you achieve the life you want without a big bill.

Track your spending

Start by assessing where your money is currently being spent. Some online banking tools will give you a handy breakdown (like a pie chart) of how you’re dividing your dollars, but if your account doesn’t, just take a close look at your bank and credit card statements for the past few months and categorize your spending patterns into needs (rent, utilities, groceries) and wants (dining out, entertainment, shopping). This might be eye opening if you don’t currently keep a budget or track your spending in some way.

Create a budget

Once you have a clear picture of your typical spending habits, it’ll be much easier to create a budget that aligns with your spending needs and goals. It’s critical that you allocate specific amounts for each category (needs and wants), and be realistic about what you can and cannot afford. You’ll want to earmark dollars to save as well.

Cut what you can

Budgets are designed to help you identify the areas where you can trim your spending. You’ll want to only trim the truly unnecessary items and avoid cutting back too extremely. If you cut too much of your spending you’ll risk sacrificing your enjoyment. Here are some spending areas you should try to trim but not totally eliminate:

Dining out

Dining out can be a big expense, but it shouldn’t be totally eliminated from your budget. It can be a great opportunity to save time on a busy day or enjoy social time out with friends and family. To save some money, limit how often you eat out and order in. Focus on trying to cook more meals at home, try meal prepping, and pack a lunch for work or school if you work outside your home. 

Entertainment

You don’t have to spend a lot on entertainment to be entertained. If you live in a city, there are often free or low-cost community events and activities happening in your community, like fun festivals, markets and performances in public spaces. If you’re a nature lover, try to carve out more time to visit local parks, conservation areas, beaches and trails. If you’re a culture lover, check out local museums and art galleries for low or no cost entry days. On days you have more time to spare, plan road trips with friends to enjoy walks, hikes and adventures together in new-to-you areas.

Shopping

It’s easy to splurge when shopping for clothes, jewellery, makeup, food, home decor, electronics and more. These methods can help you resist the urge to make impulse purchases. Everyone needs to shop, though, so it’s worth keeping your eyes peeled for product sales at the grocery store through flyers and coupons, searching for discounts from your favourite brands, buying what you can in bulk, shopping for secondhand items, and choosing locally-produced products when you can.

Reduce your housing costs

Housing is a big expense for most people in Canada. There are definitely ways to save on your housing costs:

Relocate

Where you live can have a big impact on your housing costs. If you live right downtown in a major city, for example, you may be paying more than you need to for a nice rental or home in that location. Consider moving a little off the beaten path to a new neighbourhood or suburb to save on your rent or mortgage. If you work remotely or are retired, it might be worth considering relocating to a more affordable city or town.

Downsize 

If you're living in a space that's larger than you need, it might be worth considering moving to a smaller, more affordable home or apartment.

Find a roommate

If you live alone, consider finding a roommate to split your housing cost. Sharing a living space with a roommate can significantly reduce your rent or mortgage payments.

Save on transportation

If you drive everywhere in your own car or rely on cabs and rideshare services like Uber, you could potentially save a lot of money on transportation by switching from driving to public transportation options like buses or trains. Another great money-saving transportation switch is carpooling. Carpooling entails sharing rides with coworkers or friends to save on gas and parking costs. For shorter distances, consider biking or walking instead of driving.

Remember, living a great life doesn't require a lot of money. By making savvy financial choices, focusing on what matters to you, and rethinking your spending habits, you can enjoy an amazing lifestyle while keeping your monthly expenses low.

Looking for an affordable apartment rental? Panoramic Properties would love to welcome you home. Please visit our website to browse our available apartments.