How Much Does it Cost to Live in Canada?

When it comes to the cost of living in Canada, it doesn’t get much better than this.

With the lowest costs of living available anywhere in the world, Canadians are able to enjoy a life of luxury in a very affordable price.

But just because you can live so cheaply, doesn’t mean that you have to. A few adjustments and the costs of living in Canada could easily double, or even triple, over time.

Here are a few tips to help you find the right adjustments for your budget.

  • If you want to live close to where you work, try using multiple sources of transportation. Drivers in the city will charge you more, but the city is so accessible for the average person living there, that you will be able to save enough to pay for that second car if you want to.
  • Be careful about getting insurance for multiple sources. While it’s tempting to keep paying the same rate for multiple people, you can end up paying more in the long run, depending on your age and medical history. Always stick with one insurance company or provider, or at least find out what they’re going to charge before you start shopping around.
  • Try not to spend too much time in expensive grocery stores or other costly shopping trips. The prices at these places aren’t particularly low compared to what you’ll find on your own, and the longer you’re there, the more you’re adding to your overall costs, not cutting them down.
  • If you don’t have the best water filters, try to use the first good time of the year, especially at this time of year. Depending on your region, you might find yourself paying more for a pool if you wait until after April 1st, but even a small bit of extra money spent on a good filter could have you enjoying your pool all summer long.
  • Save money on healthy meals. Often, people who live in a huge house don’t spend as much money on food. Instead, try and eat healthier and get some exercise, instead.
  • If you don’t mind the long term commitments, then go ahead and stay in your big house. In most cases, you’ll end up saving thousands in the long run, especially if you build an equity loan to offset the property taxes you’ll need to pay. In the meantime, you’ll be able to spend a lot more time outdoors and still make a lot of money.
  • If you’re in a position where you have a decent job, try to earn a little extra money. While it’s certainly not the most effective way to cut costs, you’ll still end up spending less money over the course of a year, especially if you keep up your own fitness program and get in some exercise in the meantime.
  • Consider how much you want to save by getting rid of your old habits that tend to add up, like visiting the same grocery store or hanging out with the same friends over again. Once you do some maintenance and start doing things differently, the costs of living in Canada will drop drastically.
  • Find a way to free up some money in the household, maybe by expanding your work hours or hiring a nanny. This will help you save some money in the long run.

These are only a few ways to adjust the cost of living in Canada, and there are likely many more ways to make the adjustment. The sky is the limit when it comes to how much money you want to save over the course of a year.