The â€œcityâ€ is often more expensive to live in when compared to the suburbs. Thatâ€™s for good reason. The city is where all the modern conveniences are. Itâ€™s where many of the jobs are. Plain and simple, itâ€™s where the money is, and if you want to live in the center of it, chances are good that youâ€™ll have to shell out some good money to do so.
If living in the city would put you near your job and everything else you need, you might not be willing to compromise on it. So, how can you afford city living if itâ€™s a bit expensive for you?
It turns out thereâ€™s a way to do everything. Donâ€™t turndown that real estate in Toronto just yet. Here are three ways to afford living in the city.
Get a Roommate
If youâ€™re looking to save money on some swanky city apartment, one great way to do it is to split the costs right down the middle with a roommate. The right roommate shares the expenses and even does half the work of upkeeping the place. That is in an ideal world, of course. Finding the right roommate is important, so be sure to interview closely.
Donâ€™t Spring for Luxury
As with anything, the more luxurious it is, the more it will cost. Ask yourself if you really need the best of the best city apartments. Do you need that multi-bedroom suite thatâ€™s above the historic bank on the best block of the city? It would surely be nice to have it, but if youâ€™re doing this on your own for the first time, maybe go for something more modest and affordable. One bedroom, a kitchenette, a living area, and a bathroom sounds fine for one person. It saves money, too!
Live Within Your Means
Now that you have this city apartment, you have to do everything you can to save your money. It can be easy to overspend if you donâ€™t pay attention to finances. In this case, you should make a budget that you adhere to at all times.
Set a monthly limit on your spending. Factor in all the important things you need to buy, with rent, bills, and groceries as top priorities. Try to limit impulsive buys, and do whatever you can to reduce your spending even more. You can walk instead of paying for gas or taking a bus.
All these things together should give you some good ideas on affording that city apartment youâ€™ve been wanting!