In today’s world it’s tough to remain financially stable, especially living in Toronto. Minimum wage is set at $11.25 and if you’re working 40 hours a week, you’ll end up with $450, before taxes are taken off. Let’s just say rent in Toronto is an average of $1000/month (one bedroom apartment) – if you’re making minimum wage, you’ll end up with $1800 a month, and $800 left over for extras. See how tough it could be?
Get A Side Gig
We know – how could you work two jobs, have a life and spend time with friends and family? But instead of looking it as another job, look at it as another source of income. Take advantage of your skills or turn a hobby into profit. Etsy is a great online marketplace where you can open up your own shop and generate some extra cash on the side. These side gigs will give you an extra income and closer to financial stability.
Cook at Home
Stop eating out all the time! If you spend your money on long-lasting food products, you will save and cut back a good amount of money. Cook dinners and make sure you make enough food to bring some for lunch the following day.
Say Bye-Bye to Gym Memberships
Is it just me, or do gyms charge an arm and a leg? There are so many trails that you can walk or ride a bike through. Jog around 305 Roehampton and you can always take advantage of our fitness centre. If you’re part of the community at 305 Roehampton, you won’t need a gym membership.
Pay Your Credit Card – All Of It
Don’t get caught up with credit cards and think it’s okay to pay the minimum payments each month. The average Canadian owes $1269 to credit card companies. At 18%, that’s about $230 a year that you could have in your pocket if you paid it all off at once.
All these little expenses you have, add up. Make sure your budgeting and always thinking about the most important things that you need – not want. What other tips do you have to have more mula in your pocket?