Toronto Mike

How to Save Money While Living in Toronto

While the city of Toronto is gorgeous and offers many amenities, it's no surprise to many that it's expensive to live there. Toronto is the capital city of Ontario and there are a myriad of job opportunities, events, shopping and activities available on virtually any given day. Because of all that this metropolis has to offer, many families and working individuals are choosing to move to its location and start life as city dwellers. There are many different things you can do to save money on the costs of living after moving there.

Shop Around for Better Rates on Insurance and Mortgages

The price of insurance and mortgage payments can be quite high, especially since housing is a bit more expensive in Toronto than in other areas. However, you can compare different rates to choose the policies and options that are right for you. According to data from, people living in Toronto are able to save a significant amount of money simply by comparing rates rather than going with the first company they find.

Look for Free or Low-Cost Local Events

The metropolis is filled with an array of fun activities and events that the whole family can enjoy. Before spending a small fortune just to keep your loved ones entertained, look for things that you can all do that are either free or incredibly low-cost. This will help you to save while still finding something that is sure to help build lasting memories. Some of these events are specific to families and children, while others are more geared towards adults.

Know the Local Supermarkets

Grocery shopping is a necessity regardless of where you're living, but the city of Toronto has several supermarkets available to meeting these needs. Some stores are more expensive than others, especially those catering to whole, natural and organic foods. If you'd like to save money while still purchasing quality food items, look at which supermarkets are available to you and browse ads to get a feel for the prices associated with the products you'd be buying before going there.

Become More Energy Efficient

If you're looking to purchase a house within the metropolis, you need to look for ways to become more energy efficient. These home renovations will help to reduce the costs of living and utilities like electricity, water, heating and cooling. Some changes that you can make include adding solar panels to your roof to supplement the electric being used or installing water efficient faucets to lower your water bills at the end of the month.

Take Advantage of Cycling Routes

This isn't to say that you should entirely ditch using your car, but there are a number of beautiful cycling routes available throughout the area to help you get to where you need. By cycling more often, you're saving money on gas and are able to get in a bit of exercise while doing it. You should consider designating one specific day a week to forgoing the car and taking a bike to get to work or school instead.

Author image
About Toronto Mike
I own TMDS and host Toronto MIke'd. Become a Patron.