It’s no secret that Toronto is one of the most expensive cities in Canada. Living in such cities requires proper financial planning, and most importantly, effective money-saving tips. You need to adopt strategies that can reduce your expenditures and help you save.
In this guide, we explore some of the useful tips that will help you save hundreds or even thousands of dollars when you implement every tip. With these ideas, you can still do the things you love most and spend a little amount of money during your trip to Toronto.
Ways to Save Money in Toronto
When planning for a trip to Toronto, you don’t need to worry about how expensive it is to stay in the city. Here are some of the tips that can help you save more money.
1. Budget for Every Expense You’ll Incur
With proper financial planning, you can save a significant amount of money in Toronto. All you need to do is establish an effective budget that covers all the expenses, including accommodation, local transportation, and food expenses.
A budget is essential as it will help you avoid spending on things you didn’t plan for and also look for enough money to fund all your expenses in Toronto. Thankfully, there are many tools that can help you budget, including software tools and mobile apps.
2. Save Costs on Foods and Meals
Eating expensive meals in expensive food joints, restaurants, and hotels may take a huge part of your money. So, you should avoid eating in places reserved for tourists and eat where Torontonians eat. You’ll find cheap foods in places where the locals eat.
Thankfully, there are many local food joints and restaurants where you can find affordable meals. An excellent example is St. Lawrence Market, where you will get many kinds of foods. Also, you may consider eating in Toronto’s neighborhoods like Chinatown.
3. Look for Affordable Accommodation
When booking for accommodation in Toronto, compare the prices and book the cheapest room. Staying in an affordable hotel will help you save hundreds of dollars than when you book an expensive one reserved for international visitors.
Hotel rooms at the center of Toronto City can be costly. If you are searching for a cheaper place, you can find one outside the city center. However, you will need to pay extra transportation fees to move from the city to the suburbs.
4. Cut Back All the Unnecessary Expenses
If you have expenses that you can survive without them, it’s time to get rid of them. Also, you don’t have to buy things that you can easily find for free. For instance, you don’t need to buy bottled water whenever you can carry some water in your travel water bottle.
Another way to reduce your expenses is by renting items that you won’t use for long. If you are planning to stay in Toronto for a few months, there’s no need to buy new items. You can rent as many things as possible in Toronto to save more money.
5. Take Advantage of Free Things
When planning a trip to Toronto, you should first consider visiting attractions that are free and add them to your itinerary. Some parks, museums, public gardens, and cultural sites don’t charge entry fees for foreign visitors.
However, since most free attractions are always full of people that you cannot enjoy your trip to the fullest, you can opt for other attractions that charge the lowest entry fees. That will help you save a significant amount of money during your trip.
6. Shop Around to Get Affordable Deals
When you are visiting Toronto for the first time, the chances are high that you are unaware of the actual prices of goods and services. So, it’s not always a wise idea to buy items in the first shop you bump into. You can compare prices of various service providers to get the best deal. Generally, you should select sellers that offer huge discounts.
7. Save On Entertainment Costs By Knowing Your Neighborhood
Many people living in Toronto do not realize that free entertainment is very much available here. Remember once you start getting acquainted with your neighbors and your community as a whole, you could make the most of events, festivals, and even other activities taking place in your neighborhood. Do not overlook the scope of being entertained right at your doorstep. You must understand that community groups are great for receiving and collecting important information on varied things right from theatre productions and dance shows to outdoor movie screenings. The most amazing thing is that these community events are on most occasions free. Try to look for free and fresh entertainment in your neighborhood or community.
8. Reconsider All Your Subscriptions & Services
If you could identify certain monthly subscriptions that are not being used by you, it is high time, you got rid of them. You must focus your attention on doing meticulous research on diverse providers. If you think you are spending way too much on TV or Internet services.
9. Remember to Earn Some Money Each Time You Spend
Consider supercharging your savings simply by topping it up each time with the money you earn for spending money. Reward cards and cash-back could help in generating additional income while making a purchase every time. You have to purchase groceries and pay bills so it is a wise idea to focus on earning a wee bit extra income while doing so. Remember that even small amounts could be adding up over time hence, no question of shying away. We know that 1 percent may not make any sense on just one grocery bill. However, after buying food for about a year it could be adding up to quite an impressive amount.
Whenever you travel to Toronto as a foreigner, there is no doubt you’ll need the Canadian currency. So, it will be a great idea to exchange your money in a reputable company like Knightsbridge FX. The company offers the lowest and consistent bank-beating rates in Toronto to help you save hundreds or thousands of dollars from your money exchange.