Strategies To Weather The Rising Cost Of Living In Canada

Canada is one of the most desirable places to live, but it comes with a hefty price tag. Depending on your location, the cost of living can seem astronomical, and it's only getting worse. As middle-class Canadians, how can we sustain our lifestyle and what are strategies to weather the rising cost of living in Canada?

Here is a short list of different ways to make life in Canada more affordable:

1. Mortgage Helpers

- If you have an extra bedroom or living space in your home that you could rent out, the extra cash can make a huge difference. Most major cities in Canada welcome foreign students who are looking to rent rooms from Canadian hosts. This is sometimes worth upwards of $1000/month in added income. If you have a detached garage that can be legally transformed into a carriage house or a basement that you can turn into a suite, you’re looking at even more money coming in each month.

2. Choosing A Quieter Town

- While it’s not as easy to find work in Canada’s small towns, if you work for an employer who can transfer you there, you’ll enjoy many upsides like less traffic, lower insurance rates, cheaper home prices and more. It is infinitely more affordable to sustain a middle-class lifestyle in Canada’s smaller towns.

3. Ditch The Vehicle

- If it’s possible, opt for a brisk walk to work instead of driving.
Try and use a bike, if you have one, or utilize public transport to save on gas and insurance costs.

4. Consider Roommates

- Before you tell yourself that you've outgrown the whole "roommate phase" just think about it. What better way to lower your cost of living than by splitting your expenses with someone else? In many cultures, it's very normal to live with your parents as they grow into old age, so why not consider sharing the bills with mom and dad?

5. Save On Groceries

- One of the biggest expenses that Canadian families face, is the cost of feeding their household. You can read our previous blog post on saving money on groceries here.

6. Capitalize On All Benefits And Tax Breaks You're Entitles To

Check out one of our older posts that outlines some of the tax breaks in Canada you might be eligible for. We also recommend seeing a tax specialist, to ensure you receive every benefit you can.

7. Budget

- Your budget should always be your first line of defense against an increasing cost of living. Training yourself to plan out and stick to a budget is one of the best habits you can have. It will protect you from constant overspending and will help you correct it if you do.

Life in Canada may be expensive, but living in one of the best places in the world is never going to be cheap. What are some of the ways you’ve adapted to an increased cost of living? Let us know in the comments!