Summer is on its way and that means sunshine, warm weather, and lots of reasons to spend more money in Montreal! But between paying rent, utilities, groceries and every other necessity – it’s also a time when you can easily end up racking up debt and regretting those frivolous expenditures. Get on top of your spending habits this summer by learning how to cut your expenses. Let’s get started:
Create a Budget
We get that creating a budget isn’t exactly an enjoyable task. But it is necessary to help us exercise those disciplinary muscles that are often easy to ignore. A budget can provide a guideline that enables you to actually keep track of what money is coming in and going out, along with where most of it is being siphoned.
Begin your budget by determining how much income you have and how money of that income must be placed towards to important expense, such as bills and debt. Then from there, determine what your remaining allowance is for more frivolous spending (like patio season). For instance, a daily cappuccino costs about $1200 over a whole year – what if that could be put in your vacation fund instead?
For help with budgeting, use our handy checklist template, My First Apartment Budget Worksheet.
Find a Roommate
Don’t like the idea of a budget? Then you need to find a way to increase the money that’s coming in. One way to do this is by adding a roommate to your living space to take some of the weight off of your expenses. This will help you get some help with your utilities and rent, while freeing up more to enjoy and save. Plus, you might actually enjoy to extra company.
Keep Your Bills as Low as Possible
If you’re paying high fees for electricity, cable, or even your phone, consider different ways to cut back. Keep your home cooler during the summer by keeping curtains drawn during those intense sunny hours of the day. Consider downgrading your phone plan and using it less to keep more money in your pocket. And if you’re barely home enough to actually get your money’s worth from your cable, consider cancelling it and going with more affordable options, such as Netflix.
Use Public Transit
One of the biggest expenses for most of us is having a car. The insurance, maintenance, and parking fees can really add up, even if you spend your summer strolling by foot or biking. If you’re really keen on cutting expenses, get rid of your car and take advantage of public transit instead. You’ll be surprised at just how much you can save from this alone.
Montreal comes alive during the summer. With so much to do and see that it can take a hard hit on your bank account. But by planning ahead and considering alternative options for cutting back on expenses, you can still have a blast while avoiding the impact on your wallet.
With CLV Group’s convenient Montreal apartment search, you can filter by price to find your dream apartment within your budget!