This shock to our economy has forced Canadians in all income brackets to rethink their personal budgets.
Keep reading if you’re like most Canadians and looking to cut living costs
A common response to, “Hey, we need to cut living costs,” is to rethink the way extra money is spent, and what needs to be reluctantly given up.
A better alternative might be to find ways to lower your bills before you go denying yourself some luxuries.
And it feels good to see that first lowered monthly statement, and then another one and another one after that. Some people like to add up all the money they save every month and invest it in the market. Others like to turn it into a week on a beach in the middle of January. Either would be a fine choice.
Start by cutting your home insurance cost
Home insurance is not mandatory in Ontario. But whether you own a home, rent a home, own a home you rent out or some combination thereof, it’s a very good idea to have home insurance for a whole host of reasons.
The average Ontario homeowner will pay $1,408/year for home insurance while the average renters will pay $489.84/year for tenant (or renters’) insurance. But you might not have to pay that. And if you’re paying more now, you could be paying less – much less.