Living on a Budget in a Condo

You’ve paid the down payment and closing costs, spent a few months in your new condo, and realize the convenience that only Stoney Creek condos for sale can provide. So what now? If you’re like most Torontonians, you want to live comfortably yet budget accordingly. At King’s Park, it’s an important topic to us. So much is said about what to do before and during the condo buying process that there’s never enough oxygen to discuss what comes after. Not anymore! Below are a few simple tips for living comfortably on a budget in your new Stoney Creek condo.

Stoney Creek Condos for Sale

Make a list of all of your expenses

You likely already did this while you were figuring out if you could afford Stoney Creek condos for sale. Since you have a good idea as to what your expenses will be, take into consideration what they are now after moving into the condo. You now have condo fees and a mortgage to pay. But if you are like most people, you’ve added a few extra expenses over time. For example, consider every subscription service regardless if it’s a few dollars a month: Netflix, Amazon Prime, etc. Even if the expense is just a few a dollar a month (e.g. a monthly night of drinks out on the town) place it into your budget. The more detailed, the easier it will be to actually live on a budget.

Know the dates of your bills

Knowing how much your household is earning is only half the battle. You have to know exactly how much you are earning weekly/bi-weekly and when those bills are going out. If the majority of your bills are paid the third week of the month yet you receive a paycheck bi-weekly, your household may struggle as you wait for the next paycheck. Do not put yourself in this situation! Budget accordingly, and you will have a roadmap that shows you exactly what you can spend per week.

Opt for public transportation when possible

The privacy and convenience of driving your own automobile cannot be understated. Unfortunately, monthly fuel costs can be…well, costly. If you have a long commute this can be an even bigger expense. Luckily, Stoney Creek condos for sale are close to public transportation which can save you a considerable amount per month. You won’t be able to sing ‘Bohemian Rhapsody’ in the privacy of your automobile, but if you’re okay with trading a little private time to save money it’s one of the best budgeting tips you will find.

Stoney Creek Condos for Sale

Use amenities at your condo to run errands

Stoney Creek condos for sale are here to make your life convenient via amenities. It’s one of the biggest perks of condo ownership and can save you serious time and money. Some condos offer amenities such as dry cleaning, a market, gym, and so on. Rather than driving around the neighbourhood running errands, save fuel/public transit costs and do them at home. You’re paying for them via your condo fees anyway – why not take advantage of them?

Cook in rather than dining out

It seems like we spend a small fortune on food annually. It’s tempting to eat out, too. Fast and convenient, it’s easy to find the type of food you’re craving around the Stoney Creek condos for sale. Add to the mix that we’re often tired and cooking is the last thing on our mind and it’s easy to justify spending a small amount on takeout. This adds up considerably. Before you realize it, you could spend hundreds just on eating out monthly. Change your routine by cooking in more often than you dine out. Make dining out a special occasion (like a weekend treat). Don’t know how to cook? Use this as an opportunity to finally learn. You will be amazed how many quick, cheap, tasty, and most important filling meals you can make when you learn just a few basic cooking techniques.

Most of all, just be mindful

Be mindful of necessary expenses, expenses you don’t need, and expenses where money can be saved. Catch yourself when impulse buying and ask yourself, ‘do I need it? If I want it, can I afford it today? Would it be better to wait next week, next month?’ It’s a practice that allows you to take control of your spending and keep a rock-solid budget that’s going to allow your household to flourish.