However, late fees, overdraft fees, and other banking expenses that sometimes come with paying your monthly bills can quickly eat into your bottom line. When we talk about saving money, we generally focus more on what we’re spending our money on, rather than how we actually spend it. 'When crafting your monthly budget, you’ll need to determine reasonable spending limits for all your recurring expenses.' 3. These budgeting questions may seem simple and trivial, but tiny cuts to your monthly spending now, can mean big savings in the future. While many of your monthly expenditures, like your rent, utilities, phone bill, and food are necessities, you do have some control over how much you spend on each of these expenses.Īs you go through your budget, ask yourself questions like:Ĭan I save on my food costs, for example, by cooking at home more frequently?Īm I using all the data I’m paying for each month on my phone plan?Ĭan I lower my utility bills by only doing certain chores outside of peak hours? When crafting your monthly budget, you’ll need to determine reasonable spending limits for all your recurring expenses. To prevent yourself from blowing your paycheque, you’ll need a solid budget template to help you manage your money. One you’ve got a handle on your spending habits, it’s time to get to work. These insights give you real-time information on your transactions so you can see where you spent your money and how that compares to your past spending trends. When you use the app to check out your spending habits, you’ll also have access to KOHO Insights. If you already do a lot of your spending with your KOHO prepaid Mastercard, getting a grasp on your spending habits is easy. If you don’t have a good picture of what you spend money on each month, you’ll have a pretty hard time trying to cut costs. Saving money on your expenses starts with understanding your spending habits.

To get you off on the right track, here are 7 simple ways for renters to save on expenses, even when it seems impossible. The key is knowing where you can adjust your spending so you can start to build your savings. You can rent and save money, all at the same time. The good news is that it doesn’t have to be this way. With annual rent increases, inconsistent utility bills, and many other expenses to consider that are outside of your control, renters often find themselves struggling to make ends meet. Provincial rental authorities can be contacted in the event a landlord does not fulfil his or her obligations to repair the rental property.When you rent a home or an apartment, it can feel like saving just isn’t an option.

Repairs are normally the responsibility of the landlord. It is advised to check all rented property for any damage prior to moving in and to make note or photograph any damage to the interior or soft furnishings at the earliest opportunity. It is normal for an inventory to be made on furnished property. Additional taxes are not required to be paid on top of rent. Again, check exactly what is included in the monthly rental. Other service charges may or may not be included in the rental agreement as part of the rent. Check when signing a lease agreement exactly which utilities are included in the monthly rent. If they are not included in the contract it is up to the tenant to pay these bills on time to the relevant provider. Utilities are often included in the contract (but not always) and may include parking and utilities such as electricity, heat and water. Make sure you're prepared for the costs of services and utilities associated with renting a property in Canada.

Bills to pay when renting an apartment