A TikToker Shared How She Saved $25K/Year In Toronto With These 5 Lifestyle Changes (VIDEO)
"But at the time, I still had lots of fun."
Julia Latacka. Right: Downtown Toronto.
Living alone in Toronto can be daunting, especially for young people trying to navigate the high cost of living in the bustling city.
However, one Ontario TikToker has recently gone viral for sharing her secrets on how she managed to save $25,000 a year in Toronto through just five simple lifestyle changes.
In an interview with Narcity, TikToker Julia Latacka explained that the premise of her viral video was that saving money is still possible, no matter how much you earn.
"You just have to make some sacrifices and spend intentionally," she said.
Latacka now resides in London, Ontario, but she used to make $50,000 per year working in a human resources position in Toronto. Her savings eventually helped her to purchase a condo unit in London.
While Latacka acknowledges that her strategies aren't necessarily perfect for everyone, she does believe that it's possible to afford to live in Toronto without breaking the bank.
@workbyjules How I saved roughly half my paycheck living in Toronto on a $50k salary! Not every month was perfect, but I was able to save a lot by planning and spending intentionally. As I made more $$ I definitely spent more on “fun” things. But at the time, I still had lots of fun, travelled, went out. I just didnt spend excessively! I am not saying everyone can or should do this (i can imagine some people value saving less) but I do want to show what’s possible! #savingmoney #howtosavemoney #savingtips #budgeting #moneytiktok #millenialmoney #debtfree
These are the five lifestyle changes that helped Latacka make her life more affordable in Toronto.
Embracing the roommate life
First, Latacka tackled her biggest Toronto expense: housing. Instead of shelling out for her own apartment, she lived with roommates and said she managed to find great apartment deals on Craigslist.
She told Narcity that she lived in a den in an apartment she shared with three roommates and paid $750 a month in rent.
"Given that housing is one of the most expensive things, I've really tried to find something that does cost less," she said.
"I'm sure now, though, it's a lot more than it was when I was living there, but I think a lot of the tips in my video still apply," she said.
Biking, walking and taking transit more
Transportation was another key area where Latacka made changes to save money. She "very rarely" took pricey Ubers, and she walked and took her bike to get around the city.
She also used the TTC more often.
Only shopping at cheap grocery stores
Like many others in the city, Latacka pivoted to more affordable grocery alternatives to save money.
Her go-to grocery stores were FreshCo and No Frills, and she said she'd always shop for her groceries from those stores, even if it meant she had to bike or take the TTC to get there.
Meal prepping
To reduce eating out, she also started meal prepping for most of her meals and would bring homemade lunches to work; however, this wasn't always a hard and fast rule.
"Obviously, once in a while, I'd buy treats and grab lunch, but it wasn't an everyday thing," she says in her video.
Setting weekly budgets
Latacka's main secret to savings is intentional spending and planning.
She told Narcity that she would set an approximate $70 a week budget for going out and having meals, drinks and coffee. However, this number would often change according to scenarios.
"Ultimately, I came to Toronto for a reason, and I wanted to enjoy everything that came with the city," she says in her video.
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