How to happily live in Vancouver on less than $2,000 a month
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Weiwen Leung is not even 40 years old yet, but he’s retired and living happily in Vancouver on $2,000 a month. How, exactly, is that possible?
Leung spoke with Daily Hive to share his secrets to budget living. “You can be frugal and live well,” said Leung, who has been financially independent and living in Vancouver for a year now.
“Many people think that they can either live frugally or enjoy life, but many things can both save you money and make you happier…and when you realize you don’t have to choose between the two, you can do what seems impossible,” said Leung.
How did he get his money?
Weiwen Leung
According to Leung, he worked in the American technology sector, where he received a “comfortable” salary and saved nearly every dollar, putting his money into exchange-traded funds.
He also kept his expenses low. His favourite hobbies are running and hiking, which are relatively inexpensive. “That said, I’m not afraid to splurge,” said Leung. “I’ve hiked the Grand Canyon, climbed Mount Kinabalu, and toured Ecuador and Iceland,” he said.
How do you live on $2,000 per month?
Weiwen and his friends out at dim sum
Leung experimented with living off $2,000 a month for six months, limiting his expenses and focusing on building relationships. He shared his story of living happily on a budget, and there are a few key takeaways that could help you save money and live happier in Vancouver.
Here’s how Leung saved his money:
- Split rent with housemates
- Invited friends over for dinner rather than eating out
- Primarily used public transportation
- Went on smaller trips instead of big ones
- Took advantage of free things to do in the city
Rent?
The biggest cost of living for folks in Vancouver tends to be rent. Leung pays $1,100 per month, including utilities and wifi. How?
He splits a three-bedroom house in East Vancouver that he originally found on Airbnb. Once his stay was up, he negotiated a month-to-month lease at a lower rate and loves living with housemates because there’s always someone to chat with, and his landlord screens the other tenants for him.
Budget breakdown
On average, if you’re living on your own in Vancouver, data suggests you need more than $4,000 a month to get by. Here’s how Leung lives in the city for a fraction of the price:
- Rent = $1,100
- Groceries = $200
- Dining out = $150
- Public transportation = $110
- Entertainment = $30
- Travel = $100
- Phone = $35
- Medical/Dental = $100
- Clothing = $20
- Donations & others =$30
Total = $1,875
But Vancouver is famously unaffordable…right?
Weiwen in Vancouver
“I empathize with those who say that price increases are making Vancouver less affordable than before because I am feeling that myself,” said Leung.
To keep his grocery costs low, he shops mostly at Real Canadian Superstore and goes to T&T Supermarket for groceries. His diet is high in vegetables, fruits, nuts, beans, and tofu. He buys larger, economical-sized items like giant bags of rice and no-name brands.
When he eats out, he picks places that are “cheap and good,” like Pholicious, Healthy Noodle House, and Shiok Singapore Cuisine, opting out of fancy drinks and sticking to water.
You can learn more about Leung’s $ 2,000-per-month experiment on his website. “I hope to help everyone as much as I can in their journey to financial freedom and happiness,” he said.
What do you think of this wallet-friendly budget?
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