How to save money and live on a budget in Vancouver

Even though Toronto recently bypassed Vancouver as Canada’s most expensive city, Vancouver still holds the spot for the country’s second most expensive place to live. Due to the high cost of housing, nearly 61% of the region’s residents are considering moving.

What about the other 39%, though?

Whether you’ve recently moved to the city, are considering moving here, or are a lifelong Vancouverite, I’ll share some practical tips you can utilize to help you save money while still enjoying your time in the city.

How much does it cost to live in Vancouver?

As somebody who used to live in Vancouver, I can attest to how expensive it’s become to live in the city. According to the latest data from Numbeo, the average cost of living for a single resident is $1,544, not including rent.

If you include the $2,802 average monthly rent for a single-bedroom apartment in the city centre, the average Vancouver city resident has to fork out over $4,300 just to make ends meet. Toronto aside, this is considerably more than you’d need to live in many other Canadian cities.

Here are five practical tips to save money while living in Vancouver

If you’re reading this, the chances are that you’re already all too familiar with the high cost of living in Vancouver.

You’ve likely also heard tips like “create a budget” or “downsize your lifestyle” before from other financial advisors. While this is fair advice, I want to share a few more practical tips that will still allow you to enjoy a quality lifestyle while saving money in Vancouver.

Let’s dive in!

1. Hack your housing

Rent in Vancouver is high, as are housing prices for those paying a mortgage.

Perhaps you may have considered downsizing to a cheaper apartment or selling your home and moving to another city. This can take time, though, especially if you’re locked into a lease contract.

In the meantime, consider these tips to “hack” your housing and reduce your monthly housing expenses:

• Get a roommate (or two) to help you split costs
• Rent out a spare room in your home or apartment on Airbnb
• Rent out storage space in your home’s garage
• Rent out a parking space on your property to travelling RVs and van-lifers

If you’re handy with tools, you may also be able to negotiate discounts on your rent with your landlord by completing small repairs and maintenance on the property.

2. Take advantage of lunch specials when eating out

You’re likely well aware of the fact that you can save a lot of money by buying your own groceries and cooking at home more often. This is especially true if you take advantage of bulk discounts from wholesalers like Costco and meal prep for the week.

Vancouver has an incredible food scene, though. No matter how often you cook at home, you’ll undoubtedly want to go out and treat yourself once in a while.

The best way to save money while eating out in Vancouver is to take advantage of lunch specials and happy-hour deals. Many popular restaurants offer reduced pricing during lunch hours or low-traffic hours in the late afternoon to drum up extra business.

This is a great way to try out delicious food in your city without paying the full price you’d pay during regular dinner service hours.

3. Use Vancouver’s public transportation system

Vancouver’s TransLink was ranked North America’s fourth-best public transportation system. While it may not always be perfect, Vancouver’s network of buses and trains runs from 5 am to 1 am, which means it can accommodate most work schedules.

Often, commuting via bus or train is quicker than driving and trying to find a parking spot downtown. Plus, since you’re not driving, you can use the time to catch up on emails, stream your favourite TV show, or call that friend you haven’t had time to talk to in a while.

4. Attend free city events

You don’t have to hit the bars and clubs to socialize. Not only are they expensive, but half of the people you meet likely won’t remember you.

Vancouver hosts many free events and festivals year-round. These are great opportunities to appreciate other cultures, meet new people, and have a great time — all without spending a dime!

5. Explore nature

One of my favourite parts of living in Vancouver is how close it is to nature. The city is surrounded by some of Canada’s most beautiful natural landscapes — much of which can be explored for free.

While the winters can be harsh, the spring and summer seasons bring endless opportunities for outdoor adventures. This is a great way to stay in shape, improve your mental health, and have tons of fun without breaking the bank.

Audit your monthly expenses and set a budget

I know I said that I wasn’t going to preach about managing expenses and setting a budget. The reality is, though, that living in an expensive city like Vancouver is nearly impossible without maintaining some degree of financial responsibility.

Making a budget doesn’t have to be hard, though. You don’t need to pay an accountant or spend endless hours scrolling through bank statements. With free and low-cost financial apps, all you need to do is link your accounts to receive personalized tips, track your spending, and build toward your savings goals.

Check out one of these free budgeting apps to get started!

Written for Daily Hive by Christopher Liew, a CFA Charterholder, former financial advisor, and the creator of Wealth Awesome.