How much does it cost to move out in Toronto?
Ah… the question of every person who is at an transitional stage of their adult life. Finally flying out of the family nest.
This post is only going to look into the costs of moving out from a financial standpoint. Later I will write the intangible reasons whether or not to move.
Things you absolutely can’t live without and should be fixed:
We tend to forget that once we move out, it does not mean all of your funds should go into expenses. Saving for a rainy day is a must.
3. Discretionary Spending
This is another bucket of fixed expenses that would include:
- Phone Bill
- Other subscription
4. Miscellaneous household items
Let’s be real here. You’re not going to move out just to hole yourself in your room.
- Eating out
- Household miscellaneous items
We are talking about the random stuff you seem to always have at home but only notice them when you live in your own. Examples such as lightbulbs, cleaning supplies, toilet paper, etc.
This bucket is really anything that will vary from month to month – within reason of course.
*The gym costs is due to a very long story that got me trapped in two gyms one-year commitment contracts.
After taking all of these buckets into account, this is how it all measures up to.
Living at home costs: $1,872.04/month
Living out costs: $2,536.29/month
Clearly you would almost be saving $700/month by living at home with my numbers. If your folks are letting you stay rent-free, the difference is even higher. However, as I will be going to work on my other post that will explain more of the tradeoff and intrinsic gain, you will need to decide on what that incremental savings is worth.