Some young Canadians are downsizing their homes to cut back on their expenses.
Updated: Oct 9
Original article by:
Noushin Ziafati
THE CANADIAN PRESS
March 28, 2023
📰 Read the FULL ARTICLE here.
I spoke with The Canadian Press about young Canadians who are downsizing or moving in with family to cut costs. Here are the highlights and my contributions.
Key Takeaways
Rising prices have pushed many young Canadians to put off a move, move sooner than planned, or choose a cheaper home or rental.
Moving in with family or roommates can free up money to pay down debt, though it often means giving up some privacy and independence.
Get a clear picture of your own finances and budget before you move, regardless of what friends or peers are doing.
If you're sharing a home, set ground rules and expectations about money up front.
Moving has its own costs, from moving expenses and closing costs to higher insurance premiums in a new area.
My Perspective
Before you downsize or move in with family or a roommate, take time to weigh your options and priorities. If city living makes you happy, accept that housing will take a bigger share of your income and cut back in other areas. If the cost is too much to bear, consider living with family or a roommate, or moving out of the city.
"You really do have to consider all the options here."
Be clear about why you're making the move and what goal it serves, whether that's saving for a down payment or reaching retirement sooner. Write it down and crunch the numbers. Otherwise, the extra breathing room can quickly get lost to lifestyle creep.
"Figure out what is it you're saving and what are you saving towards."
Originally published by The Canadian Press, written by Noushin Ziafati, on March 28, 2023. Use the link at the top of this post to read the full article.
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