Are you renting while working towards home ownership? Knowing how to save money on everyday expenses can help you achieve that goal. Rather than worry about how to save for a house while renting, making adjustments to daily living costs and establishing better money habits now will help you purchase a Toronto home in the future. Here are ten ways to save for a down payment:

1. Create a budget and stick to it

First, sit down and do the math. Come up with an easy way to track and manage your spending, whether through an app or a spreadsheet, so you have an idea of how long it might take you to save for a down payment.

2. Balance your wants and needs

Saving isn’t about cutting out everything that you enjoy. Balancing your wants and needs, especially when it comes to shopping and entertainment, can help put extra money in your account.

3. Watch your habits

This might mean taking public transit instead of using a rideshare, planning meals instead of ordering takeout or working out at home instead of paying gym membership fees.

4. Consider cutting the cable

Find you’re using streaming services more than cable? Try getting rid of cable completely. Or, see if your landlord or other tenants will consider sharing amenities like internet and streaming services.

5. Take care of existing debt

If you want to own a home, you need to consider qualifying for a mortgage as well as saving for a down payment. Taking care of your debt now will help decrease your debtservice-ratio, which is a factor in the size of mortgage for which you can qualify.

6. Don’t waste money on storage

If you’re paying to store your belongings, why not try decluttering to permanently get rid of what you don’t need? You’ll be even more prepared for when you move into your home.

7. Understand your utility use

If you pay for your own utilities, take a good look at your bills and monthly usage to see where you can save on energy – and money.

8. Consider location and commuting costs

When choosing where to rent, a great location can pay off with reduced commuting costs. Factor in how much you can save by walking, biking, or taking public transit.

9. Take advantage of amenities

Live in a condo or apartment with amenities? Make the most of them! Work out in the gym instead of paying for fitness classes or a gym membership, or use the party room for hosting friends and family instead of going out.

10. Make sure to get your security deposit back

That extra cash will help with your expenses when you move.

Looking for more ways to save? Here are 7 tips for saving to buy a home.