“I’ll never, ever spend $25 on a cocktail”: How one downtown resident is enjoying the city on a budget
Living in King West may seem like a sure-fire savings drainer, but this AI content writer still plans to retire at 50
Who: Bray Roos, 25, AI content writer and researcher Where: King West Current savings: $100,000 Cash needed to retire: $2 million Planned retirement age: 50, in 2050
I moved to Toronto in 2023 to do a master’s degree in political science at York. I knew it was an expensive city, so I started tracking my costs meticulously. It’s so easy to step outside and spend $300 doing god knows what. A year later, after I graduated, I got a job as a technical writer, earning $60,000 a year. I love my job, but I’ve met people in their 70s who are still working full time; I want to do everything in my power to avoid that.
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I set myself a goal of saving $2 million by the time I turn 50. Right now, I’m saving about $2,500 a month by being restrained and frugal. For example, I don’t own a car, I don’t buy fast fashion, I don’t order UberEats. I batch-cook meals at home, like big pots of chili. My hydro bill used to be $100 a month, but now I unplug my TV, my phone charger and my coffee machine when I’m not using them. My bill is down to between $15 and $20.
I still have a budget for going out, which is about $100 a month. But I’m smart about how I spend it. I’ll be honest: if there’s a $50 cover charge, I’m not going. I’ll never, ever spend $25 on a cocktail. I save a lot of money, but it has its drawbacks. I’ve had friends who were big spenders and wanted to drop $100 on drinks and food every time we hung out. They’d make snide comments when I didn’t partake. I understand that everyone has a different relationship with money. They were perfectly fine with lavish spending, and that’s okay, but it’s not for me. One time, I went to a bar in the Distillery District with two friends. Drinks were $22. My friends had a few each, and I chose an $8 mocktail. It was awkward.
Thankfully, I have some friends who are supportive. We meet at places like W Burger Bar, where there are $2.25 drink specials, or Two Cats, where they have $4 drinks. I usually eat before going out too. A $50 meal is equivalent to four days of dinners at home. I don’t feel like I’m missing out; I don’t think you have to spend a lot of money to have a good time. Still, I make exceptions. For my 25th birthday, we went out to Parlour for food and drinks, then we went dancing at Mademoiselle. I spent about $125, but it was a milestone.
I used to have a one-bed-plus-den on King West that I paid $2,450 for, but I realized I didn’t need all that space. I downgraded to a one-bed in the same neighbourhood for $1,950. I thought about a roommate, but a lot of the two-bedroom rentals downtown would still cost me $1,700 a month. It feels worth the extra $250 to live alone. Since my job is remote, technically I could move to Pickering or my parents’ basement and spend a lot less, but I love Toronto, and I’ve learned to have the downtown experience without spending exorbitantly. I frequent happy hours, and I had a free membership at the AGO until I turned 25. I started a TikTok where I share some of these hacks. Ultimately, financial freedom isn’t about restriction—it’s about choice.
I’m currently single, but I’d like to find a partner. Financial habits are a big factor for me. Last year, I went on a first date with someone who told me he’s $125,000 in debt but drives a Range Rover and loves eating at expensive restaurants. That was a major turn-off. But it would be nice to eventually meet someone and split bills with them, like Wi-Fi and utilities. The single tax is real: you have to bear the entire brunt of economic realities because there’s nobody to fall back on if things go south.
I hope I can retire in Toronto. I imagine wandering through the city on my own schedule, visiting local markets, people-watching at cozy cafés. That’s what all the budgeting and planning are for—not to have more but to need less and live freely and joyfully.
Andrea Yu is a freelance journalist based in Toronto. She reports on a wide variety of topics including business, real estate, culture, design, health, food, drink and travel. Aside from Toronto Life, her writing has appeared in the Globe and Mail, Chatelaine and Cottage Life.
