But I refuse. I like my space and I like living alone. And whether it is a paying roommate or a life partner, within the words of a certain Whoopi Goldberg, “I don’t want anyone in my house.” So after I moved out, I pulled out the calculator and spreadsheets to set myself up financially in order that I could live exactly the way in which I needed and wanted.
This is significant in case you share my demographic: Every 12 months more Canadians live alone. According to Statistics CanadaIn 2021, 4.4 million people lived alone, up from 1.7 million in 1981. In fact, single-person households became the predominant household type (28%) for the primary time in Canada’s 150-year history in 2016, and that is still the case today, despite the fact that the economy has made it incredibly difficult to live alone.
In addition, Parveen Mandera financial advisor from Vancouver: “I think marketing companies place an emphasis on strengthening the emotional connection with the ‘other’ person in your life. Some people want an ideal life with a partner for life and a family to come home to, and they strive to perpetuate that narrative. I feel they are missing the opportunity to strengthen the independence and quiet life of singles and to understand the desires of singles.”
You’ve heard that you could get side hustles, keep money available, and switch jobs to complement your salary. These are all great strategies for saving and earning money, but I’d prefer to add a couple of specific suggestions and tricks that I’ve used myself.
Bplan to live alone
Living alone in Canada for the primary time—or at any time, whether it’s after a breakup or when your roommate moves out—will be daunting. It’s expensive and dangerous. So I planned years upfront, took on multiple jobs, and didn’t move out of my parents’ house until my late 20s. While a lot of my friends and colleagues were irritated that I used to be moving out “so late in life,” it put me in a superb financial position from the beginning. Because of this, I used to be especially careful to administer the cash I had saved well.
This is where good budgeting is available in, as I’m sure you have heard again and again. But what I did before, and what I do yearly before making a brand new plan, is to judge my spending over the past 12 months. You might imagine you’ve a superb sense of where your money goes, but this will be surprising. The secret’s to be honest with yourself; nobody else must know. For example, I do not mind making coffee at home (I purchase my favorite coffee beans in bulk), but I’m a foodie. And while I do not buy groceries much, I do go to the flicks every week. These are things to contemplate.
“I find that most people make the mistake of ‘guessing’ how much they spend on a daily basis and underestimating those numbers,” explains Mander. “If you know how much you realistically need to spend on expenses, you’ll know how much you can contribute to your first financial priority, which is an emergency fund, or to additional debt payments.”
PS: You do not have to do that yourself. There are loads of free, printable budget sheets online and tons of spending tracking apps you should use on the go. Some banks even offer in-app options that may do that for you and remind you if you’re over or under your usual spending.
