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The Financal Aspect Of Living On Your Own. (Intro)

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The Financal Aspect Of Living On Your Own. (Intro)

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Within this padlet I am going to break down the financial aspect of living on your own and all the things that come with it. Budgeting, daily expenses, and some problems you may financial problems you may encounter while living by yourself.

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The Real Cost Of Being Single (Website 1)

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The Real Cost Of Being Single (Website 1)

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This website moneysense.ca gives a good, basic breakdown of what is more expensive when living by yourself. Things such as Housing costs and food costs. Breaking down the costs and as well showing some of the advantages as well of living on your own in Canada. Giving great tips and tricks on how to save money and even take advantage and utilize certain strategies such as tax advantages and policy changes.

The reason I chose this website is that it was very simple and straight to the point. It gave a great breakdown of what living by yourself in Canada is like, as well as showing some of the numbers and statistics on average for Canadians living on their own. It as well showed some of the advantages and disadvantages of living on your own. One useful thing I found was You may qualify for more government subsidies because you have one income, especially if you have children.

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For unpartnered people, everything from housing to grocery shopping comes with a higher price tag. Here's what you should know about your finances if you're riding solo.

If you're a single person living in Canada, you're not alone-even if you technically are. According to the most recent census data available, the percentage of the population flying solo in Canada has more than doubled since the 1980s, with the number of people living alone spiking from 1.7 million in 1981 to 4 million in 2016. Solo dwellers over the age of 15 went from 9% of the population to 14% during the same time period. That same data also revealed that, contrary to popular belief, the biggest age group of people living alone isn't young adults, but people between the ages of 35 and 64. Within that group, there are more single men than women.

Life as a single usually means covering for a wide range of expenses-such as rent and car payments-on your own. In fact, that 2016 census showed that close to half of young adults living alone had monthly housing costs considered to be unaffordable. When you factor in the rising cost of living in Canada- inflation is at a 30-year high of 4.8% -your bottom line as a single person may be at risk.

Here's what's more expensive when you're single

Paying for basic needs like housing and food can be difficult without the help of a financial partner. Not to mention all the little things, like shouldering the cost of holiday gifts or vacations, for instance. We talked to real-life singles to hear about the expenses they consistently find to be a struggle to afford alone.

Housing costs

Partners with dual incomes will likely "go Dutch" on their mortgage or monthly rent. But singles pay for that on their own, along with everything from utilities to home insurance and repair costs, too.

For single Canadians, home ownership is becoming increasingly out of reach-a salary of $75,000 a year isn't sufficient to buy a house, or even a condo, in an expensive city like Toronto. It isn't any easier in Vancouver, where the income needed to buy any property starts at $130,000.

Even for renters, carrying the price solo is difficult. Jo Pavlov, an education worker from Hamilton, Ont., points out that the cost of housing is one of the biggest expenses of being single. "I started [renting my current house] with a friend, and we split the bills down the middle," says Pavlov. "When she left, all responsibilities fell to me, and it's more than I can afford." Pavlov estimates that paying for all housing costs alone, including bills, eats up over 60% of their net income.

Food costs

While it may seem like it should be cheaper to feed only one person, food often isn't packaged or sold that way. "I pay too much for food," saysSusan Langdon, the chief executive of the Toronto Fashion Incubator. "Not because I buy a lot, but because small packages of anything are disproportionately priced." And single people aren't able to take advantage of the cost savings of buying larger quantities-on perishable items at least-because they may expire before they can use them.

Not only that, but food prices are expected to rise between 5% and 7% over the course of 2022, making food more costly in general, too.

Lack of a safety net

People with a partner may have an added sense of security knowing someone has their back should they experience a job loss, an illness or a disability that prevents them from earning income (or as much income), but singles don't have that built-in support. (This is why having an emergency fund is so integral as a single person.)

In addition, people with disabilities face employment challenges. Among Canadians aged 25 to 64, those with disabilities were less likely to be employed (59%) than those without (80%). If you're single and live with or experience a disability, the costs can be high. Helen Smith*, an administrative assistant from Hamilton, Ont., estimates her next purchase of hearing aids could cost nearly $10,000, plus $125 per year for batteries and additional expenses for repairs.

"The disability affects my employability, as there are certain tasks I cannot do," says Smith. Not only that, but Smith requires a good benefits package-last year she ended up paying $2,300 out of pocket.

"Looking for better-paying positions with better benefits is a slow slog, especially during a pandemic. Unlike able-bodied [people], I cannot take the risk of temporary or contract work because it takes time to learn to compensate for a disability in a new environment," she says.

Breaking down the costs

While it's not possible to conclusively predict if the number of single Canadians will continue increasing, the 2016 census did acknowledge that single people have to carry significant costs when compared to a couple, saying: "Individuals who live by themselves must manage expenses such as housing, utilities, food and entertainment on a single income in most cases, while those living in a household with others can take advantage of economies of scale in managing these expenses." Let's take a look at some examples of how cost of living may vary based on relationship status.

The cost of being single in Canada by the numbers

Let's take a look at a sampling of numbers. Note: These are based on yearly averages, and the data available covers the period between 2019 and 2021. Individual expenses will vary.

Per year

Single

Single parent

Couple

After-tax income

$32,200

$56,100

$103,900

Rent

$21,468

$21,468

$21,468

Food costs

$3,391 to $3,780

$8,742

$14,767 (with children)

Financial advantages of being single

While there are ticks in the "cons" column of being single when it comes to money, there are also distinct financial advantages-like not having to split any tax deductions with a partner. One of the biggest advantages are the independence that stems from having full control over your finances. Shay Steacy, an advice-only Certified Financial Planner and owner of InBalance Financial Planning, is single herself and works with single clients. She says single people have greater flexibility with their money, including how they invest it, how they plan for retirement and how they consider housing. "I get to be more flexible in what I do, because only I need to approve it," she explains. "I had a client move out east, and when that didn't really work out, she moved back. There's a lot more flexibility in what you can do when there is only one person and one job to figure out."

Shannon Lee Simmons, a Certified Financial Planner and owner of the New School of Finance, agrees wholeheartedly. "If you're single, you get 100% say on how the money works," says Simmons. "You don't have to navigate someone else's bad habits-emotionally or financially."

Money tips for single people

Develop alternative income streams

Both Simmons and Steacy recommend having alternative revenue streams, if you have the time and ability. Steacy has clients who utilized short-term rentals to earn additional income, by listing their living space on AirBnb before they travelled. She herself rents out part of her home and lives in the basement.

Challenge traditional financial ideals

There's the belief that home ownership helps build wealth, but as Simmons points out, that wealth is locked in until you sell your home. "Your house could be worth a million bucks on paper, but if you don't sell it, then it's not really worth that at all." Plus there are the costs that come with owning a home: repairs, property taxes, replacing a broken toilet, not to mention the tens of thousands of dollars to replace the roof. Those are costs you don't have to account for when you rent. The money you would have to put into upkeep can be invested. Simmons also likes the idea of co-owning, sharing both the benefits and the expenses with the other owner(s). She has a client who is a single mom and who bought a house with two friends.

Hack your food costs

Spending less on food can be done by strategic shopping. Using coupons (or a couponing app), buying groceries on sale and avoiding spoilage are all ways to cut costs. Andrew Dobson, a recipe developer from Toronto, recommends paying attention to when grocery stores restock and items go on sale to maximize your budget when shopping. In terms of spoilage, he recommends carrying a running list of what you have in your pantry so that you won't accidentally buy duplicates. You can also utilize your freezer to keep leftovers and sale items from spoiling. "I have meat in my freezer right now, and I've never paid full price [for it]," says Dobson.

Tap the second-hand and resale markets

People are really into the second-hand and resale markets-and they score great finds. This kind of shopping has been around for years, but it recently got fashionable, with even celebrities getting in on it. You can furnish your home and fill your closets with stylish pieces thanks to websites like Facebook Marketplace, Poshmark and Depop.

Utilize tax advantages and subsidies

You may qualify for more government subsidies because you have one income, especially if you have children. "If you have kids and you have one income, you're probably going to qualify for subsidies, rightfully so," says Simmons. One example is the GST/HST credit, which helps low- and modest-income families and individuals offset the GST/HST they pay. Another is childcare subsidies. Several cities and provinces have childcare subsidies that help parents offset the cost of raising children under the age of 18.

Push for policy changes

While singles are able to get creative with housing, furnishings and income streams, managing affordability comes down not just to individuals, but to government policies. Studies like Insights on Canadian Society acknowledge that single people do pay more for certain expenses, but this finding hasn't led to tangible actions that benefit solo earners. This could be something to consider next time you hit the polls.
*Name changed for privacy.

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The real cost of being single - MoneySense

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For unpartnered people, everything from housing to grocery shopping comes with a higher price tag. Here's what you should know about your finances if you're riding solo. If you're a single person living in Canada, you're not alone-even if you technically are.

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Mymoneycoach.ca gives a good breakdown of how to help yourself budget by looking at some of the guidelines they have laid out. They help give an idea of realistically depending on your situation, what your spending should look like and how much of your income should go towards each category. Depending on your life situation and income the guidelines will differentiate. These guidelines should really help someone understand budgeting and where their money should be going while living in Canada.

I chose this website because the guidelines are very simple and helpful if you put in the right information correctly you can get a very accurate idea of where your money should be going. It even gives you a breakdown of how to use the guidelines if you are confused about how to use them. One thing I liked was the website even showed how to create a budget with an Irregular or fluctuating income.

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Many people often wonder how much of their income they should spend on their home, vehicle, groceries, clothes, etc. Below are some guidelines to give you a general idea and provide you with a starting point for your budget. Based on your income, family circumstances, and the part of the country you live in, your allocations may be very different.

To use these budgeting guidelines, start by developing your budget with the money you have available after government deductions from your pay cheque, but before voluntary deductions like RRSPs, pensions or other savings. If you have expenses such as high debt payments, childcare, school expenses or giving, you will need to reduce your spending in other areas to accommodate these higher expenses.

Breakdown of Cost of Living Budgeting Categories

Housing: 35%
mortgage / taxes / strata / rent/ insurance / hydro

Utilities: 5%
phone / cell phone / gas / cable / internet

Medical: 3%
health care premiums / specialists / over-the-counter

How to View These Budgeting Guidelines

These guidelines are designed for someone who really needs to put together a tight budget. If finances aren't strained in your household, you can choose to be more relaxed and exceed the guidelines in areas as long as you're doing two things: 1) you're not spending more than you earn, and 2) you're allocating some money towards savings (savings are absolutely necessary for life's many unexpected expenses. Don't rely on credit for these unexpected expenses. Rely on money you've saved).

The category in these guidelines that people will most commonly exceed is the Personal & Discretionary expense category. The guidelines suggest you spend 5 - 10% of your income in this category. However, if you have young children in daycare, take nice vacations, tithe, or have hobbies or recreational interests that aren't cheap, you'll quickly exceed the suggested maximum for this category. Please know there is nothing wrong with exceeding this limit as long as your budget balances (your expenses don't exceed your income).

You may also notice that if you spend the maximum amount in every category, you'll exceed 100% of your income. The guidelines are only recommended ranges. Life is all about choices, but you can't choose the maximum amount in all spending categories. Spending more in one category may mean that you'll have to cut back in another category to make your budget balance. If you live in Canada's far north or in a city with extremely high home values, you may have to cut back more than an average Canadian would in certain categories in order to afford your higher living costs. In these cases, you will most likely exceed the suggested maximum guidelines for Food (if you live in the North) or Housing (if you live in Toronto or Vancouver).

The Easiest Way to Use The Guidelines

To make budgeting easier, we've now built these budgeting guidelines into an Excel Budgeting Calculator Spreadsheet.

As you enter your living expenses, the interactive spreadsheet will calculate all the guideline numbers for you. It also visually compares your spending in each category to these guidelines so that you can see how you're doing. As you fill out the budget spreadsheet with your living expenses, it warns you if you are exceeding the guidelines in any area of your budget, and visually shows you how your spending falls into these guidelines. It basically guides you through the process of creating a budget and suggests spending amounts for every budgeting category listed above based on your income and family size. When you're done, it also shows you what your budget looks like in a pie chart divided into the nine categories listed above.

On top of all this, the budgeting calculator offers you tons of helpful suggestions and tips along the way, so that you can avoid the common pitfalls of the budgeting process.

Check out the new Budget Calculator for yourself! It's free and easy to use - even if you've never used Excel before. You can also download it for Numbers on the Mac and OpenOffice (free open source office software) if you don't have Excel on your computer.

How to Create a Budget With Irregular or Fluctuating Income

If your income fluctuates, creating a budget with irregular income can be hard. To make things easier, try working with one of these 3 strategies for creating a personal budget plan with irregular income.

You can also learn how to plan for and budget with irregular income in one of our free online workshops.

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Budgeting Percentage Guidelines for Living Expenses | How Much to Budget for Cost of Living in Canada

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Many people often wonder how much of their income they should spend on their home, vehicle, groceries, clothes, etc. Below are some guidelines to give you a general idea and provide you with a starting point for your budget. Based on your income, family circumstances, and the part of the country you live in, your allocations may be very different.

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The Financial Realities Of Living Alone (Website 4)

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The Financial Realities Of Living Alone (Website 4)

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The financial reality of living on your own can be easily broken down here on Earnspendlive.com. The reality of bills not getting cheaper, learning how to comprimise in certain aspects. As well as how serious you should take budgeting when living on your own.

I chose this website because it reminds you of the realities of living by yourself and things that you should really take in before you make the choice of living on your own. One thing that stood out to me was the reality of having to replace everything yourself. Thats something i feel people tend to forget when moving out because when living with your parents they are usually the ones to replace anything needing to be replaced.

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Living alone is liberating, exciting, intimate, and mature.

Living alone is scary, expensive, stressful, and quiet.

Choosing to embark on a lease without roommates is a big decision. It takes a lot of careful consideration and planning; you can't just charge into it blind. Even if it's something you want and feel 100% prepared to do, actually paying every bill and handling every issue on your own is a little overwhelming. Honestly, living alone is similar to walking on a tightrope. One misstep or slight shift in balance and you're (financially) dead.

Before you formally say goodbye to your roommates and sign on the dotted line, you need to be prepared for what it's really like to live alone. And by live alone, I mean foot the bill alone.

Say Goodbye to Buffers

...between you and the landlord, between you and the cleaning, and between you and the bills. You can no longer push the scary or gross things off onto a roommate. You can't find financial solace in splitting the utilities and rent. Those happy days are gone.

There's no roommate to ask to pay a little more on the months when you're just running short. You can't be short of money to pay your bills when you live alone. Now you have to pay every single penny on your own. You also have to do the dishes every time because no one else is around to cave to your passive-aggressive avoidance.

The Bills Don't Get Cheaper

This goes back to the fact that you have no one to split things with or to blame when the utility bill is higher than normal. The bills won't be cheaper every now and then when your roommate is out of town. The bills will be the same-or more expensive-each month, and the responsibility will sit heavily on your shoulders.

You'll be amazed at how much you worry whether or not the lights were turned off before you rushed out of the door for work. Those minor issues become bigger when you have no one else to blame for taking an hour-long shower, and each extra dollar you pay for that will piss you off.

You Have to Replace Everything

Broken coffee cups? You have to buy them yourself. Busted Keurig? There's no one to split it with. Any item you replace or fix is entirely paid for by you when you ditch the roommate life. This is one of those things you don't really anticipate before moving into a solo abode, but it is an eventuality you'll deal with. Even if it's something small, like a new trash can, you'll miss the days of splitting everything like you miss your high school abs and glutes.

Oh, and you can't avoid buying new shampoo by using your roommate's anymore, either. If you run out of something, you'll be forced to purchase some more because there's no one to casually "borrow" from.

Budgeting Becomes a Daily Habit

No, really. You have to watch your money much closer when you live alone than you did living with roommates. It costs a lot just to live, and even more to live alone. Since you never know when something could break or come up, you have to keep a little cushion in the bank.

Every single cup of Starbucks or impulse sock purchase has to be budgeted for. Otherwise, you could find yourself with a whopping $20 to eat off of for a week in order to pay your bills-which is not a situation you want to find yourself in, because a) it's stressful, and b) you'll be hangry.

You'll Learn How to Compromise

The chances of you being able to own everything you want is pretty slim when you live alone in your twenties. Internet, heat, and air are essentials (obviously), but they aren't cheap. That means you'll have to give something up, like cable or curtains-both of which I've foregone in order to live alone.

Living alone teaches you the difference between what you want and what you need. What you need will always win out, by the way. If you want to live solo, then go ahead and accept the fact you'll have to give something up in some area of your life sooner or later.

Living alone is difficult on your bank account, but it's also a very rewarding experience. Even though you'll be stressed out about your money, you'll be just as proud of yourself for pulling it off. As long as you prepare yourself for the financial responsibility and surprises before moving into your own place, you'll be able to handle everything. Make sure you have a nice amount of savings just in case something major breaks, and budget diligently to keep yourself in check. It's a nice feeling to know you're footing your own bill and standing on your own two feet in every way.
Follow Terra on Instagram: @terrabrown3

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Living alone is liberating, exciting, intimate, and mature. Living alone is scary, expensive, stressful, and quiet. Choosing to embark on a lease without roommates is a big decision. It takes a lot of careful consideration and planning; you can't just charge into it blind.

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Financial Pros vs Cons Of Single Living (Website 3)

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Financial Pros vs Cons Of Single Living (Website 3)

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The AlbertaPrimeTimes wrote this article about the financial pros and cons of single living. Parents (if able) are more willing to give their kids cash to move out to live on their own according to A Canadian Imperial Bank of Commerce poll shows 76 percent of Canadian parents would do this if they could. But according to Statistics Canada, a 2016 census poll indicated 28.2 percent of all Canadian households consisted of only one person. Which is a prime example of that it is still difficult to live alone in Canada. But they also show you some pros as well.

I chose this website because first of all it is based on Canadian living statistics. As well it was giving real-life examples and numbers of what Canadians are experiencing and going through. One thing that caught my mind is that only around 30% of Canadians live by themselves.

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A growing number of Canadian parents are offering their adult children cash to leave home and move into a place of their own, and that has been one factor in a surging percentage of people living alone, especially among those age 55 and older. While the result may produce independence and freedom, living alone comes at a financial cost that many loners are unprepared for. Janet Grey of the Canadian Association of Retired Persons said many senior women tell her "there's an injustice, almost a penalty, for being single."

A Canadian Imperial Bank of Commerce poll shows 76 per cent of Canadian parents would give their child age 18 or older living at home an average of $24,000 to move out, get married or move in with a partner. Meanwhile, the Statistics Canada 2016 census poll indicated 28.2 per cent of all Canadian households consisted of only one person, the highest since Confederation in 1867, and up from 7.4 per cent in 1951. Alberta, with the youngest average age among provinces and territories, understandably has the lowest percentage of single-person households at 24 percent.

There are no gift taxes in Canada for recipients. But parents should first consider whether they might need the money themselves in retirement and whether their son or daughter will use the money wisely. It may be best to stipulate that the gift goes towards a mortgage down payment which would give the child an investment plus shelter. Also, people near or in retirement could be forsaking rental income from a working adult child leaving the nest. Many household expenses have to be paid regardless of the number of occupants, such as property tax, house insurance, utilities, plus perhaps mortgage and condo fees, so being able to deduct a portion of those expenses essentially makes rental income from a child tax-free for parents.

Stats Canada says the increase in one-person households is due to a number of social, economic and demographic factors. "Income redistribution, pensions and the increased presence of women in the workforce have led to more people being economically independent today than in the past, especially in older age groups. In addition, higher separation and divorce rates have led to more people living alone. Finally, population aging and a higher life expectancy have also contributed to the increase in one-person households, given that a larger share of seniors live alone as compared to other age groups." Women account for 53.7 per cent of one-person households due to longer life expectancy and usually being younger than their spouses, although the percentage has decreased since the 1970s.

Living alone has a number of financial disadvantages. While the adage that two people can live as cheaply as one isn't quite true, Grey says single people pay 75 to 80 per cent of what couples pay in household costs. On the tax front, spouses and common-law partners can split up to 50 per cent of pension income, usually from the higher income earner to the earner in a lower tax bracket. That includes income from a company pension at any age, and after age 65 from a Registered Retirement Income Fund, Locked-In Retirement Fund or regular withdrawals from a Registered Retirement Savings Plan. That allows couples to preserve more of the age amount tax credits and Old Age Security benefits. Transferring $2,000 from a pensioner to a spouse or partner without pension allows both people to claim the pension income tax credit. One person can claim a credit for a spouse or partner making less than $11,635. Couples can combine medical expenses to get more tax credits. And charitable donations can be combined so only one person receives the lower credit on the first $200. For tax purposes unwed people file as common-law after living together in a conjugal relationship for at least a year, or once they've had a child together.

Living alone is affecting other industries, such as Intrepid Travel which reports 71 per cent of Canadians are more comfortable travelling alone than ever before, and travel companies are offering bachelor accommodations to reduce prices for people not claiming double occupancy rates.

Ray Turchansky is a tax and personal finance consultant.

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The financial pros and cons of single living

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A growing number of Canadian parents are offering their adult children cash to leave home and move into a place of their own, and that has been one factor in a surging percentage of people living alone, especially among those age 55 and older.

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How To Save Money On All Expenses In Canada (Video 1)

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How To Save Money On All Expenses In Canada (Video 1)

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Here in this video is a very good breakdown of how to save money on most expenses in Canada. Living by yourself can be very, very expensive. In the video he breaks down how to save money on Housing, Utilites, Transportation, food and entertainment. Even going as far as showing you how to save money if you have a kid or not and even monthly subscriptions. Lastly, even bringing up personal finance and taxes.

I chose this video because the information he put into this video was very well put together and thought about. He talked about pretty much most to all expenses you could come across while living in Canada. One thing that stood out is sometimes paying annually for something instead of monthly can save you money.

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How To Save Money On ALL EXPENSES in Canada - Frugal Living Tips (Ultimate Guide)

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What is Inflation and how to beat it. Inflation, the defintion is: a general increase in prices and fall in the purchasing value of money. This a problem we are currently facing today after the covid pandemic. This video breaks down what inflation is and what causes it, and how to try to beat it by doing things such as increasing your income, investing in the stock market, cryptocurrencies, real estate and even big ticket items.

I chose this video because living in Canada we are experencing inflation right now as we speak. This is a problem everyone should want help on how to beat it. After the pandemic we have seen inflation on all different types of things including the cost of rent and the cost of fuel / gas. Those are just two examples so in this video you can get mulitple strategies to help reduce it on yourself as much as you can.

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How To Beat Inflation in Canada (How to Hedge Against Inflation) 2022

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How Much It Realistically Cost To Live On Your Own (Video 4)

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How Much It Realistically Cost To Live On Your Own (Video 4)

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How much it really costs to live by yourself can be covered here in this short 6:30-minute video. Showing you how minimalist living can help benefit you and help save you money. Minimalist living is about living simply and having only what you need to go about your daily life. For instance, some people may start a no-spend challenge or only fill their homes with items they absolutely need.

I chose this video because this is a different perspective that some people could take interest in or feel like this could be a way they see themselves living. When I was living away from home I was only getting exactly what I needed and that's it. One thing i could take from this video is that when you live as a minimalist, you really only try to use things that serve a purpose.

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How Much it Realistically Costs to Live on Your Own - Minimalist Living

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Budgeting for beginners is a great simple video breaking down how to make a budget from scratch in just 8 minutes. Figuring out your full income as well as your debts, "guestimating" where you are assuming how much you spend on things that you are fully certain about. Also, the video helps you determine how much money you should be putting towards each thing and even teaches you how to strategize for saving money for the future.

I chose this video because budgeting is a very key factor in living by yourself because without this you could be broke and homeless very easily. She was very simple and straight to the point, not overcomplicating anything. One thing I found interesting was what she said at the beginning she said she paid off all her student debt. so clearly, her method has helped her so it should help others.

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Budgeting for Beginners - How to Make a Budget From Scratch 2021

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Budgeting is very key when living by yourself, as you can see in this Padlet i have included a website and a video on budgetting because i feel like it is one of the main factors when living by yourself, especially in Canada

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Here in the picture above it is showing some of the percentages of how many Canadians are living alone. Like compared to 1981 the amount of people living alone as more than doubled. As well showing some other statistics which led to those numbers.

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1. Something i learned about the financial aspect of living alone in Canada is that it is very expensive and pricy. Especially if you are doing it by yourself in 2022 with inflation and etc.

2. This is very relatable topic because everyone comes to the age where they want to be living by themselves or with a partner, which in todays age in Canada isn't easy. I was living with roommates last year and i had to do things i researched in this topic such as budgetting and minimalistc living.

3. I think all this information is very key for anyone to know or for it to get passed on to. But i would say a major key i spoke about in the padlet was budgeting because without that you can lose track very easily and find yourself in some financial problems.