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My topic is going to be live on your own -the financial aspect, so in this presentation I'm going to give an overview idea about the aspects of bearing yourself all alone , bearing in the sense basically providing all the necessities for your own self without anyone else's support financially,

there a lot of topics which could be considered under this section for example,

Health insurance

Food

Grocery

Transportation and a lot more

lets discuss about this further in the others posts ..

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this is a very nice and useful image that I found in the internet , these are the actual facts ... we can encourage ourselves financially responsibilities and to learn how to save effectively and to live efficiently

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This image depicts the division of budgeting our expenses , we could call it 50/20/30 rule as well , how to clearly budget the finances as per individuals for their needs and wants , as shown in the image we have to somehow prioritize those 3 segments which are our basic essentials, savings and personal requirements

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By reading this site , for sure we can learn more about balance spending and saving also there is a budgeting calculator which is really useful

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What does living alone mean for your finances? Here’s some tips to help you save while being on your own.

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This is an incredibly website that I found while browsing throughout the Internet , this site depicts all kinds of financial plans for our own future and ourselves and also it helps us to figure out a essential financial plan.

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The number of solo households in Canada more than doubled over the last 35 years, according to Statistics Canada, in 2019.

1. Plan for emergencies

Having an emergency fund is one of the most valuable savings goals you can have. It's particularly important if your household relies on a single salary.

For many people an emergency fund would equal at least three months of living expenses, but even having one month's worth set aside can help. Any savings buffer that can help you meet emergency needs and avoid taking on , will help you navigate a rough patch and offer peace of mind.

2. Make sure your essential needs are covered

It's crucial to stay on top of your monthly expenses whether you are single or not. This means having enough to cover your rent or , groceries, medications and any debt repayments. Keeping on top of bill payments also means you won't owe additional interest or late fees, which can add up.

When you're the only one paying the bills, your expenses are likely to be higher, including rent or mortgage, utilities, or car payments. The same goes for many discretionary expenses like travel accommodations.

Tracking where your money goes each month can also help you find places to reduce or make -offs. After the essentials are taken care of, you'll know how much that leaves for personal spending, saving and investing.

Budgeting can sometimes come down to knowing your own needs and wants.

3. Check your credit report

If you can't remember the last time you checked your credit report, you might consider adding that to your to-do list. Your credit report (and credit score) contains information that can be used by lenders to determine your credit worthiness.

This is especially valuable for solo households, and even more so if you are looking to make a major purchase that involves borrowing, such as a car or home.

4. Save for the goals that are important to you

Your money should ultimately help you live the life you want. Make room for savings that will help your dreams become reality. For example, you may want to improve your professional skills by taking a new course or degree, save for a home, or plan the vacation of a lifetime.

The earlier you start putting aside money for any goal, the better.

5. Have a retirement plan

Retirement planning can feel daunting for anyone. It's is a long-term investing goal that depends on your situation. These are the key questions to ask yourself:

How much do I need to have saved in order to retire?

How much can I expect to rely on CPP, other pensions, or government benefits?

How much do I need to contribute each month to meet that goal?

These answers can also change if your living situation changes.

Knowing the difference between Saving vs. Investing can help you reach your goals.

6. Look for sources of advice and support

Living solo doesn't need to mean making every decision by yourself. Working with a financial advisor can valuable when it comes to planning for the future. If you are struggling with debt, then speaking to a credit counsellor or other debt professional could help.

Consider who else could be part of your support network when it comes to finances. Friends or family could help with problem-solving or new ways to balance the .

You should name an emergency contact when registering for new financial accounts, pensions or insurance. If you do not have an immediate family member who could act in this role, make time for conversations with close friends to decide who would be best suited.

You can also provide your financial advisor with the name of a Trusted Contact Person who can add layer of protection to your investment . They're someone your financial advisor could contact if there are concerns you are being financial exploited or not acting like yourself. It is part of new regulatory measures to support advisors in their efforts to help investors, particularly older investors and vulnerable, protect themselves and their financial interests. However, investors of all ages can from sharing the name of a Trusted Contact Person with their financial advisor.

and estate planning are another crucial part of future planning. Our article Why you need a will is a good place to start with the basics.

Getting on top of your finances can be challenging whatever your living situation. If you are single, it can feel even more daunting when you don't have a partner to the planning or the bills. However, living the solo life also means you may have more freedom to set your own priorities for your money.

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It's wise to have a financial plan that meets your needs.

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Living alone while paying rent , affording for grocery's food shelter and all the other necessities without any financial support is challenging , but for sure its possible if we know how to budget to live a solo life , it all in our hands to manage this ...

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The money-saving tips and tricks I’ve learned while living single - MoneySense

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From forcing yourself to wait three days before a splurge to eschewing credit cards, here’s how a young adult can beat the high cost of living on their own.

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this is basically a financial plan kind of site ,

to build up good path to get a good financial stability..

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A Guide to Creating a Personal Financial Plan for Canadians - Blueprint Financial

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Creating a personal financial plan is a critical step toward achieving financial stability and independence. As a Canadian, tailoring a plan to manage your

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Everyone thought that living alone was complicated and overwhelming, its not the same always , you will realize eventually that it is something you really need , in-order to understand what you need ,how to overcome struggles alone without supports also how to manage life financially mentally and physically.

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Things They Don't Tell You About Living Alone

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In this video she is explains about the current situations of living in Canada , even though it has been challenging its for sure is reversibles if we know the tactics to overcome

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why people are leaving Canada | is it worth moving to Canada in 2024?

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Diekola , this lady is explaining about her life journey living alone for a quite lone time and how she was supporting her life to support financially, it is of-course possible..

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Financial Freedom living in Canada. Is it even possible?

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1. ﻿﻿﻿What did you learn about your topic that surprised you the most?

As an International Student living in Canada is actually challenging, but its not really very hard as how other people make it sound , basically the key factor is to know how to manage the different aspects of life and prioritizing what ever we actually need over the other unnecessary wants , by researching more about this topic I realized a lot about budgeting and handling expenses

2. ﻿﻿﻿Provide a real-life example of how this topic is relevant or interesting for you.

So I'm a kind of person who spends alot on clothing , buying whatever the random or cute stuff I like even if I didn't actually want it , having a lot of street food , spending a lot with friends and too many expenses, since I moved to Canada I had to deal all my finances on my own , so I had to save money to settle my college fee, which was really a big burden then I started to save money , I reduced a lot of unwanted spendings and started to count each an even dollar without being careless and I was able to settle down the payments , so I understood that how important it is to know what we actually need and want , and how to prioritize our essential things to do

3.﻿﻿﻿If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

Living alone bearing expenses most of them think its impossible but its not always the same , if we have the capability

to make a good budget plan, to save and have a good preparation to save money , and have a very good understanding about how important saving is , its all cool... so just think twice about savings and spendings.

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Payday Routine in Canada: Follow these 6 steps to become wealthy!