The money-saving tips and tricks I’ve learned while living single
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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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.
There’s nothing quite like heading to my local grocery store and hunting for just enough milk, lettuce and bread for the week for one person, only to find bags big enough for a family. Being a 30-something woman living on my own, for a long time it was typical for my trash to be filled with quickly spoiled foods and my fridge to be stuffed with family-sized helpings that I’d never get to eating, growing fur as they desperately waited for me to—at the very least—get a roommate.
But I refuse. I like my space and living on my own. And, whether they’re a paying roomie or a romantic partner, in the words of one Whoopi Goldberg, “I don’t want somebody in my house.” So, when I moved out on my own, I hit the calculator and the spreadsheets, keen to set myself up financially so I could live exactly the way I need and like.
Here’s why that’s important if you share my demographic: each year, more Canadians are living on their own. According to Statistics Canada, in 2021, 4.4 million people lived alone, up from 1.7 million in 1981. In fact, in 2016 one-person households became the predominant household type (28%) for the first time in Canada’s 150-year history, and they continue to be today, even as the economy has made it incredibly difficult to live alone.
In addition, says Parween Mander, a Vancouver-based money coach, “I think marketing companies value leaning into the emotional connection of the ‘other’ person in your life. That the ideal life some people want is a lifelong partner and a family to come home to, and they strive to keep pushing that narrative. I do feel like they’re missing out on the opportunity to lean into the independence and quiet living of those who are single, and understanding the desires of single people.”
You’ve heard about finding side hustles, about keeping liquid assets and job-hopping to bump up your salary. These are all excellent money-saving and -making tactics, but I’d like to add a few special tips and tricks I’ve turned to.
Living alone for the first time in Canada—or any time, whether it’s after a break-up or your roommate moves out—can be daunting. It’s pricey and it’s dicey. So, I planned years ahead, took on several jobs, and only moved out of my parents’ house in my late 20s. While many of my friends and co-workers were bemused at my moving out “so late in life,” it put me in a very good financial position right out of the gate. Because of this, I was especially keen to manage the money I’d saved well.
That’s where a good budget comes in, as I’m sure you’ve heard many times before. But what I did before that, and what I do every year before I plan a new one, is assess my spending over the past 12 months. You might think you have a good sense of where your money goes, but it can be surprising. The key is to be honest with yourself; no one else needs to know. For instance, I don’t mind making coffee at home (I buy my favourite coffee beans in bulk), but I am a foodie. And while I’m not big on shopping, I do go to the movies every week. These are things to account for.
“I find that most people make the mistake of ‘assuming’ how much they spend day-to-day, and underestimate those numbers,” explains Mander. “Knowing how much you need to spend on expenses realistically will tell you how much you can contribute towards your first financial priority, which is an emergency fund, or towards paying extra towards your debt.”
P.S. You don’t have to do this yourself. There are plenty of free printable budget sheets online, and countless expense-tracker apps to use on the go. Some banks even offer in-app options to do this for you and remind you if you’re above or below your usual spend.
In addition to all this, I pay my bills early, which can sometimes come with benefits. For example, because I pay my rent on time, my landlord gives me a small but important discount every month. I also automate my rent payments so I never miss that benefit, along with automating my savings.
Here’s what tends to surprise folks: I don’t have a credit card. Why? I don’t need one. Having one would be a liability to me, knowing my money habits. I don’t need one, and it presents more of a liability to me than if I did have it, knowing my money habits. Instead, I pay for just about everything with cash and debit.
More than anything, setting reasonable priorities is important. I know buying property isn’t something I can feasibly afford for a very long time, and I’m OK with that because I see the benefits of renting (flexibility! free plumbing! free snow shovelling!).
You’ve heard of girl math and boy math, but I call all this singles’ math. With a structure like this, you’ll feel a sense of liberation when you buy something you covet and know you can afford.
Why yes, I do wait three days before buying that pair of earrings or piece of art I really want, and you know what? A whopping 80% of the time, I don’t even remember what it was I wanted. If I do, I’ll buy it, or better yet, I’ll bookmark it and keep my eye out for an upcoming holiday sale (which is, like, every two months). I also keep a wish list on my phone for all the bigger purchases I’m itching for (currently: a Turkish ottoman, a designer bag, a new shelf) so that when I do make a little more, I can check one off. It’s like a reward.
Speaking of which, just about every popular retail chain offers birthday rewards, and that’s when I stock up on my most expensive skincare and make-up items. Otherwise, my focus is on affordable, well-made brands.
Memberships and subscriptions are also one of my go-tos. As a theatre and movie girl, Cineplex, the Toronto International Film Festival (TIFF) and Mirvish have got me covered. I’ve also recently developed a love of manicures, and The Ten Spot’s got a great deal that practically feels like highway robbery (where I’m the thief).
Facebook Marketplace and Poshmark, along with Toronto’s endless array of incredible consignment and thrift stores, have also made it so that I can affordably invest in high-quality purchases for way less. If you’re travelling long distances, perhaps invest in a monthly car-sharing network, like Communauto or Zipcar, or just do the math—maybe an Uber offers better bang for your buck.
It’s also handy to go in on deals with friends and family. For instance, I share all my streaming services, and if a friend is making a trip to Costco, we might buy bulk purchases together (because what apartment dweller has space for all that toilet paper?).
I’ve found there to be no trickier tightrope to walk than my food budget. Not only because groceries are often sold in large packages, but because they go bad quickly, and my tastes change fast. I’m not a fan of batch-cooking, because I simply cannot eat the same thing every day.
I am, however, a fan of meal-prepping, and I grocery shop every week instead of every two weeks or each month. I freeze just about everything, and I don’t buy aspirationally (in other words: I use what I have, and I plan to eat what I know I’m going to crave). By the way, grocery stores have clearance sections, and they’re pretty damn good if you don’t mind an uglier but just-as-tasty fish. And as I go through the aisles, I tally up what’s in my cart, which gives me a sense of where I can splurge. I also turn to independent and ethnic grocery shops more often than bigger chains. The smaller stores not only have better prices, but also a better (and more flavourful) selection.
However, grocery shopping doesn’t end at the grocery store. There are countless mobile apps that make this easier for you, like Too Good To Go, which offers up leftover food bundles for just $5 to $8 every evening. Some small, local companies curate produce and pantry boxes each month (Good Food, Harvest Planet), where you get what you need and more for incredibly less, and it also makes for a fun cooking challenge. (Read more tips on grocery shopping.)
If you’re not much of a cook, I’m sorry to tell you, but it’s worth it to learn at least a few recipes you like.
If you’re struggling to get motivated, invest in a cooking class or two, or start following home cooks on TikTok (my personal guilty pleasure) for easy inspiration. As a matter of fact, you can turn your adventures in the kitchen into your own content.
There’s nothing better than having a travel fund, house fund or baby fund that you add a little to each month. And no amount is too little. When you decide you finally want to take that trip to Japan or try flying first-class, that money is literally just sitting there in your bank account, waiting for you to use it.
But the most important back-up is an emergency fund, which Mander suggests should cover about three months of expenses, including rent and utilities, and which should only be used in case of job loss or an unexpected major expense. Last year, when I was experiencing grief and quit my job, I was able to comfortably take much-needed time to myself and avoid further burnout, because I had this fund ready to go. To me, that is true luxury.
Mander also recommends having a sinking fund for when you move out. It can cover everything from first month’s rent and the cost of movers to tenant insurance and new furniture.
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First, let’s establish why the government should care. According to a 2023 report by Community Food Centres Canada, single working-age adults experience the highest rates and deepest levels of poverty in the country and many of them are food insecure, leading to stigma, discrimination, and mental and physical health issues. In addition, 47% of single adults live in unaffordable housing, while over 89% of shelter users are single adults with low incomes. BIPOC, disabled people and newcomers make up the majority of these numbers.
As things stand, if you’ve got children, you likely qualify for a few childcare subsidies. Then there’s the GST/HST credit, which helps folks offset the GST/HST they pay; the Guaranteed Income Supplement (GIS), a monthly benefit for low-income Canadians aged 65-plus; and the Canada Carbon Rebate, which offsets the cost of fuel charges at the gas pump.
For the most part, however, provincial social assistance programs leave a lot to be desired for single adults living alone, and they hardly cover the minimum cost of living. CFC Canada is hoping the government will soon pay more attention. It has even developed and pitched the Canada Working-Age Supplement, a refundable tax credit, and is proposing a new income floor for working-age single adults, regardless of their employment status.
If you take your money seriously and implement even a fraction of these tips, you’ll quickly discover how easy it all is, and your financial anxiety will ease.
“The advantages of living alone are emotional and mental freedom, which can translate into less impulse spending,” says Mander. “I’ve worked with clients who live with roommates and go out to eat because they can’t stand the thought of cooking in the kitchen and being with their roommates. Some of my clients are daughters living at home with a lot of emotional burdens and they shop to escape that. Moving out reduces the need to impulse spend… which leads to more money to put towards savings and/or debt.”
In taking all these measures, I can now occasionally treat myself to a meal in a fancy restaurant or a big trip. I can even leave the lights on all night because I’m afraid of the dark. It’s all about customizing your savings plan and being honest with how you spend; there’s no one way.
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