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

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.

Budgeting for living solo

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.