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Saving Money While Living Alone: Can it be Done?

Thursday, October 19, 2017

Living alone can make saving money seem like an impossible task. After all, when you have a spouse or common-law partner, you share living expenses, enjoy tax breaks, and you can pool your income together.

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Recent data from 2016, however, shows that singles account for the largest slice of households in Canada. So, how are these single individuals managing personal finances when it comes to saving money and staying clear of debt?

A single person is less likely to purchase an expensive vehicle or mortgage, which means they save money on interest and payments over time – and they can use that savings to set up an account and build toward larger purchases later. Sadly, the rest of the financial benefits roll over to couples. When it comes to retirement and taxes, single individuals tend to lose more, thus dwindling savings opportunities.

Overcoming the Odds and Saving While Single

Just because you are single does not mean you cannot save. Instead, you need to be strategic with your savings opportunities and get creative looking for the hidden ones as well.

Here are just a few ways to help you save:

  • Get Rid of Debt – Getting out of debt now is critical. When you are single, you cannot carry over debts into retirement, and massive debts take even longer to pay off when you have only one income. If you find yourself over your head in debts, working alongside a company that offers debt help in Vancouver could prove beneficial.
  • Get a Roommate – When you have a roommate you are at least saving on living expenses. The extra savings there can roll over toward your savings account or make
  • Save on Groceries – Shopping for food and then cooking at home is one of the best ways to save while single. Singles tend to eat out much more than couples and families do; therefore, the more you cut from dining out, the better for your budget. Also, remember you are buying for one. See how much food you eat per week and adjust your shopping list if you notice you frequently have food going to waste.
  • Cut Cable Expenses – Today, it is easy to go without cable services. In fact, you can get your news online and up to date, watch TV shows, and if you need to watch something, opt for a streaming service that costs significantly less per month than cable, without any complicated and lengthy contracts.
  • Focus on Retirement Now – Focusing on retirement is critical when you are single. You will not have the tax breaks and extra pension income from a spouse (yet anyway). Therefore, plan for retirement as if you were single. Invest more, speak with a retirement planner about setting yourself up to live off one income, and if you do get married later, you have at least created a sound retirement plan.

Are Debts Affecting Your Ability to Save Money?

When you are single, every penny counts. If you find that debt is starting to take over your life, turn to Abakhan & Associates, Inc. for debt help in Vancouver and British Columbia. We are here to guide you through all your options.

Just some of the ways we can help include making informal arrangements with your debtors, credit consolidation, and formal arrangements. Negotiating with creditors and making affordable repayment plans are other ways we can help you too. Our knowledgeable and trusted advisors can also work with you to make a formal Consumer Proposal successful. This will serve to bind your creditors and avoid bankruptcy. It is important to note that bankruptcy is always our last resort to save you from debt. Our financial team is here to help you get back on track so that you can start saving money once again. Click here to download a personal bankruptcy/consumer proposal questionnaire.

Contact Abakhan & Associates, Inc. today for a free debt consultation or to speak with a Licensed Insolvency Trustee in Vancouver. We will review your debts and find a solution that works based on your budget and long-term goals.  Call us at 877-308-8877 or contact us online.

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