Are you navigating the world on one income? Covering all the household expenses on your own? Maybe you’re a student, single by choice, divorced, or widowed. If this doesn’t sound like you today, think again. Close to 50% of us will spend stretches of time solo living either by choice or circumstance.

In this episode you’ll discover:
1. The blind spots where singles may be most financially vulnerable (& how to fix them)
2. Home ownership and budgeting strategies
3. How to invest, save, and plan for the future

We spoke with the authors of The Canadian’s Guide to Personal Finance for Singles for the strategies to help. Julie Shipley-Strickland, senior wealth advisor with Wellington-Altus Private Wealth, and Bryan Borzykowski, business journalist and founder of ALLCAPS content, answer all the questions.

C’mon over to where we answer your follow-up questions after the episode.

If you enjoyed this video, subscribe to our channel to learn from our exceptional experts and build better money habits to increase your wealth, health, and happiness.

Thanks for watching!

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SHOW NOTES
Bryan, ALLCAPS Content:
Julie, Wellington-Altus Private Wealth:
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Single and Stressed? Financial Advice for Singles and Money

Being single can be a liberating experience, allowing you to focus solely on your personal and professional growth. However, it also comes with its own set of challenges, particularly when it comes to managing your finances. Without a partner to share expenses with or offer a second income, handling money matters can become overwhelming. But fear not! This article will provide you with some valuable financial advice to help alleviate some of the stress.

1. Create a Budget:
One crucial step towards financial stability is creating a budget. Determine your monthly income and list all of your essential expenses, such as rent, utilities, groceries, transportation, and debt payments. Prioritize these expenses while ensuring you have some room for savings or emergencies. Consider using budgeting apps or tools to track your spending habits and identify areas where you may be overspending.

2. Save for the Unexpected:
Building an emergency fund is crucial for everyone, singles included. As a single individual, you bear the sole financial responsibility for any unexpected emergencies, such as medical bills or home repairs. Strive to save at least three to six months’ worth of living expenses in an easily accessible savings account to provide a safety net during challenging times.

3. Set Financial Goals:
Establishing clear financial goals can help you stay motivated and focused on your financial journey. Whether it’s saving for a down payment on a house, taking a dream vacation, paying off debt, or planning for retirement, having something to work towards will help you stay disciplined and make wiser financial decisions.

4. Be Mindful of Debt:
Without a partner to rely on, it’s essential to manage your debt wisely. Pay off high-interest debt, such as credit cards, as promptly as possible and avoid unnecessary loans or excessive use of credit. Create a debt repayment plan and consider seeking guidance from a financial advisor to help you navigate your way out of debt.

5. Maximize Your Savings:
As a single person, you have the advantage of being able to decide where each dollar goes. Capitalize on this by saving for retirement through a 401(k) or an individual retirement account (IRA). Maximize these contributions to secure a comfortable retirement. Additionally, take advantage of any employer-matching contributions, if available.

6. Establish a Support System:
Although you may not have a partner to share financial responsibilities with, it’s crucial to create a support system of friends and family. Discussing finances, seeking advice, and sharing tips with like-minded individuals can help alleviate stress and provide new insights into saving and budgeting methods.

7. Protect Yourself:
Single individuals often overlook the importance of insurance but safeguarding yourself is vital. Ensure you have an adequate health insurance plan, as medical expenses can be significant. Additionally, consider disability insurance, life insurance, and renters or homeowners insurance to protect your belongings and financial wellbeing.

Being single may bring about some financial challenges, but with the right strategies and mindset, you can secure a stable financial future. Take control of your finances by creating a comprehensive budget, establishing savings goals, managing debt responsibly, and building a support system to help you along the way. Remember, your financial success is in your hands, so start making empowered choices today!