In addition, people with disabilities face employment challenges. Among Canadians aged 25 to 64, people with disabilities were less likely to be in employment (59%) than those without (80%). If you are single and have or experience a disability, the costs can be high. Helen Smith*, an administrative assistant from Hamilton, Ontario, estimates her next hearing aid purchase could cost nearly $10,000, plus $125 a year for batteries and additional costs for repairs.
“The disability affects my employability because there are certain tasks I can’t do,” Smith says. Not only that, but Smith needs a good benefits package — last year she ended up paying $2,300 out of pocket.
“Looking for higher paying positions with better benefits is a slow slog, especially during a pandemic. Unlike able-bodied [people]”I can’t take the risk of temporary or contract work because it takes time to learn to compensate for disability in a new environment,” she says.
Split costs
While it is not possible to conclusively predict whether the number of single Canadians will continue to increase, the 2016 census did recognize that singles bear significant costs compared to a few, stating, “Individuals living alone should have expenses such as housing. , utilities, food and entertainment in most cases with a single income, while those living in households with others can take advantage of economies of scale in managing these expenses.” Let’s look at some examples of how the cost of living can vary based on relationship status.
The cost of single is in Canada by the numbers
Let’s look at some numbers. Please note these are based on annual averages and the data available is for the period between 2019 and 2021. Individual expenses may vary.
Per YearSingleSingle ParentCouple Income After Tax $32,200$56,100$103,900Rent $21,468$21,468$21,468Food costs $3,391 to $3,780$8,742$14,767 (with kids)
Financial benefits of being single
While there are checkmarks in the “disadvantages” column of being single when it comes to money, there are also obvious financial benefits, such as not having to split tax deductions with a partner. One of the biggest benefits is the independence that comes from having complete control over your finances. Shay Steacy, a certified advice-only financial planner and owner of InBalance Financial Planning, is single herself and works with single clients. She says singles have more flexibility with their money, including how they invest it, how they plan for retirement, and how they consider housing. “I am becoming more flexible in what I do, because only I have to approve it,” she explains. “I had a client who moved east, and when that didn’t really work out, she moved back. There’s a lot more flexibility in what you can do when there’s only one person and one job to sort out.”
Shannon Lee Simmons, certified financial planner and owner of the New School of Finance, fully agrees. “When you’re single, you get 100% control over how the money works,” Simmons says. “You don’t have to navigate someone else’s bad habits — emotionally or financially.”
Money tips for singles
Developing alternative revenue streams
Both Simmons and Steacy recommend having alternative income streams, if you have the time and ability. Steacy has customers who used short term rentals to earn extra income by listing their living space on AirBnb before traveling. She rents out part of her house and lives in the basement.
This post The real cost of being single
was original published at “https://www.moneysense.ca/spend/the-real-cost-of-being-single/”
