One of the perks of being single is that you can spend most your money on yourself. But you also have sole responsibility for budgeting, investing, saving for a rainy day, and preparing for retirement, since you can’t rely on your partner’s income when times get tough. In this article, we discuss ways for you to manage your finances, achieve your goals, and create a comfortable future.
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Budgeting
Saving money feels good, although it may sound like a lot of work. It becomes all the more important to save every penny you can in the pandemic world when finances are running tight, and things aren’t likely to improve for some time. But you can cut corners here and there to save up an impressive dollar-figure every month. When you start looking for places where you can save on the household budget, you will probably think of food, fuel, and energy expenses first.
The coronavirus pandemic has turned the world around for everyone. We now live in a time marked by social distancing protocols, rolling lock-downs, and increasing financial pressure.
Those hit by the downturn in the economy have also suffered from pay-cuts, lack of job security, and sometimes, unemployment. This is especially the case for workers in more “COVID-sensitive” industries like the hospitality sector and aviation.
Many of you are already very familiar with the Canadian Emergency Response Benefit (CERB) as it is all over the news right now. If you are currently collecting CERB, there are a few key things that you need to be aware of.
It can be argued that strict budgeting is far more important for low incomes compared to high ones. When you need to know precisely where each and every penny is going, you need to also make sure that you have given yourselves the tools to allow it. Here are three tips you can use to make sure you are budgeting effectively.