How much does it cost to live alone?

You may fantasize about living alone and it looks luxurious to you. Because no one can invade your privacy and you can do whatever you want to. But when it comes to finance, it will cost you almost double or more. Because there is no one who can split bills, groceries, and rent with you. You are all alone to bear the expenses. Whether you are in Canada, or any other place; your lifestyle also matters a lot. 

Moving to a place alone? Then the first thing you encounter is “paying for basic necessities”. To manage all these things, you have to make a budget. Don’t worry, it’s not hard to live alone; if you manage your expenses efficiently. This blog will also assist you with budget management. 

Average cost of living alone

You can’t always live with your family. Sometimes you have to move out because of studies, job or other reasons. Just keep in mind to get a place to live according to your financial condition. Go for an affordable apartment that will allow you to manage other expenses too. There are many areas in Canada, where you can get affordable apartments in your range. 

• If you are a student, then living alone will cost you $800 for rent and $800 for all other expenses in a month. 
• For a single person who comes for job reasons, $1200 will needed for food and billing and rent will be according to apartment type. 
• If you are a family of 2 people, then your budget will evolve around $3000 above per month. 

According to the research, the cost of rent is approximately half of your monthly earnings. The cost of living in big cities like Toronto and Montreal is really higher than others. Because when you pay for rent, food, bills and transportation; you can barely safe a penny. The living can be expensive for you in Canada, but proper strategy and saving plan can lead you to a beautiful life. 

Factors to consider while living alone

Living alone as you want can be fun, but you have to pay a big cost for it. From getting an affordable apartment to groceries, billing to furniture, food to toiletries. You have to pay for every single thing. Some of these factors that affect the cost are:

Renting cost

The rent of an apartment depends on where it is located. If you are searching for an apartment in a big city, then prepare yourself for paying huge rent. Most of the people in big cities go for shared apartments. But if you don’t like it, then you have to pay thousands for a small size apartment. What do you think that an apartment costs? 

The size, and style of the house/apartment also affect the cost. Like apartments or houses or duplexes and condos etc. Studio apartments in Toronto will cost you $2350, while Montreal is comparatively cheaper about $1450. Vancouver city has a high rate from all of the above, which is $2450. This is just a rent of one month. This is 65% higher than any average country. 

So look for a place that is in your range. If you can afford any apartment then well and good. Otherwise go for options like small cities, or normal-condition small apartments. Some house owner demands security amount too according to the law of the state. So choose wisely and live peacefully!

Billing cost

One of the perks of living with others is that utility bills are divided between each person equally. But when you are on your own, then note down each bill you have to pay. Like electricity, Gas, and water if needed. If you are in Toronto, put aside $180 for utility bills. While in Montreal $110 will be required for billing purposes. In Vancouver, you have to spend $ 120 per month. 

Electricity is an essential part of life because every appliance runs with it. So, it will cost you more than $100. So use wisely according to your needs. Don’t on extra light or waste electricity. Because your bill depends on the Unit used. Water supplies may cost you $15 to $20. 

Similarly, Gas is used for heating and cooking purposes. So, because of the increase in prices, you have to pay $50 for it. But this cost may vary from location to location. The internet services will also cost $80 per month. If you want to join a fitness gym, then keep $150 or more for entertainment and hobbies. 

Food cost

When you live alone, you have to cook your own food. Or if you are in not the mood then eating outside will also take money. With another roommate, you can share the groceries. But when you live on your own, then everything depends on you. When you start paying for your own bills and groceries, then you will understand what to buy and how much to buy. 

Make a food budget, and list of things you need. Get the items from normal brands, that are in your range. Walmart is the best option. Because it’s better to get groceries, rather than pay $25 per meal a day. 

Make your meal on your own because dining out regularly will not be affordable for you. Getting groceries will cost you $250 to $300, but eating outside will mean that you have to spend a double of it. 

Transportation cost

Do you have a bicycle or use public transport? Biking is better for a ride near to your place. But if you daily go far away for work or studies. Using public transport like the Metro is the best option. Get the monthly membership and it’s one of the cheapest transports. 

Able to get a car? Why not, but keep in mind insurance fees, maintenance charges and Gas, etc. 

Furniture and small appliances cost

Most of the less expensive and affordable apartments don’t have any furniture in it. So you also need some amount to purchase a mattress or a couch or any other thing of your need. So buy them from Walmart because they have better rates. 

If you are a student, then a table and a chair is also a must-purchase item. Purchase one by one every month, so you will not get burdened. 

Most of the apartments have a refrigerator and a microwave. But if don’t get these things in the apartment, then buy a small microwave for $70. It is a one-time investment. Buy some cookware, so you can make food for yourself often. Small cooking gadgets will help you to cook food easily. 

Personal Hygiene and cleaning supplies 

Everything needs maintenance, your apartment, your things, and yourself too. Get yourself Soap, shampoo, detergent, toilet paper, and other cleaning products. Don’t go for big brands, buy normal products that may cost you $50. When you become stable, then buy whatever you want. 

All these factors are necessary but keep yourself a priority. Save some money for any case of emergency. Start from a small amount like $1, then increase it gradually. It will help you in the hour of need and you don’t have to drown in the weight of debt. 

What is the net cost of living alone?

All the factors and aspects are already discussed when you live by yourself. Living alone in Canada is not as easy as you think. But it’s also not very difficult. Just you have to manage your budget carefully. Then you will be able to spend your life easily. But if you focus on one thing and forget about others. Then there are the problems. 

So if you are moving to Canada, either as a student or at work. The first month be a little bit difficult because you have to manage everything from scratch. It will cost you $3500 or above in the first month. Then $2500 per month, if you cut off extra things and focus on only mains. 

Budgeting tips for living alone

Living alone can be tempting and fascinating for others, but the person has now a lot of responsibilities. From house rent to bills, food to furniture cost, cookware to cleaning items; you have to buy all items on your own. Managing these things all along is like a nightmare. But the thing that can save you from debt is budgeting. How to do it? Read the points to get an idea. 

• Make a list of your necessary expenses, or download an app for budgeting. Add rent, food, transportation, and bills to the list. Make the rent your priority, otherwise, you will be evicted. 
• Forget the dates? No worries, make automatic payments. How it’s possible? Visit the bank and get a credit card that can send payments on a fixed date of every month automatically. But the amount for this purpose should be fixed. 
• Living on your own? Having fun, nights out, coffee with friends. That can possibly be once a month, but if you make it a habit, then you run out of money at the start of the month. So prioritize the things, paying rent is better than going out to a 5-star hotel. 
• Control your expenses like electricity, grocery shopping, and buying useless products. You can do that by having a complete check and balance of what is necessary and what’s not. 
• If you get a credit card that gives cashback offers on purchases. It’s the best idea to stay within budget and enjoy more.

Living in Canada on your own will be fun and entertaining. But also, horrible if you are not able to manage everything. All these tips and strategies will help you to live an amazing life. That you dream of, just take a first step and success is on your way.