Living on one income today in preparation for tomorrow requires wisdom. My advice to singles, young and old, is to learn how to steward money. Handling money from a Biblical point of view will help you to face the future without fear. The Bible suggests:

“Get all the advice and instruction you can, so you will be wise for the rest of your life..”  (Proverbs 19:20 NLT)

Find trusted advisors who can help you to take a short- and long-term view of finances. Goals must be set, and these principles apply:
Work with joy
Give first
Save second
Spend wisely
Diversify your investments

Many single people are not able to buy a home due to their inability to qualify for a mortgage because they don’t have enough income to meet the mortgage payments by themselves. In 2018 39.5% of single person households were renting compared with 34.6% of all households. Housing tends to be the largest annual expense for single-person households. Downsizing or relocating can eliminate some of the financial stress.

Rising rents are a problem since they have been increasing in response to high house prices in recent years. However, they haven’t fallen over the past 15 months, even though house prices have fallen. That increase in housing cost relative to your total income means you may need to consider alternative housing options:

1. If you are living in a large home, it may be necessary to sell and move to a smaller home
2. Take on a boarder or flatmate. Your property rates, maintenance and heating costs are likely to be less in a smaller home.
3. If you have a good relationship with your children, there are now more options for adding an additional house on their section without needing to subdivide or adding a self-contained unit onto their existing house.
4. Co-owning a house with family or a friend is also possible, but seek good legal advice before proceeding with this.
5. Living near family is important, but there are large variations in the cost of living across New Zealand and also within the same city. Looking at other options may reduce your financial stress.

Although many Scriptures teach about the dangers of material riches, they do not teach that poverty is the alternative. God wants us to understand that money is a tool to use in accomplishing His plan through us. To find true contentment, some basic guidelines must be established.