Being single definitely has its perks. You are free to make your own decisions and you don’t have anyone relying on your finances, you’re a free bird. It also can be difficult to manage finances and make big financial decisions on your own. That’s why we’ve come up with a few tips to help you manage your finances as a singleton.
Have an Emergency Fund
This is one of the most important things you can do to provide financial security. Life comes with many unexpected expenses as well as changes that can affect your finances. Commit to saving each month. If you don’t have an emergency fund yet, open a savings account specifically for emergencies. If you do, start saving consistently. We recommend having 3-6 months worth of your expenses in an emergency fund. This may seem like a lofty goal, but getting started is the hardest part. If you have trouble committing to saving, create an auto deposit each month so you don’t have to think about it.
Learn About Your Loan Options
This is a time in your life of learning, growing, and making decisions for yourself. Many of those decisions involve spending or borrowing money. Are you thinking about consolidating your student loans? Buying a house someday? Upgrading your current vehicle? It is imperative to know your options before making any big financial decisions. Nowadays, much of this information can be found online, but it’s a good idea to look around both online and off. Find out what your local banks and credit unions have to offer and make the best decision for you, but gather all of the insights first.
Learn How to Save on Groceries
When you’re single, you’re cooking for one most of the time. We don’t have to tell you that items in the grocery store aren’t exactly portioned for one, and this leads to a lot of food waste. One great way to save on food and not waste is to grocery shop with a friend or family member and split the cost. This is also not an option that’s available to everyone. But, if you have a close family member who is trying to save on groceries as well, it’s not a bad idea to shop together and split your items.
An easier and more independent way to save is to meal plan ahead of time. Write down all of the meals and snacks you plan to eat in a week, and buy only those items. This is a very popular way of grocery shopping because it allows you to plan ahead and spend only what you know you’ll consume.
Have a Career Path
Having a steady income is incredibly important to living stress-free and having a balanced financial life. Being single comes with many decisions that rely solely on you. One of those decisions is what to do with your career. We recommend taking the time to really think about what you want your career to look like and then set those things in motion. Whether that is to own your own business someday or be the CEO of a company, have a plan and make your decisions around it.
By having a set career path, you can budget and spend smarter, knowing where you want to be in two five, or ten years. If your goal is to own a business, you will want to network and create a savings account specifically for purchasing a brick and mortar store or getting started on the business.
Whatever your financial goals look like, we want to help you get there!
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