The married life is not for everyone. If you love the single life, the chances are that managing your finances may be a little tougher. Having two incomes has a significant advantage, especially when you consider that the living expenses of a couple are not that different from a single person. You are on the hook for all expenses when you are single.
Listed below are some financial habits you can adopt if you live the single life.
#1 Choose a home that fits your budget
One of the great advantages of being single is that a one-bedroom apartment is more than enough space. The biggest mistake you can make is trying to live in a home as spacious as the one in which your married friends live. Go smaller and stay within your budget.
The average person spends most of their home time in the living room, bedroom, and kitchen, so why do you need more than that if you are single. Manage your rent and save money for more important things.
#2 Make being the sole decision maker work for you
When in a relationship, every single financial decision needs to be made as a couple. While that does not apply to singles, it can be easier to make a bad decision without someone else reining you in. Always be smart.
There is always another person to consider when you make any decision in a marriage, as compromise is king.
#3 Travel with a friend
Traveling alone can prove to be very expensive, as you are forced to cover the cost of an entire hotel room. A double is usually close to the same price as a single room, so ask a friend to tag along with you and look for vacations that are designed for singles.
Travel is one area where you can save when single. Get online and do some research to find all the options that are available to you.
#4 Create an emergency fund
This is a rule that applies to everyone, but especially to singles. Think of this fund as paying yourself first. You’ll be glad you created an emergency fund the first time an unexpected payment arises, as you won’t be scrambling around looking for a way to make said payment.
#5 Find a job that works for you
With only one paycheck coming in, you really cannot afford to lose your job. If you sense that things are going south at work, don’t wait for things to change where you are at. Try to find a job that makes you happy and pays the bills.
If money is still tight, you might want to consider taking on a part-time job in the evenings to help make your finances more manageable.
#6 Immediately start planning for retirement
Even if you don’t plan on being single forever, it’s still a good idea to start planning for retirement immediately. The sooner you begin, the more comfortable you will be when you do finally retire.
There are definite challenges that come with being single, but there are also some real benefits. You are responsible for your financial situation and in full control of your money. Do all that you can to keep expenses to a minimum and always have your future in mind. The tips listed above are how financially successful singles thrive.
Lorene Collier (@SavvyChicksRule), Personal Finance Speaker passionately helps women turn their Pocketbook Pain into Pocketbook Prosperity. She’s the author of Get Rich Savvy Chick (available on Amazon) and proud founder of Savvy Chicks Rule. Connect for more strategic tips on managing your cash flow.