Being single means you don’t have a spouse covering bills or a partner reminding you to curb spending and boost savings.
How much you earn and how you allocate that income is solely your responsibility … and only you face the consequences of any financial missteps.
To thrive as the captain of your own life, you must commit to making sound choices. Below are 11 money tips for singles to follow.
1. Build an Emergency Fund
An emergency fund is the cushion you rely on when things go sideways. It’s particularly crucial for singles because you don’t have a partner’s paycheck or savings to lean on if your car fails or you lose your job.
The typical advice is to stash three to six months of expenses, but if you’re starting out, set a smaller initial goal and gradually grow it. This guide on how to start an emergency fund can point you in the right direction.
2. Save for Retirement
The downside of single life: you don’t have a partner contributing to retirement accounts. The upside: you only need to save for one person rather than two.
No matter your relationship status, regularly funding a 401(k) or IRA early will help you accumulate a comfortable retirement nest egg. We outline ways to save for retirement at different life stages.
3. Create a Budget
When your finances aren’t pooled with a significant other, no one will question your purchases. Want to splurge $300 on shoes? Who’s going to stop you?
But being answerable to no one doesn’t mean you should spend without direction. A budget tells you whether you can afford those pricey shoes or if that buy would jeopardize paying your bills on time.
If you’re among the many Americans who don’t budget, check out these beginner budgeting tips. While you set up your categories and spending limits, be sure to include a bit of fun money. It’s tough to stick to a plan that feels overly restrictive and leaves you resentful.
4. Stop Being Loyal to Service Providers
Just as you’re free to date anyone, adopt the same mindset with service providers like your phone carrier or auto insurer to save cash.
You don’t have to remain committed to your current provider. Shop around and compare rates and promotions to see if you can get comparable service for less. If you’re locked into a contract, ask competitors if they’ll cover any termination fees to lure you away.
Another tactic: If you like your internet provider but find a cheaper offer elsewhere, use that as leverage to negotiate a lower rate. Many companies will match a competitor’s price to keep customers.
5. Vet Potential Roommates Carefully
Sharing a place can cut living costs, but a roommate who’s habitually late with rent can create major problems.
Save yourself trouble by doing proper screening in advance — ask these essential questions when evaluating potential roommates.
6. Embrace Meal Planning
When you’re only feeding yourself, it’s tempting to order delivery on Grubhub or UberEats and call it a night. Do that several times a week and the costs add up fast.
Cooking at home is usually much cheaper. When you prep meals, you save both time and money.
Make larger batches of staples like chicken, rice or potatoes and wash and chop vegetables ahead of time so you can assemble meals quickly during the week. Don’t prep too far in advance, though, to prevent spoilage.
Meal planning applies to snacks as well. Buy a bulk bag of your favorite treats and portion them into individual servings instead of buying many small, more expensive packages.
7. Be Mindful of Lifestyle Inflation
A big raise or an unexpected cash windfall can tempt you to indulge — new clothes, the latest phone, regular spa visits.
But don’t let lifestyle creep take over without being sensible about paying down debt and saving for retirement.
That doesn’t mean you must cling to your college futon forever instead of buying a proper couch while still repaying student loans. It means allocate your extra funds so you can increase loan payments AND set aside money for that furniture upgrade.
8. Get an Accountability Partner for Debt Payoff Motivation
Paying off debt can be monotonous. Having someone in your corner to encourage you and help steer you back on track can make a big difference.
An accountability partner provides that support. Pick a friend or family member you trust to discuss goals and setbacks with. Your buddy should be willing to deliver tough love when necessary but also cheer you on throughout your debt reduction journey.
9. Have Multiple Sources of Income
Losing your job or having your hours cut can be especially damaging if you’re single. Supplemental income streams can ensure money keeps coming in if your primary job falters.
Consider a side hustle, a part-time job or launching a small business.
While extra income bolsters your finances, juggling more than one job takes coordination. This woman shares tips on balancing a side gig with full-time employment.
10. Consider if You Need Life Insurance
As a single person you might wonder why you’d need life insurance. For many, it’s not an immediate priority.
However, if you have children or loans with a co-signer, securing a policy is a wise move. You might also want coverage if you own a business or wish to leave assets to loved ones.
Here’s an overview of life insurance types and the top companies offering policies.
11. Don’t Try to Keep Up With the Joneses
…Especially if your pals live in two-income households with more discretionary cash than you.
“Bachelor in Paradise” alum Derek Peth told Savinly that being honest with friends about your financial constraints matters. Rather than saying yes to every brunch or bar invite, be clear about needing to live within your means.
The same goes for dating. Don’t overspend at upscale restaurants when your budget is better suited to Applebee’s or Panda Express.
You don’t have to give up your social life to be financially responsible. This list of 100 free activities offers ways to have fun without spending money.
Nicole Lane is a senior writer at Savinly.
