You’re probably rolling your eyes thinking here’s yet another married person preaching to single folks. Before you drag me like Ciara, this ain’t that kind of post. Honestly I’ve only been married
like five minutes for 16 months, so I’m not that far removed from single life.
Anyway, this weekend, a friend and I were talking about how your finances shift post-marriage. Her assumption was things are easier with an additional income. While it definitely has it’s advantages, a second income also comes with a second set of bills, schedule, priorities (which often compete), and in my case – student loan debt. I know, I know…first world problems.
But seriously, if additional money was enough, half of the world’s divorces would be avoided. True story. As a single, you have greater flexibility than your coupled-up counterparts. Here are some ways you should use it to your advantage.
Take More Risks
Most of us have big dreams. But being single means you’re the only one taking on the risk of what those dreams entail. Whether that means moving across the world, or starting a business, you’re in a great position to do so while the pressure is relatively low. Need to job-hop to reach your desired salary? Go for it! Want to take in a roommate to help you pay off your debt? Do it!
Nail Down Your System
Relationship finances require patience and compromise. You could have the most carefully laid out plans for your finances, and struggle with getting a stubborn partner on board. Singles have the ability to determine the best way to manage their finances, without having to persuade a partner to participate. Take this opportunity to understand and correct your habits, and create a system that works for you.
Make Your Money Grow
Living your best life includes getting your credit right, digging into your debt, and growing your portfolio. Start that business and really invest in it while you only have one mouth to feed. Start working on a side hustle that can help you reach those goals. Create a plan to tackle that debt.
Seems counter to everything I just said, right? Spending is a natural part of a balanced budget. If you handle your business in the areas described above, you’ve earned it. So whether it’s that bag you’ve been eyeing, or the boys trip to Cartagena, enjoy a healthy splurge now and then. It’ll actually keep you more motivated to work on your financial goals. Plus there’s no one to judge you for your third cocktail outing this week.
Travel can be affordable regardless of your group size, but there’s usually greater flexibility when booking for one. It’s easier to take advantage of last minute airfare, and cost-effective lodging like hostels. I’m not saying these strategies can’t be used for couples, but it definitely requires additional planning, and certainly more money. And let’s be honest. When you travel for two, you probably want some privacy. While your married friends are checking where their calendars align, you can grab that fare that just popped up on TheFlightDeal and pack your bag.
Are you part of the Young, Fly and Single crowd? How are you living your best financial life?