Budgeting While Single
Managing money for yourself, also known as budgeting, is vital especially if you’re the only one earning income and paying the bills. Make the most out of your finances without having to rely on a partner to fall back on. Check out these budgeting tips that can be applied to single people from all lifestyles and backgrounds.
Firstly, establish a budget. You want to make this process as simple as possible to reduce the risk of not maintaining your budget at all. Reduce any non-essential spending and figure out where your money is going. Cut out any unnecessary spending so that each month you have enough money left over to either save, invest or pay off debt.
Create an emergency fund. The unfortunate outcome about being single is that if anything were to happen, such as losing your job, getting an injury or illness, or experiencing a nationwide pandemic, you would need support to bring in money. Create a safety net for yourself by setting aside money with little to no effort, preventing any possibility of going into unnecessary debt.
Focus in on your side hustle. What’s better than determining your own income? Creating your own income. Turn your skillset/hobby/craft into a business. Work your own hours and establish more freedom for your finances. This extra money each month can potentially pay off your debt, fund your new home or fund other streams of income.
Lastly, learn how to cook. You may be spending a nice chunk of your income yearly on restaurant food. Being single causes for one to go out with friends, socialize and eat out, not realizing that this could be financially straining down the line. Learning how to cook is simple, with practice and classic homemade meals, you could make restaurant-quality meals if not better while saving up to thousands per year.
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Feature Image via Virtue Digest