The Reality Of Managing Your Finances As A Single Person
There are a lot of challenges that life throws in your direction when you happen to be single… There are the parties to navigate on your own, the questions to field from well-meaning relatives, and there’s also the important (but definitely less discussed) issue of managing your finances.
If there’s just one income coming into your household, then it often means that you have to learn to be a little more cautious with your cash. These are some important realities that you need to consider if you’re to keep on top of your money…
You’ll often pay a premium for doing things on your own
Have you ever tried to book a holiday that involves travelling alone? If so, you might have noticed that it certainly doesn’t come cheap. Single occupancy of a double room, for example, can prove to be really costly, and that’s before you think about the additional costs that you’ll have to manage on your own, such as car hire in your destination.
It’s frustrating, but it doesn’t have to stop you from seeing the world, if it’s one of your greatest desires. You could consider taking out a loan from CashLady.com, or looking into lesser known travel hacks that could help you to beat the system.
You may need to look into other ways to share costs
Just because you don’t have a life partner to share your spending with, it doesn’t mean that you can’t look into less traditional ways to cut down the amount of cash that you’re parting with each month. If you own your own home, then you could lessen the burden of your mortgage by renting out a room to a flatmate. If you want to just test the waters to see how you feel about sharing your space, you could try becoming an Airbnb host.
This concept isn’t limited to your living arrangements. You could share the drive to work (and the associated costs) with a colleague who lives nearby. If you have a pet, you could club together with a friend to get a discount from a walker. When you think outside of the box, you’ll realise that there are many ways to ease the burden of being single.
Remember that it’s not all doom and gloom
Sure, there are some serious financial challenges associated with being a single person. But let’s think about the bright side, too. You don’t have to compromise, and you get to spend the entirety of your budget on things that matter to you, and you alone. You don’t have to spend money on couple’s occasions such as Valentine’s Day – something that was forecast to cost Brits £726m this year – and you never have to be shackled by anyone else’s debt.
Ultimately, life is what you make it, and being single could end up being transformative for your finances in so many positive ways. Now could be a great time to buckle down with your career, for example, which could set you up for a wealthier future.
I’d love to hear your thoughts on managing your finances as a single person – leave a comment below and share your best tip!