Many of us can learn to improve our financial situation though managing our savings plans better or even reeling in our spending habits. Managing your finances is an important skill that you can learn. It’s no secret that singles spend their money and finances differently than couples do, and we all know that being single and living on your own can be a lot more expensive than living with a partner. In singlehood you do not have DINKS, a label used to describe young power couples who have Dual Income and No Kids, so we have to make the most of our time to generate income and save every penny. These guidelines can help you arrange your finances into a better situation when it is just you out in the world. The following guidelines can be your rescue boat.
5 Ways How Single Can Better Manage Their Finances
Track All Your Expenses And Make A Budget
Allow yourself to spend as you usually do for 30 days. At the end of this cycle, take out your bank statement and calculate what you spent on food, clothes, gas, entertainment, and other items. Knowing where you spend your money will help you get back control of saving it and investing it wisely, leading to an improvement of your financial situation. Track your expenses and make a budget. Knowledge of your accounts is power. Analyze what you can cut out, and make your checking account as tidy as possible.
Cancel Any Subscription Services
We all have a subscription, spending habit, or extra service we pay monthly for. Cutting out useless expenses will help put extra money in our pockets. It could be television, the internet, or even the habit of shopping online. By cutting the cord, we allow ourselves to save more money and become more of a minimalist, which can help us achieve more clarity. If you have debt, use that extra money to pay off your debt immediately.
Save All Extra Money
Any extra money you save will go into an emergency fund. Don’t be discouraged if it is only a little at a time, any progress you make towards saving your money is a step forward. Keep going and don’t give up. Having extra money in your account will give you a good sense of inner peace.To automate your process, you can set up auto savings transfers in your bank, allocate your income to divert some of your income to a separate account, and even sign up for an account like Acorns which pulls extra money from each purchase and puts it into an investment account.
Generate More Money
In addition to saving money, generating money will help you. Take on projects that you can earn extra money at. For example, you can pick up a 2nd job on the weekend and start a freelancing business. You can start to serve and work to build your side income. Work had to make your additional sources of income really work. If you do start a side hustle, work as if it is your full-time gig. It will take off when you put in the hours and stay dedicated.
Squeeze Money Out Of Your Food And Energy Bills
Meal prepping and signing up for energy savings programs and reducing your energy usage will really help you save money on the already necessary expenses. Carry your prepared meal with you for lunch, and add some snacks to keep yourself satisfied when a hunger strike breaks out in your stomach. You will save more money and will not have any impulse purchases affecting your checking account.
Being single can definitely affect how you spend your money, and with the right attitude and focus, you can improve your financial situation. Learning to manage your money is a teachable skill, and many are very successful at it, you can be too. Take the steps today to become even better at managing your money. You’ve to go the power!
Danielle E. Brockman is a contributing writer for Secure Single LLC. Danielle has her own blog at eContently and you can connect with Danielle on LinkedIn.