I was once single and know that it can be tough to be financially responsible with no one guiding you to wise choices. I made a lot of mistakes financially because I was young, but also because I fell for some common mistakes made by singles.
Budgeting Pitfall for Singles
- Eating Out- This is a huge expense for singles and its hard to say no. If you want to meet your friends or have a social life it will be at a restaurant, coffee shop, or bar. You’ve got to get out and mingle to meet Mr or Mrs. Right. You can always have dinner parties , drink water when you go out, bring your own home brewed coffee to Starbucks, and sometimes just tell your friends you can’t go out because you’re broke.
- ATM- You can ATM your budget to death and have no idea where that $250 went along with those nine $4 ATM fee charges. Limit your ATM withdrawals. The $20 bill is not the new smallest currency available.
- Tired and Social Buying- Have you eaten out for lunch or dinner because you had a busy day at work and were just too tired to pack your lunch or cook dinner? Join others on a shopping trip, just to be included? You want to be included and will spend money just to avoid being alone. Just ask the girl eating alone in crowded restaurant if she fears being alone?
Budgeting Tips for Singles
- Accountability- As a single person you need a financial buddy. Someone who you can show your monthly budget to. This needs to be someone who both encourage you and also tell you “No! You are out of control”. This probably won’t be your club hopping buddy or new dress of the week girlfriend. Choose a friend or mentor who knows more about money than you.
- Acceptance- As a single person, your value and worth is not in how you dress, what you drive, or how many Michelin Star restaurants you dine at. Your value is not in stuff. You have intrinsic value.
Got any more budgeting tips for singles? Add them to the comments below.
(Photo by Cyr0z)
[This is part of my How to Budget Like a Pro blog series]