Take advantage of these personal financial tips while you are still single

Take advantage of these personal financial tips while you are still single

When you’re single, it’s easy to lose control of your budget, or even feel like you don’t need it in the first place. No one splits dating nights, takeaways, streaming subscriptions … the cost of being single will be added immediately. Without a second income, you have to be a little creative about how you save.At the same time, you have freedom obtain Be creative because you can make your financial decisions independently.

I spoke with Jen Smith, a personal finance expert. @frugalfriendspodcast When Instagram modern frugalityShare her top tips for handling your finances as one.

Balance your social life with affordable options

It makes sense to use your bachelor in a thriving social life.At the same time, it’s too easy to fall into an expensive dinner trap And drinks — especially if that’s all your group of friends wants to do.

Smith shares how the relationships she has built with people who are willing to hang out for free have resulted in much deeper friendships in the long run. Learn how to say no to an unnecessarily expensive plan (the rooftop bar will be really old) and come to the table with an affordable alternative. Here is a list of social planning ideas It won’t break the bank. If someone doesn’t want to spend time together without all the spending It may be the friendship you are growing.

Analyze where you can reduce

Smith says he will look at at least the last 90 days of your spending to see exactly where your money is heading. When it comes to the idea of ​​”reduction,” many people panic and believe that they must radically change their way of life. Smith says this is a horror reaction and often not. “What you think you need to cut first,” like daily coffee or weekly happy hour, “usually can go to the end.” Smith shares that after looking at their spending habits, most people find that they can first reduce areas where they aren’t even aware that they’re wasting their money (Overlooked subscription remind).

The unique advantage here is the fact that it’s much easier to choose how and where to reduce when you don’t need to consider others or elicit discussion.

Learn how to cook for one

After examining your spending habits, you may be grimacing about how much money will be spent to order takeaway. understood. Potion control is difficult and takeout is easy.Smith says it Learn how to cook for one person A hack that saves significant money (without destining yourself for the same leftovers all week long). Here are some tips for saving money in the grocery store..

Build a fund for rainy days

It is not too early to start donating to the “Rainy Day” fund. This is a savings set aside for unexpected costs in the future. Smith recommends about a month’s rent and “starter” rainy day funding that is eligible for insurance deductions.

Smith advises that it is important to build this kind of security yourself. Even if you have a partner, you don’t want to rely on them in an economic emergency. For more information on building emergency funds, see Smith’s Tips. What to do now to prepare for the looming recession..