While being single can sometimes prove difficult, there are also a number of advantages to be considered too. One is that you have a real chance to make a productive budget and stick to it. A lot of people assume that being single means you don’t need a budget because the money is all yours. But, this attitude sets you up to miss out on the benefits available to you in your current status.
Start right now by making an emergency fund part of your budget if there isn’t one already. As a single person, you have fewer priorities your budget needs to cover, so putting money aside for something like an emergency fund is more possible now than ever before. Plus, in the worst case scenario, you’ll be grateful this money is waiting for you.
While you’re at it, now’s the time to begin putting money away for retirement. The reasoning for this is really the same as above: you just have more expendable income right now because you don’t have as many expenses as a single person. Just like with the emergency fund, too, when this money becomes necessary, you’ll be glad you began early with it.
Put money aside in your budget for addressing any credit issues you may currently have. Many people run into some credit problems when they’re young and, if they don’t get the attention they deserve, those issues can snowball over time. Plus, when you get married, you’ll be taking on any credit problems your loved one has too. So why not make sure you’re doing your part by putting money toward addressing any bad credit you have right now?
If you don’t have anything worrisome like that, chances are there is still debt you could be paying down. Like with bad credit, you can either focus on it now or let this become a problem your future spouse has to worry about.
So begin with the above tips today and start seeing a better budget while you’re a single person. Although you’re bound to find someone in the future, problems that come with bad budgeting tend to follow you around.