Single and Broke-Money Management Tips for Singles

Single and Broke-Money Management Tips for Singles

Perhaps you have just graduated from college and you are working in your first job. Maybe you still live at home or maybe you have a great apartment in the city. It seems like the world is your oyster and you have things to do and money to spend. If you are living the single life, odds are that it will catch up on you sooner or later. Unless of course you are one of those extra sensible younger people.-after all, you can’t spend and spend without consequences. If you don’t want to wind up single and broke, then here are a few money management tips that will take you from the glorious single life and beyond in great fiscal shape.

Before reading on, remember it’s much more cool to have money to go on a date or a holiday than be moaning about being broke. And yes I know it can be tempting to go out as many nights as possible, but unless you are pretty rich this is difficult to keep up for a long time.

The best thing that you can do for yourself if you are a single person who wants to avoid becoming single and broke is to set a personal monthly budget. Take a look at where you are spending your money and then allocate specific amounts for each purpose. Try to save where you can. Do you really need that .00 cappuccino every morning or will a cup of coffee from home suffice four days a week? Can you limit your restaurant expenditures just a bit? Another advantage of setting a monthly budget is that you can get a clearer picture of where your money goes each month which in turn, may lead you to making smarter money decisions now and in the long run.

The second best thing that you can do for yourself if you are a single person who wants to avoid becoming single and broke is to avoid impulse buying like the plague. Perhaps setting a budget will go a long way towards making you mindful of where your money goes, but you should also avoid spending the money you have allocated for specific purposes on impulse buying. Instead, be mindful of all of the choices you are making. If you think you really want a pea coat, for example, wait a week. If you still want it, seek out sales for the best deal on the best pea coat you can get. You end up with a great addition to your wardrobe and probably spent less than if you had just bought on impulse.

Lastly, if you don’t want to wind up single and broke, look for guidance from someone older and wiser than you. You don’t necessarily need a personal money manager or banker, but how about asking good ole’ Mum or Dad for some money tips. They raised you didn’t they? At least one of them may know a shard or two of wisdom that he can share with you to help you become a better money manager.