Thanks to the volatile economy, it is becoming increasingly expensive to be single. According to CNBC, the singles tax is a big reason why this is a reality for so many. If you are single and find this to be true, here are ways to stay financially afloat.
There are many advantages to being single, but according to many reports, there are financial downsides to the single life too. Still, according to recent findings from the U.S. Census Bureau’s annual America’s Families and Living Arrangements , adults who were living with a spouse decreased from 52% to 50% over in the past decade. If you fall into that category, here are effective ways to save money.
Get A Side Gig
We are currently in the age of gig economy. The pandemic shifted the culture of work, and that made a lot of people to value flexibility and quality of life more than they used to. As a single person in a one-income home, it can get overwhelming to rely on your paycheck alone. There are so many side gigs these days that check a lot of different boxes. A side gig can help to give your income an extra boost. There are a variety of online resources that can give you ideas on what to consider.
Speak To A Financial Advisor
It is important to invest in a financial advisor because their expertise will help you plan for the future effectively. Financial advisors have the right tools, resources and strategies that can help you to understand and build out your net worth. Rather than seeing this as a big expense, view it as an investment in yourself that will pay for itself in the future.
Be Money Conscious About Socializing
Life is short, but it feels even shorter and more scattered when there’s no plan. A plan helps to keep things organized and seamless. As a single person, chances are that you socialize more and may be prone to going out more often, which can quickly add up. To offset some cost, it would be helpful to be conscious about how much you are budgeting towards social life.
Good old-fashioned saving is still effective. As a single person, it is extremely important to have a financial cushion and a cash reserve for emergencies. Saving for a rainy day is a piece of advice that is as old as time, and one that is always useful.