Singled Out: Making Ends Meet When You’re Single

You’re single. After work, you alone choose to go to the movies, the gym or Home Depot. No arguments about finances—you’re free to spend based on your own values. Although there are many advantages to being unattached, the cost of living expenses isn’t one of them.

Struggling to make ends meet, singles are more prone to suffering from debt. In the past year, 62% of those seeking budget and credit counseling help from nonprofit Consumer Credit Counseling Services (CCCS) agency were single. How can this be?

Couples who spilt the bills enjoy a 50% discount on the monthly mortgage or rent payment, electricity, property or renter’s insurance, Internet, phone and cable bills and much more. If that weren’t enough, auto insurance companies and Federal tax codes favor couples.

On an annual basis, splitting basic living costs will save thousands. For instance, each person in a couple who splits monthly rent of $1,000; utilities of $200; $100 for a cable/Internet/home phone bundle; childcare of $680 and $50 for renter’s insurance will save $11,580 a year compared to a divorced or single parent.

Although the news is a bit disheartening, all is not lost. Our Consumer Credit Counseling Services (CCCS) agency offers money-saving tips to help singles narrow this disparity in expenses.

• Track your expenditures. To know where you stand, track your expenses for a month. Although a notepad will do, many computer programs make the process more fun. Quicken, for example, allows you to document daily costs by category and then to create a colorful pie chart to show you where you’re spending the most.
• Build and follow a personalized spending plan. Use the data from your tracking chart to develop a realistic budget. We offer a handy budgeting tool to give you an objective view of your finances and allow you to make adjustments as necessary.
• Reduce your monthly rent or mortgage payment. To do so, many people find an apartment with a friend. Homeowners may rent out a room or two until they get back on their feet. Utility, Internet and cable payments will be greatly reduced, often in half.
• Cook your own meals. When you don’t have to cook for anyone else, it’s convenient to buy prepared meals from grocery stores or fast food restaurants. Since making meals from scratch is most economical, cook a large dinner and divvy up the extra portions for lunches at work. You’ll need to plan and prepare, but the food’s healthier, you only need to please your own palate, and you’ll save big time.
• Research the Internet, talk to friends and implement ideas that work best for you. The most recent Census reveals that 92 million Americans are single either by choice, divorce or death of a spouse. With nearly half of the population having to make ends meet without a financial backup, this creative group has already brainstormed hundred of money-saving options. You’re most likely to follow cost-cutting measures most workable in your own life, be it cutting coupons, buying generic, or decreasing home energy costs. We offer various tips and the Internet also is a wealth of information.

Our certified Financial Specialists offer free budget and credit counseling and debt repayment plans. To schedule an appointment call 888.656.CCCS or start your session immediately.