Saving Tips For Singles

: Chris Lee Law Firm

  Filed under: Money Management

saving moneyWe could all use a little help with saving more and spending less, but as a single adult your priorities are much different than those of a married couple or family. Single income individuals face unique challenges and often find it more difficult to manage high debt loads or financial hardships. Therefore, it becomes more important than ever to have an adequate savings.

Not Just Any Savings

Most people are lucky to have even one savings account with any significant amount of money in it. However, as a single adult your lives are likely to change in major ways in the coming years. Whether you just graduated from college or experienced a divorce as a middle aged American, you can be sure that your life in five years will be drastically different.

The key to good financial management is staying out of debt or the need for credit negotiations, prioritized spending and a bountiful savings. In general, you should be carrying at least two months worth of expenses in your savings account for an emergency fund. However, you should also have at least one separate savings account for upcoming major life events.

Buying a home or car is most likely on your radar, for which you will want to begin setting aside money for a down payment as soon as possible. If you are planning a move or a big vacation you should begin saving at least 6 months prior to the event. Even retirement, it is never too early to start saving money for retirement. By carrying more than one savings account, you can keep your money organized and allocated to the correct expenses.

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