Okay, so maybe “mo’ money, less problems” isn’t a guarantee. But there is freedom in paying down debt and having extra money saved for emergencies. Choosing to follow some of these budgeting tips for singles could also free you to live with open hands and give generously at a moment’s notice.
When you’re single, there’s less financial accountability in your home than there would be if you had a spouse. And honestly, for some of us, that’s been detrimental to our financial situations. Others of us have spent too many years since college graduation living in the moment and not planning for the future—a future that’s not guaranteed to include a spouse.
When perusing the internet for budgeting tips for singles—especially Christian singles—we quickly found there was far more information out there for married couples than there was for singles. However, we’ve curated a list of tips we feel are helpful budgeting tips for singles, even though their original authors might not have intended us as their primary audience. (It’s okay. We won’t hold it against them.)
When it comes to personal budgets, we’ve mentioned before that we’re big fans of the YNAB (You Need a Budget) software. It’s easy-to-use for everyone and we love the idea of assigning every dollar a job. It helps hold us accountable when no one else is there looking over our shoulder.
If you were to ask your friends about how they budget their money, you’d probably find an assortment of answers. Some, like us, would prefer YNAB, others like Dave Ramsey’s envelope system, some like Mint or Quicken apps, and the list goes on. But what about FREE budgeting options? What about a good ol’ spreadsheet? Bob from SeedTime shares 10 FREE spreadsheet options for those of you who like to keep it old school. (Not really, but…)
Everyone has at least heard of Dave Ramsey and his method for snowballing debt. Baby Step #1 teaches people to make saving a priority. Even if you’re not into the Total Money Makeover, there are a lot of good tips in this post for making saving a priority in your monthly budget.
So you say you’re going to work on your budget—but what does that even mean? Bible Money Matters piggybacks on a Wall Street Journal article listing the important financial numbers we all need to know. Some of us have retirement packages we don’t even understand. If you’ve been single for a few years, it might be time to stop sticking your head in the sand and start truly figuring out what’s going on with your money.
If you are self-employed, work for a company that is too small to be considered a group, or are paying for your own health insurance, you could be saving money on those premiums. Sure, families pay more money on health insurance than singles, but this review of Medi-Share, a Christian health insurance alternative, by our buddy PT at PT Money could introduce you to a money-saving option for your budget.
Some of us are doing all we can: working full-time jobs, saving money, paying down debt, but we really could use some extra cash flow. Emergencies, car repairs, travel—it just seems like our money never goes far enough. Picking up a part-time job has crossed your mind, but having to go somewhere after you’ve been gone all day long exhausts you just thinking about it. Here’s a list of part-time gigs you might be able to do when you get home at night. Who knows? It could one day turn into something full-time, or it could be a temporary thing to help you through some lean times.
Maybe you just want to spend some time thinking about and praying over your budget before you make a move. You’ve heard all the sermons, but you want to dig into Scripture for yourself and shape your budget accordingly. Randy Alcorn’s book is another good resource for thinking about your money and possessions in light of eternity.
What other budgeting tips for singles would you add to this list? What are you implementing in your own life?