There is a lot of great advice out there for managing money in marriages. However, I’d like to list some practical financial advice for those that are living single (no children). Too many people make the mistake of waiting until they get married to get some portion of their life in order. Marriage should be about 2 people coming together as 1, not fixing whatever was previously broken.
Be complete!
God is a multiplier! We see this principle throughout scriptures. He commands Adam and Eve, who were made in His image, to be fruitful and multiply. In the New Testament we read of how Jesus miraculously multiplied 2 fish & 5 loaves to feed the masses. This principle of multiplication is how under the covenant of marriage two can become one.
Mathematically speaking 1×1=1. When God joins two whole people together, you have one complete union. However, often times, we are not whole ourselves. Issues of life cause people to be broken, seeking, or incomplete. Many believe that marriage will fix their problems. If you are not whole you run the risk of creating a fractured union. Simple arithmetic shows us that multiplying fractions will never produce wholeness (represented by the number 1).
James 1:2-4 says Consider it pure joy, my brothers, whenever you face trials of many kinds, because you know that the testing of your faith develops perseverance. Perseverance must finish its work so that you may be mature and complete, not lacking anything
If there are areas in life that are lacking. Do what you can to improve on them. Evaluate areas such as: family, health & wellness, profession / job, education, finances, and spiritual to see if any need attention. Since this is a personal finance website, I’ll concentrate on the financial areas below.
Financial check-up
Many singles fall into the trap of failing to plan financially because they only have themselves to worry about. While there is a benefit to having a spouse to bounce ideas off of and come to a mutual decision regarding finances, while you are single it’s your decision. Be content with that! Research your decisions, seek the advice of others and make a exclusive decision. Learn basic financial principals and be your own CFO!
If you’re single, most likely you’re your own sole provider. Do what you can to ensure your own financial stability:
- Emergency savings fund
- Pay off debts
- Save for retirement
- Determine if you need life insurance and what type
- Invest
- Authorize someone to make medical and financial decisions on your behalf should you become physically or mentally incapacitated.
You’ll notice these steps are similar to conventional personal finance wisdom. That is because rather you are married or single, the same general rules apply. The major difference is financial dependency and accountability. For example, a household with 2 working adults may not feel the need to have as large of an emergency fund as a single income household. Chart your path and get moving!
Diversify & multiply your finances
What would happen if you lost your primary source of income today? If the thought makes your stomach turn it is time to diversify and multiply your income streams. Conduct a personal brainstorming session an determine: what you like to do, what you’re good at, and what you could become good at. Use that list to jump start your ideas. The possibilities are endless, but here are a few to get your mind racing:
- Writer: blogs, books, freelance, etc
- Independent Associate for network marketing company. With so many companies moving towards direct sales, there is sure to be a company that you can partner with to sell something you are interested in from make-up, health products, to legal insurance. Shop around, and see if there is something that fits your personality. Beware, that only a sliver of a percent makes millions with these companies. However, I know many who make respectable income from them. So go in with a level head, and don’t get sold on the hype.
- Go back to school or acquire certifications. If you can increase your education without going into major debt…go for it! These skills will make you more marketable.
Enjoy life responsibly!
Once your finances are on track, don’t forget to have some fun! Enjoy the liberty that comes with being single. If you want to shut off your cable to save money you can do so without disrupting the household. Travel, take up a hobby, go back to school, and / or pursue your passion.
Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. James 4:14
Life is short. Maximize your time on this earth by glorifying God and enjoying the time spent here.
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