![]() ![]() “For example, instead of having separate categories for restaurants, groceries, fast food and coffee, use a single category for food to capture all of those expenses. “Keep your budgeting categories broad to make tracking easier to stick with long-term,” Taylor said. You can still benefit from budgeting without having to go into too much granular detail when tracking how you spend your money. These are the expenses that you have the most influence over, so this is the spot to focus on if you’re trying to manage spending.” Flex expenses happen whenever you hand over cash, swipe a card or click ‘purchase’ online. Flex expenses include all of your daily spending - restaurants, gas, clothing, home supplies, personal care, etc. These are expenses that you’ve already committed to and tracking them daily won’t really make an impact on your budget. “Fixed expenses are those that are the same (or about the same) every month and can be put on autopay - everything from your mortgage to your music subscriptions. “Consider grouping your expenses into two categories - fixed expenses and flex expenses,” said Natalie Taylor, a certified financial planner in Santa Barbara, California. Use this as an opportunity to set good budgeting habits that will carry you through the rest of your financial life,” said Rachael Burns, a certified financial planner and founder of True Worth Financial Planning in Folsom, California.Īs you’re starting in your career and divvying up your first paychecks, you can set a budgeting foundation that you can follow for decades - and that you can continue to use when your life gets more complicated. “When you’re young and single, this is the time that you typically have the most flexibility with your budget. Here are several budgeting tips for single women at different stages in life. “I think being in control, even when the budget is limited, creates satisfaction and makes for a happier person.” “I find, in general, that my single clients are very satisfied with their money and budgeting decisions,” Adam said. And women who are suddenly single, whether through divorce or death of a spouse, need to adjust their budgets to their new financial reality. Women may also have more variability in their income throughout their lives, especially if they take time off from paid work while caring for children or aging parents. It can be tougher to reach those savings goals, though, because women typically earn less than men. ![]() For example, there’s a greater need to save for retirement because women live longer than men. ![]() Your money decisions can be much simpler.”Īs a single woman, however, you may need to work harder to prepare for some extra expenses. You can focus very clearly on achieving your personal savings goals, and also on directing your money to what really matters to you. “However, there is also a silver lining to being single, and that is you can focus on what is important to you and there is no need to make compromises. “It’s harder to budget as a single person because you are covering all your expenses on one income,” said Mari Adam, a certified financial planner in Boca Raton, Florida. You don’t have two incomes to help pay your bills, but you’re in total control of what you do with your money. Single people have different budgeting needs than married couples. ![]()
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