If you are a single person, Valentine’s Day probably doesn’t mean all that much to you, aside from the relief of not having to spend all of that money on jewelry, flowers, chocolates, and an expensive dinner. Valentine’s Day can become rather expensive, but it can also be a day for singles to give their finances the love and nurturing they need. Here are five financial reasons to love being single on Valentine’s Day:
1. You’re in control of your financial future
If you live paycheck to paycheck, even if you are earning a salary many would consider on the fringes of affluence, you may have too many expenses, or they are too large. The first step is to admit there is an aspect of your life you can change and to start taking charge of your finances.
2. You can save more money
A significant and often difficult step is to create a comprehensive budget of your current spending that you can use to pursue future financial goals like paying down a large loan or saving for a big event like a wedding, retirement, or a child’s education. A few ways to build an efficient budget include:
- Calculate your day-to-day expenses. Where can you cut back? For example, eating more meals at home or bringing your lunch to work instead of always eating out.
- Try the 50/30/20 budgeting framework. The idea is to slice your after-tax income into three components: 50% on needs, 30% on wants, and 20% on savings.
- Set manageable goals.
- Review your budget weekly to monthly.
3. More time for family, friends, and fun
Automating your finances can help you stay on top of your bills. You may become aware of apps and entertainment sites you may be paying for but not using, and you can unsubscribe from them. You can also avoid late fees that add up over time and make timely bill payments that help to keep your credit strong. There is also the time you can save from paying bills by setting up automatic payments and you can use that extra time for other fun or productive activities.
4. Financial decision-making is simpler
Decision-making is shared when you are in a relationship, and it is sometimes difficult to do what you want. If you are single and live above your means, it may make sense to try downsizing aspects of your life. Consider moving into a more affordable home, eliminating the expense of multiple vehicles and just having one, or taking on a temporary roommate or housemate. Acknowledge taking a break from expensive pastimes, such as relinquishing your country club membership and playing the public courses for a while, doing your own manicures, and taking on responsibilities around the house that you used to hire out, like mowing, painting, and minor repairs. You can do many things to downsize and save money if you think outside the box.
5. Improving your finances is an act of self-love
Being single means you don’t have to go out of your way to impress a significant other. It could also mean letting go of the need to impress your friends and neighbors and not trying to keep up with the Joneses. Being single on Valentine’s Day should be a time to show yourself some love by working on your finances, assessing your goals, and creating a roadmap to a sweet life of financial independence.
Consider consulting a financial professional who can help you create a financial strategy so you can work toward managing your finances and make your money work for you.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
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