by Ricky Publico, on category "Lifestyle"
August 16, 2019
Contrary to popular belief, marriage isn’t the be-all and end-all in life. Being single rocks! If you haven’t found “the one” just yet, don’t sweat it and just enjoy your freedom. Don’t enjoy it too much though, or you’ll end up making financial mistakes along the way. If you’ve been single for a long time, you’re probably guilty of these mistakes.
Being single doesn’t equate to being irresponsible when it comes to money. In fact, you should take this opportunity to improve the way you handle your finances. Start by recognizing your financial mistakes from the list below.
Takeouts may have been the best invention since sliced bread, but did it occur to you that you’re bleeding money because of it? Think about it: if you spend at least PHP 100 per meal from restaurants and convenience stores and you eat at least twice a day, you’ll end up spending PHP 6,000 a month. That’s a lot of dough.
Imagine turning that dough into a cookie by learning how to cook meals for yourself. It’s not rocket science anyway, all you need is a little practice and a good eye for grocery shopping. You’ll end up saving more than half of what you spend eating out at restaurants. And if you’re good at it, you’ll end up enjoying dinners a lot more.
Speaking of eating out, one of the most common money mistakes by singles is when they spend way too much money on a night out with friends. It’s fine if it’s a one night per month deal, but if you’re doing this every night, then you probably need better friends. Why would they let you waste your money when you can probably afford a worthy investment?
And who ever said it needs to be a night-out? Why not hang out during the day and enjoy each other’s company sober? Having meaningful conversations and establishing better connections are way better than dancing in the club and drinking the night out. It also comes cheap because you can just invite them to your apartment or a local coffee place.
Online shopping made everyone’s lives easier. It also allowed everyone, especially single people usually with no responsibilities, to commit financial mistakes on a regular basis. All they have to do is have their credit card information saved on their browser’s autofill and voila, shopping for unnecessary stuff in a few clicks. Admit it, you’re guilty of this one, too.
The obvious countermeasure is to delete your credit card information and disable the autofill feature from your browser. This will allow you to second guess the most mundane of purchases, now that you have to type your credentials manually. Do you really need the Silver Age All Might Funko Pop when you already have the regular version? Yeah, probably not.
You probably think you deserve to splurge your hard-earned money during payday. Sure, you probably do, but do you know what else you deserve? A comfortable future. And in order to get that, you need to resist splurging your pay and start saving them. Start building your savings account and your emergency fund so you can take care of the far and near future.
It also helps to start budgeting your everyday expenses. It sounds boring, but it will help you take control of how much you spend. It’s not enough that you save, you should also spend your money wisely. Don’t just shop just because you can. Try spending for things you actually need like a gym membership, car insurance, and other items to help you adult.
“But I’m single and I don’t have that much friends. I’m not wasting money,” you’re probably thinking. The fact that you don’t have anyone to talk to about your spending habits makes you more likely to commit financial mistakes. Most unplanned purchases happen when your judgment is clouded, either by sadness, loneliness, or anger.
No matter how introverted you think you are, you should still strive to make meaningful connections with others. This will help you improve your mental health and will then lead to better financial decisions. Remember that having negative feelings is okay, but committing money mistakes to act on them is never okay.
Aside from the fact that it’s too 2000-and-late, having a YOLO attitude on your finances is childish and irresponsible. The better outlook to have is YODO: You Only Die Once. Think about it: how many times do you get to wake up the next day and live? A bunch of times. And since you’re reading this, it’s safe to assume that you have never died.
You’re still here in the real world where your financial mistakes have consequences. As early as now, you should start making plans for the future by cutting back your lavish lifestyle and saving up for your retirement. You’ve had your fun, now it’s time to grow up. Every move you make will cost you something. Choose your moves wisely from now on.
A recent survey revealed that single people aged 18-25 consider getting rich as their top goal in life. While it’s not a bad goal, making decisions solely to get rich will also get you nowhere. You probably took your current job right now because it pays well, but is it worth the long overtime hours, the stressful office politics, and the lack of promotions?
Aside from the salary, consider other things like career growth, working environment, and your own passion in choosing a career. Don’t overwork yourself trying to get rich. You won’t enjoy the money you make anyway if you let your health deteriorate on the job. Remember: It’s possible to make money out things you’re passionate about. Go do it instead.
Some even believe that having a girlfriend or getting married will magically inspire them to stop making money mistakes. In reality, you’ll just end up passing the burden to your potential partner. What if he or she is the same financial wreck as you? What if your relationship didn’t work out? You shouldn’t base your financial decisions on your emotions.
Isn’t it better to get your finances in order before searching for “the one?” Work on improving yourself first, especially on the financial side. After all, a financially independent person is more attractive than a carefree, come-what-may type of person. It’s not other people’s responsibility to take care of you. Give yourself some respect and do the fixing yourself.
Being single shouldn’t give you an excuse to spend like a madman. You may not have a love interest at the moment, but you still have your immediate family and friends, right? If you think about it, no one is truly alone in this world. You’ll always have people in your life you can talk to and pamper with your efforts.
So if you don’t want to get your life in order, at least do it for the people who truly cares for you. Don’t let your financial mistakes pile up. Start changing your ways while you still can. You deserve a financially healthy life, with or without someone to share it with.
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