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The High Price Of Being Single

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(credit: Thinkstock)

(credit: Thinkstock)

View more great budgeting advice and Create Your Financial Plan.

screen shot 2013 12 20 at 12 20 13 pm The High Price Of Being Single

This article is provided and sponsored by:
ClearPoint Credit Counseling Solutions
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Rent and mortgage, homeowner’s or renter’s insurance, property taxes, utilities and food. These types of essential costs really add up for all of us, especially when we don’t have someone to split the expense.

When a couple shares expenses, both automatically benefit from a 50 percent discount! Federal tax codes and auto insurance companies also favor married couples. Add up these savings over a month and expenses for each person in a couple will drop by hundreds of dollars. Over a year, savings can reach into the thousands.

But not everyone is in this type of situation. What should a financially-strapped single do? The consumer credit counselors at ClearPoint Credit Counseling Solutions offer cost-saving measures to help those who are most vulnerable in this tough economy.

  • The first step is to create and follow a spending plan. Although following a budget is helpful for everyone, doing so is vital for singles.
  • Consider renting out a spare room. Utility, Internet and cable expenditures may be split. The greater the number of roommates, the greater the savings will be. Although living with roommates may not be a long-term solution, it can help you weather the crisis until the economy improves.
  • Shop at warehouse stores with friends or family members, and split costs on bulk purchases. A purchase of 20 frozen chicken breasts may be overkill for a single, but just 10 may provide meals for several weeks.
  • Cooking larger quantities of food is usually most economical. Try making a deal with a friend to invite each other over for dinner once a week. Or, go out together and split a large meal.
  • Create your own low-cost entertainment. Entertainment is one of highest line items our budget that’s largely in our control. Opt for low-cost fun–rent a movie or watch programs online, play Scrabble with a friend, or go for a hike. 

For more suggestions on how to save and make the most of your money, visit ClearPoint Credit Counseling Solutions.

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