Solo Finances: 6 Ways to Take Charge of Your Money When You’re Single

Being single definitely has its perks.

Having solo finances means you don’t have to check in with anyone about your spending, split your paycheck with a partner, or stress over someone else’s bad money habits.

You get to decide

But here’s the flip side: You’re also 100% responsible for your financial future.

No second income to fall back on, no shared mortgage to lighten the load, no built-in safety net. If you want to build wealth, travel the world, retire early, or just stop stressing over bills, it’s on you to make it happen.

So, how do you maximize your money, crush your financial goals, and set yourself up for long-term success—without giving up your social life or sanity?

It starts here. Let’s break down exactly how to take control of your finances and use your single status to your advantage.

Solo Finances: 6 Ways to Take Charge of Your Money When You’re Single

1. Get a Budget That Actually Works

You’ve heard this before, and you’ll hear it again: You need a budget.

Not the “I’ll just spend less this month” kind of budget. A real, structured plan that makes your money work for you.

The best kind? A zero-based budget. Sounds complicated, but it’s super simple:

Income – Expenses = $0

This doesn’t mean you spend all your money—it means you give every single dollar a job. Whether it’s rent, groceries, savings, or fun money, you tell your cash where to go before it mysteriously disappears.

💡Try this:

• List your income and all your expenses (yes, even the little ones).
• Assign every dollar a purpose—savings, bills, entertainment, whatever.
• Adjust as needed so you’re not overspending in one category.

This method stops you from wondering, “Where did all my money go?” at the end of the month.

2. Invest in Your Career (Because no one else will do it for you)

One huge perk of being single? You have time. No splitting your energy between family obligations or relationship drama. You can focus on YOU.

If you want to build wealth, start by increasing your income. The best way to do that? Level up your skills and chase better opportunities.

💡 Here’s how:

• Take free or low-cost courses (LinkedIn Learning, Coursera, Udemy).
• Ask for a raise (come prepared with proof of your contributions).
• Volunteer for new projects to show leadership potential.
• Network like crazy—your next high-paying job could come from a connection.

More money in = more money to save, invest, and enjoy. Simple as that.

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3. Crush Your Debt (Because it’s holding you back)

Debt is like dragging around a backpack full of bricks.

The faster you drop it, the faster you’ll move forward. 

If you have loans, the best time to pay them off is while you’re single and have fewer financial responsibilities.

💡 Game plan:

• List all your debts (credit cards, student loans, car loans, etc.).
• Use the debt snowball method (pay off the smallest one first for momentum).
• Avoid taking on new debt (yes, that means skipping “buy now, pay later” deals).

Debt-free = more freedom and less stress.

4. Set Big Goals (and actually save for them)

What do you want your future to look like? A dream house? A six-month backpacking trip? Owning your own business? Whatever it is, start saving for it now.

💡 Goal-setting hacks:

• Write down specific, measurable goals.
  • Bad: “Save money.”
  • Good: “Save $10,000 for a house down payment in two years.”
• Open separate high-yield savings accounts for each goal.
• Automate transfers so you’re saving without thinking about it.

Your future self will thank you.

5. Know Where Your Money Goes (Before it disappears)

Being single means more nights out, weekend trips, and spontaneous purchases. And that’s fine – as long as it fits your budget.

💡 How to keep your spending in check:

• Use a spending tracker app (Credit Karma, YNAB, or even a simple spreadsheet).
• Give yourself “fun money” so you can enjoy life guilt-free.
• Avoid spending just to keep up with friends—if they don’t respect your financial goals, they aren’t real friends.

It’s all about balance. Spend on what matters, save where you can.

6. Learn the Basics of Money (Because no one taught you in school)

Let’s be real – most of us didn’t learn about personal finance in school. But that’s no excuse to stay clueless. Understanding money puts you in control of your future.

💡 Where to start:

• Learn how to invest (start with ETFs and Roth IRAs).
• Understand credit scores and how to build good credit.
• Know the difference between retirement accounts (401(k), IRA, etc.).
• Read one personal finance book (try The Simple Path to Wealth by J.L. Collins).

The more you know, the better your financial decisions will be.

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Solo Finances: You’re the Boss of Your Money

Being single is the perfect time to build wealth, gain financial independence, and set yourself up for a secure future.

You have the freedom to make your own choices, so take advantage of it.

By budgeting, growing your income, crushing debt, setting goals, and learning about money, you’ll create a financial life that works for you – no partner required.

Start today. Your future self is counting on you.

Editor’s note: This article was originally published Aug 3, 2021 and has been updated to improve reader experience.

Photo by Vanessa Garcia