Feanny

Farah Feanny, Contributor

Being single does not mean that you cannot attain financial independence.

Here are a few guidelines that should help.

Make a budget and stick to it!

Most of us attempt to make a monthly budget, but some 'emergency' always arises. The trick is to make a budget that is plausible. Your monthly bills should be the same so that it is easier to budget. Here's how to do it:

Make a list of all your monthly expenses.

Pay close attention to your bills and due dates (utility, rent/mortgage, credit card, etc.)

After allotting payments to your bills, see what you have left. The remainder is your disposable income. This should take care of any additional expenses and savings.

Saving

This is a key for someone who is single. The best way to save is to have a goal in mind, whether it is to further your education, buy a car or a home. These funds should come from your disposable income. That is, the money you have left after all your bills are paid.

Your savings each month should be approximately a tenth of what you earn. However, most of us are unable to save that amount, so save whatever amount you can. It may not seem like a lot at first, but over time your funds will accumulate. You should not look at the initial stages but rather the results.

Credit Cards

This is a touchy area for most as we tend to rely on our credit cards for almost all our purchases. A word to the wise, do not spend from your credit card what you cannot afford to pay back at the end of the month when the bill arrives. This act of spending more than what you have will lead you into debt. Also, pay these bills on or before the due date. This alleviates late fees and other charges.

Do not spend more than you make. If you can't afford to purchase the item with cash, wait until you can.

Cooking instead of eating out for every meal.

Most working singles do not have the time to cook. However, when you look at the amount of money that is spent eating out per meal, you realise that you could have saved that amount by just going to the supermarket and getting items that are quick, nutritious and easy to prepare.