5 Ways to Spend Wisely When You're Single

A lot of personal finance advice is geared toward married couples, but single women have their own struggles with money that need to be addressed. This episode is designed to do just that, and in a way that doesn't have to be intimidating or overwhelming.
Disclaimer: I am not a financial advisor or CPA. The details of this podcast are shared for informational purposes only. Please seek assistance from a certified finance professional who can help you with your unique situation.

1. Set a monthly budget and stick to it.

• There are a lot of excellent budgeting apps out there, but I personally recommend the following: 

1. Every Dollar
2. YNAB
3. Mint

• All of these apps link to your bank account and encourage you to assign a job to every dollar that comes into it. They also make it easy for you to set and reach short-term financial goals.

2. Find a reliable accountability partner.

• This should be someone you can trust with your sensitive financial information (income, debt, financial goals, etc.)
• This person must be someone who makes wise choices with money.
• Ideally, this person should also be your financial opposite, meaning they are a spender if you are a saver. Spenders and savers both have their strengths and weaknesses and need each other for balance.

3. Make an effort to develop friendships with financially responsible people.

• “You are the average of the 5 people you spend the most time with.” - Motivational speaker Jim Rohn

4. Avoid "H.A.L.T." spending (spending when you're hungry, angry, lonely or tired) and emotional spending in general.

• For example, you should avoid going to the grocery store when you’re hungry.
• At the same time, "loneliness spending" could be going out and spending money just to avoid staying at home alone.
• Be aware of your personal spending triggers. (i.e., “treat yourself syndrome”)

5. Set and pursue financial goals for your future, regardless of whether or not you get into a relationship. 

• In other words, don’t attach your financial future to a hypothetical relationship that may or may not happen.

Action Steps:

1. Choose a budgeting app, download it and begin to familiarize yourself with it.
2. Identify at least one person in your life who could serve as your accountability partner.
3. Identify your spending triggers and brainstorm ways to avoid giving into them.
4. Create a list of financial goals for the future and set dates for when you would like to achieve them.

References:

• Episode 4 - "5 Personal Finance Books That Changed My Life"