USA Week: Financial advice for singles
It is National Unmarried and Single Americans Week (USA Week). According to the US Census Bureau, singles make up 42 percent of all U.S. residents 18 and older.
Since we all know that money is one of the main reasons married couples fight, you might think that singles have a financial advantage. However, being single means that you have sole responsibility for your financial situation—a fact that can be daunting to some. While most basic rules of money management apply to singles and married couples, there are a few things singles can do to make their financial lives easier.
Set financial goals. Singles might think that they know what their goals are, but it pays to put them on paper. To hold yourself accountable, write out your individual short-term, mid-term, and long-term financial goals.
Share financial responsibility. Singles don’t have to go it alone. Consider assembling a team to help you make financial decisions. Your team members might include a credit counselor, a financial planner, a lawyer, and an accountant.
Build good credit. Since lenders will make decisions based on your creditworthiness alone, building good credit is imperative. To see where you stand today, visit www.AnnualCreditReport.com.
Protect yourself. Singles do not share financial responsibilities, so insurance is very important. In addition to health insurance, consider disability insurance in case you are ever unable to work.
Finally, it pays for singles to understand their individual rights and responsibilities—this is particularly true for unmarried couples. State laws vary quite a bit regarding ownership of income and responsibility for debt.