Blogging for Change

USA Week: Financial advice for singles

by Kim McGrigg on
9/24/2008
in Personal Finance

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.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.