All the single people! We see you.

The concepts of managing money are pretty much the same, no matter your personal circumstance:

spend less than you earn
spend in line with your values
stay out of consumer debt
build a sound financial house
keep your expenses low
invest for your future
give a little money or time to people or causes that matter to you

But if you’re single, there’s some unique things to consider as well as these basic principles, so let’s dig into what they are. Have a listen to Glen’s episode below where he walks through these points:

#1: scale: you don’t have this, so create it

A bit of a reality check to start with: you don't have the scale that a couple with dual incomes has. Couples have the ability to use doubled income to tackle expenses that don’t double. Let’s use this example - say you pay $500 rent per week for an apartment. A single person pays that for themselves to rent there, whereas a couple pays that from both their incomes - the rent doesn’t suddenly double to $1k because there’s 2 people.

So how do you tackle this? By trying to build scale into your finances. You need to be more strategic with your choices and plans:

Can you combine your finances with a friend and split certain costs?
Can you get a flatmate to split rent costs?
Can you buy groceries in bulk with your sibling to maximise your money and food potential?

Get creative in finding ways to build scale into your finances.

money money money podcast blog 7 tips for being single and managing money

#2: you need specific financial goals + a money system

Your cash won’t stretch as far, so you have to give every dollar a direction to go.

Every financial move must be intentional because there’s not much room to move or leftover cash to throw around. Review your budget or spending plan as you need (weekly/monthly) - there’s no rules around when you review this, just do what works based on your pay cycles and expenses. If you get paid weekly, for example, it might be easier to work through your finances weekly.

You could use the Glen James Spending Plan and update costs in the spreadsheet as they come in. Or you could review everything when your monthly pay comes in and direct debit your expenses from that. The “right” money management system is one that works for you.

#3: no. consumer. debt.

Consumer debt is a massive drag on your income.

It’s also often hiding a problem: that you’re spending more than you earn.

If you don't have the money right now, you can't afford it.

Don’t let money leak out of your control with interest, and don’t open the door to overspending or creating a habit of consumer debt. Buy-now-pay-later, personal loans, store finance - stay far, far away.

A note on credit cards: please, please avoid them. You’re more likely to spend more money than you intended when you use a credit card, plus they give you ridiculous limits (like, tens of thousands of dollars to spend in some cases). The temptation is just too high. Practice the art of patience and pay for things with money you actually have.

#4: double down on your career & income creation

Now for something you have in abundance AND have complete control over - your time and your career. Your career is single-handedly one of the best ways for you to build wealth so it’s worth the investment of time, training and focus.

If you decide to risk it to get the biscuit and start a business, your decision won’t affect anyone else, so go for it! This is your opportunity to establish yourself, your way, before you lock in with someone else (if that’s what you want to do).

If you’re a keen reader and want to really knuckle into your career, checkout Shell Johnson and Glen James’s book, Sort Your Career Out & Make More Money. Worth every penny! If you don’t have the cash for it, ask someone to give it to you for your birthday or Christmas, or borrow it from your local library.

#5: get to know your spending & impulses

Getting to know your behaviour with money is a key thing for everyone, but particularly for you as a single person. Are you a spender or saver? What spending impulses take over?

If you’re unsure where you sit on this spectrum from spender to saver, here are a few indicators to think about:

Spending Habits: track how frequently you make impulse purchases or splurge on non-essentials.
Budgeting Discipline: assess whether you stick to a budget consistently or struggle to manage monthly expenses.
Savings Consistency: check how regularly you save and whether it's automatic or sporadic.
Debt Management: evaluate how you handle debt—whether you prioritise paying it off or carry balances month-to-month.
Financial Goals: review if you actively set and work towards financial goals or let money management happen passively.

If you’re a natural spender this is a great reminder to test the things you want to spend money on - sleep on big purchases. You might set up a rule that for purchases over $100 (aside from groceries and bills) you have to sleep on it before pushing go.

Ensure your spending is serving you - will buying take away again serve you financially? If not, say no. Buy in bulk when you can to make your money work harder, or go in with a friend to share costs. Review all your costs annually - ensure you’re getting the best deal on everything. Don’t sit back and expect your money to be efficient - you need to make it efficient.

#6: focus on self development in a non-monetary sense

Life is not all about money.

Can you focus on building great healthy habits like drinking the right amount of water everyday, or a daily walk?
Can you improve your cooking skills to provide nutritious meals, helping you dodge buying food out and improving your health?
Can you learn a language to speak with family or friends, or to set up a sweet trip to that country?
Can you travel domestically or internationally cheaply to broaden your experience?

Build an amazing group of friends and life advisers/mentors - have good people in your corner. Become a better person step-by-step each day - become who you want to be. Create some non-financial goals that will improve your quality of life, will add to your awesome life experience and will create an opportunity to help and connect with others. That’s what the best memories are made of!

#7 - keep retirement savings in your plan

We’re at an awesome time in Australia where superannuation is a top priority for (and also because the law says so hehe). The superannuation scheme is changing the game for our futures - maximise the opportunity! Ensure your employer is paying the minimum required (at least every quarter) into your superannuation fund, and find a fund you like. If you have any unpaid super, follow it up. Get to know how your super is invested with your super fund - give them a call and ask for a run down. Many funds have staff that can help you understand it all so ring ring peeps!

BONUS tip - maintain a decent emergency fund

As with any emergency fund the more you have in there, the better. Being single and potentially having less financial support around you, you might decide to beef up your emergency fund a smidge so you have extra buffer.

You might also build what Jess from Financially Fierce calls a ‘buffer’ of cash, which is essentially just adding a little extra to your bill paying accounts to ensure that if a bill comes in larger than usual, you’ve got an additional buffer there to assist you. In an ideal world you have a bigger emergency fund PLUS a cash buffer, but build enough into your life to help protect you and your money system from any unexpected changes in life.

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