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Single, savvy and secure: 3 steps to owning your financial future

The beauty of being single is that you can design your life on your own terms. Whether it’s cultivating your personal sanctuary or making big career moves and travel plans without a second opinion, you’re the sole architect of your future. While this freedom is a major asset, it also means being completely responsible for everything — a challenge that requires both savvy and strategy.

Single spender? A financial peek behind the curtain

Unless you have roommates or outside financial support, being single likely means you’re covering all of the expenses for me, myself and I.

That’s not necessarily a disadvantage. It just requires a different approach to set yourself up for success.

In Ally Bank’s consumer report, only 17% of singles feel they spend more money because they are single, and only one-third claim they’ve experienced a “singles’ tax.” Many actually feel that being single offers a better benefit: the freedom and independence to make their own choices. shares highlights from the report and offers tips for managing finances as a single person.

Your money, your rules: 3 financial tips for a party of 1

For many, being single can be a time to get finances in order because they don’t have to consider another person’s debts or spending habits. Still, 75% of singles say they worry about money at least several times a year, compared to 69% of those in a relationship. Women, both single and partnered, also feel significantly more than men, reporting higher levels of anxiety, worry and frustration.

Fortunately, there are steps you can take to help you feel more in control of your financial situation.

1. Feel the support of a solo safety net

When you're single, you typically can’t depend on another person’s financial support during emergency situations. Because of this, one of the best ways to prepare for unexpected expenses, like medical bills or home repairs, is to build an . While depends on factors like your income and monthly costs, general guidance suggests keeping three to six months’ worth of essential expenses in your emergency savings.

Start building your solo safety net (emergency fund) by:

• Creating a budget: List out all of your to assess how you're spending and where you could cut down.
• Automating your savings: Set recurring transfers to help your account grow with minimal effort.
• Saving unexpected income: Keep your raise, bonus or tax refund for a rainy day by automatically routing it to your emergency fund.

2. Break up with debt on your terms

According to the survey, 39% of singles find to be the most challenging expense to cover on their own. If you’re unsure of how to tackle debt, consider following one of these methods:

• Snowball strategy: Pay the minimum balance on all debts and apply remaining funds to your smallest debt first.
• Avalanche strategy: Pay the minimum balances on all debts and apply remaining funds to the debt with the highest interest first.
• Debt consolidation: Combine debts into one manageable payment.
• Debt management: Work with a professional if debt becomes overwhelming.

3. Making money moves: Other paths toward financial independence

Being single has its advantages, like the ability to tailor your savings and investments to your lifestyle and goals.

Some smart money moves to consider include:

• Taking advantage of employer benefits: Make sure you’re using your employer benefits to the fullest. These might include contributing to a , opting into health insurance that matches your lifestyle or taking advantage of access to financial planning tools.
• Investing early: When it comes to , time can be your biggest advantage. Putting even a small amount of money in the market could pay off in the future. Keep in mind, investments have the potential to grow, but also carry the risk of loss.
• Build a personal financial system: Optimize your accounts for everyday spending and short- and long-term savings goals.

2 hearts, 1 budget, same stress

Plot twist: Being coupled doesn’t necessarily relieve financial anxieties. Ally’s survey shows that levels of financial confidence are actually fairly similar, regardless of relationship status, with 38% of coupled respondents saying they’re able to set aside money in savings each month and 29% of singles say the same. Sentiment around debt repayment is also similar: 54% of couples say they will be able to pay off their debt over time, and 45% of singles say the same.

If you have a special someone in your life, it’s important to openly and regularly about things like:

• Spending habits
• and financial obligations
• Short- and long-term goals

Having these conversations often and early can ensure you’re both on the same page as you transition from being single to merging finances with another person.

The sole architect: Building a financial foundation

Financial confidence depends on your intention, not on your relationship status. By building strong habits now, you’re securing the freedom to live exactly how you choose, now and in the future.

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