| Personal Money Management

Personal Money Management


Whether you’ve just finished school, moved out, and are single living on your own, or you’re a bit older with more life experience, a house, and support only yourself, you as an individual, might have it a little easier managing your money.

You are Responsible for Nobody but Yourself

If you are your only dependent, you probably have a lot less expenses. You only pay for your own food, clothes, and other necessities, you don’t have to pay for a child’s education, and you only have to pay for whatever you use. You don’t have to take into consideration other people’s needs, and you don’t have to plan for anyone else.

You are the only one Supporting Yourself

You have less to worry about, but you also have less coming in. In a family, it’s likely you have the income of your spouse in addition to yours. Still, this may not be that big of an issue if you make a lot. Also, you don’t get as many tax advantages.

Take Advantage of your Situation

You only have to take yourself and your own needs into account, so take advantage of that. Family’s have a more complicated budget to take care of and have more people taking from the pool of money so it’s harder to keep track of. Because you are the only one spending your money, you have no excuse for not having a budget.

For now, you only have to think about your future. Take advantage of this by aggressively investing for retirement. At any age this can mean investing a lot, and if you are younger, it can mean making riskier investments with a potentially higher return.

Buy a House

Nowhere does it say that you have to be married to buy a house. If you are single, buying a house is a great investment. If you don’t feel like you need an entire house or that you could keep it up yourself, then buy condo or coop. Buying a house is almost always better than renting because a large chunk of what you pay every month is going into equity on your house whereas rent all disappears.

Get a High Interest Savings Accounts to Save for All your Goals

Whether you are saving for a downpayment on a house, a car, or a vacation, you should be earning money on the money you save.  Use a high interest savings account such as ING Direct to get the highest return and reach your goals faster. The Orange Savings Account. Great rates, no fees, no minimums.
For further savings, use ING’s checking account Electric Orange from ING DIRECT. Earn up to 3.40% APY. Apply today.

Most importantly, as an individual make sure you budget your money, make savings goals, and invest. Proper money management abounds with benefits, and who knows, maybe you’ll even be able to retire early?

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