I’ll cut to the chase on this question “I’m single, do I need a budget?”. Absolutely. I think everyone who has money coming into their hands needs a budget and a plan on how it will leave their hands. Without a budget, our spending is not intentional and it won’t properly reflect our values as it should.
That’s the easy answer, but recently I was reflecting on this question (yes, I think about it often).
I’ve never been single and on a budget. Kelsey and I stumbled into budgeting together and have had each other to lean on as we’ve tried to figure out how to budget our money, get out of debt, and build wealth. So, I don’t really know what it’s like to have to intentionally budget money while being single.
Although I got a taste of it recently as Kelsey and Rooney headed out of town to visit family and I stayed behind to work on finishing our basement. Finishing being a loose term here, the project may never get finished at this rate…
Anyway, I was home alone with some food money in case I needed to get some groceries or something to eat. It was a weird feeling to be home in an empty house, essentially knowing that I could do whatever I wanted until they got home, but there were a few motivators that kept me on track while my family was away.
- Purpose: I stayed home to get work done in the basement. This was the first time Kelsey and Rooney traveled without me. It was kind of a big deal for us as a family and I didn’t take that lightly. I wanted to make the most of the time I was away from them.
- Accountability: I knew that Kelsey and Rooney would come home and progress in the basement would reflect how my time was spent.
- Quality Time: I was missing out on quality time with my family. A whole weekends worth. I didn’t like that. But, since that was the decision we made, I wanted to be sure to get as much done as possible.
What do these factors have to do with being single and needing a budget? Well, I’ll tell you that when I wasn’t working, the temptations for going and spending money were prevalent. Nobody was there, nobody was watching. And I ended up caving eventually, but not how you might think…