Dave Says: Single and Staying on Track

Dear Dave,

Do you have any tips for how a single person can stay on track with their finances?

Debbie

Dear Debbie,

It's really pretty simple. The first thing is the same advice I give to married couples, and that is to live on a monthly budget. Sit down at the end of each month and write down—on paper—all your expenses and income for the following month.

When you think about it, budgeting really isn't that difficult. Some of your expenses, like your rent or mortgage payment, will be the same. If you have a car payment (which I really hope you don't), it will remain constant, as well. Things like groceries and utilities may fluctuate based on the time of year, but you can make a pretty accurate estimate by looking at past months.

The second thing I'd recommend is that you find someone to be your accountability partner. It should be someone who is wise and good with money and a person who loves you enough to call your bluff or hurt your feelings a little when necessary. They can be a close friend, parent or even your pastor. Just sit down together over a cup of coffee once a month and talk about your finances. You could even go over your budget together line by line.

Ideally, an accountability partner is someone who's ahead of you on a particular journey and can help direct you along the path to wisdom. It's their job to hold you accountable for what you're doing and the decisions you're making, for your own good!

—Dave