Being single and Childfree means your financial journey looks a little different. On the one hand, you’ve got full control over your income and lifestyle choices. On the other, you shoulder every cost and decision alone. From housing expenses to long-term care, let’s dive into how to set yourself up for financial success as a solo flyer.
Housing Costs: The Single Tax
Living alone has its perks—no compromising on decorating choices or sharing the remote. But it also means you’re footing the entire bill. Whether you’re renting or dreaming of homeownership, the rising cost of housing can hit singles particularly hard.
If rent or mortgage payments are stretching your budget, consider downsizing, moving to a more affordable area, or upping your income. If you’re open to sharing your space, a roommate can help ease the burden. The goal? Striking a balance between your budget and your need for comfort and independence.
Who Keeps You Accountable?
One challenge of solo finances is the lack of a built-in accountability partner. When you’re married, there’s someone else to help spot budget blind spots or steer you back on track. Flying solo? You’ll need to find that check-in buddy elsewhere.
This could be a trusted friend or a fellow Childfree single who gets your financial goals. Sharing your money plans might feel uncomfortable at first—after all, many people would rather discuss their personal lives than their bank accounts. But having someone to share your wins, setbacks, and goals can make all the difference.
Estate Planning Isn’t Optional
Let’s talk estate planning—a critical topic for single, Childfree adults. Without a spouse or kids, you need to decide who will inherit your assets and manage your affairs if you’re unable to do so.
Work with an estate planner to set up a will, name a trustee, and outline your wishes. If a trusted friend or family member isn’t an option, you can hire a professional trustee. Either way, this is one area you don’t want to overlook.
Long-term care is another biggie. As a single person, long-term care insurance often costs more, especially for women. Planning ahead with a financial professional can help you navigate this expense and ensure your future care needs are covered.
Who’s Got Your Back?
Single life doesn’t mean going it completely alone. Whether it’s maintaining your home or managing life’s unexpected challenges, you’ll need a support system.
If home maintenance isn’t your thing, plan to hire help for tasks like lawn care, repairs, or cleaning. This not only saves you time but ensures your home remains a comfortable haven.
On a more personal level, having a close-knit network of friends can make a world of difference. Many childfree and single adults resonate with the dynamic from The Golden Girls—sharing life’s ups and downs with a chosen family. Building this type of support system can be invaluable, both emotionally and practically.