Financial Tips

Life and Credit : Flying Solo Means No Two-for-one Specials

Flying Solo Means No Two-for-one Specials

We all have monthly expenses: We pay for our home and its upkeep, insurances, even taxes. But did you know that the cost of living is cheaper for couples? That is because sunk costs, like property tax, heat or DVD rental, are not dependent on how many people benefit from them.

So, having a partner to share expenses means an inherent discount. Income tax and certain insurances also favor married couples. Over time, the reduced cost per person can really add up.

Paying more for basics can lead to a higher debt load. In 2008, 42% of clients who received advice and counseling from Credit Counselors were unmarried.

If you aren’t hitched, what can you do to improve your financial situation? First, cut corners.

• Create a personal budget and stick to it.
• Room to spare? Generate income and share the costs of electricity, water and cable by taking on a roommate.
• Find a shopping buddy. While you might not be able to eat two dozen eggs a week, buddy up and benefit from sharing bulk purchases from Costco or other retailers.
• Put together a dinner club. Get a bunch of single friends together and set up a meal plan that involves each participant to host a meal. While enjoying the social benefits, you can actually also reduce the cost of food by buying groceries in bigger quantities.
• Dust off those board games. Entertainment is a discretionary item in any budget, and you can amuse yourself affordably by joining in old fashioned activities with your friends, like card playing or charades. Don’t know anyone? Take a hike!

For help creating your personalized spending plan, contact a Credit Counselors Financial Specialist at 800.397.2609 or enroll now online.