Financial advice for singles

Single and fabulous? Make sure your finances are in top shape as well.

Single life comes with a lot of personal freedom and flexibility. It can also bring plenty of financial freedom too, since you may have fewer monetary commitments. But when you're flying solo, things can end up costing more – so you might have to work harder at budgeting and saving. And because you need to create your own safety net to fall back on in tough times, it's even more essential to have watertight financial protection for your assets and lifestyle.

That's why it pays to have a financial plan tailored to your unique lifestyle and goals, so you can live life exactly how you want. Luckily, there are plenty of ways to use your financial freedom to your advantage, so you can build and protect your wealth and get more out of your money. Here are five ways to get your finances into shape.

1. Budget for one - your household budget probably looks very different to friends your age who are supporting a family. You'll have more cash flow to manage your day-to-day expenses but it can also be easier to give into temptation to splurge. At the same time, you need to cover all your regular expenses yourself so by writing a careful budget and sticking to it you can enjoy a comfortable lifestyle.

2. Knock debt on the head - managing debt can be a daunting task, especially solo. If you're like most people, the biggest debt you'll ever take on is a mortgage – but you may be uncertain about how to save for a deposit and find a lender who will approve you on a single income. The good news is, it's possible to secure and manage a mortgage on your own. To get yourself into the best financial position to take out a home loan, all you need is a sound financial strategy. As a starting point, it helps to prioritise your existing debts like credit cards or personal loans, and pay these down first with an achievable repayment plan.

3. Get the right cover - being single has many advantages but your income is event more precious when you're relying on it for all your financial support. So it's worth considering what would happen if you became ill or injured and couldn't work. Would your savings be enough to see you through recovery until you're back on your feet? Getting the right insurance cover is essential. We can help you work our how much cover you need to protect yourself and your lifestyle. You might also want to set up a 'rainy day' savings account so you're prepared for any financial curve balls that are thrown your way.

4. Build your nest egg - retirement planning takes on a new dimension when you're saving for it on a single income. It makes sense to grow your retirement savings as much as possible while you're still working. By making sure you don't need to rely solely on the Age Pension to fund your retirement, you can get on the path to a comfortable standard of living.

5. Decide where your money will go - when you're single and living it up, making a Will is probably the last thing on your mind. However, it's still important to think about who you want your assets to go to when you pass away including your super or life insurance. We can guide you through your options so you can decide which one feels right for you. The most important thing is to start planning now.

Contact our Advisors to tailor your personalised financial plan on 03 8850 3333 or email


Suite 2

50 Upper Heidelberg Rd

Ivanhoe VIC 3079


PO Box 500

Ivanhoe VIC 3079


03 8850 3333


03 8850 3330