Single in the City: Financial tips for flying solo in Atlanta
Being single has some real advantages, like the ability to sleep starfish style, the freedom to come and go as you please, and never having to worry about someone else hogging the remote. But, there’s also a lot less built-in accountability. When you’re working with a single income, your saving and spending habits not only need some guardrails, but they need a reality check once in a while.
Singles in the city have more opportunity for dining out, shopping, and entertainment, which can easily translate into serious spending. We’re not saying that you need to pay your rent, binge-watch Netflix, and eat ramen noodles until you win the lottery, but if you incorporate a few of these helpful tips, you’ll find that your finances and your future will be substantially less stressful and a lot more fun.
Create a budget
A budget is the foundation for financial success. Whether you’re running a business or managing your weekly paycheck, you need to know where to allocate your resources. Monthly bills, retirement savings, your emergency fund, trendy wardrobe, and caramel latte addiction are all vying for financial attention. And those tickets to see Drake at Phillips Arena aren’t far behind.
A budget will allow you to pay your monthly expenses on time, stash away some savings, and know exactly how much discretionary income you have to spend. It will inevitably make you decide if those Lululemon leggings are more important than running through the Starbucks’ drive-thru every morning or if your weekly visit to DSW is the best use of your lunch hour.
Enlist a money mentor
Accountability is a big part of accomplishing almost anything. Everyone needs someone to gently counsel them and help them talk through important decisions, like buying big-ticket items. Find someone you trust who’s a little older and wiser, and can speak from experience. Allow them to keep you accountable and know that even when it’s uncomfortable, you’ll be better for it in the end.
Create your monthly budget, meet for coffee, and then talk through your financial plan for the month. Give them permission to ask the tough questions and allow yourself to answer them honestly. Listen to their feedback and recommendations. They’ll inevitably help you avoid their past mistakes and help you work toward financial success.
Recognize impulse buying
Ever find yourself mindlessly surfing online retailers like Amazon, H&M, or Nordstom Rack? You don’t need another pair of skinny jeans, but there they are, and they’re on sale! Boom—there’s a quick $60 you’ll never see again. If you thought about it for more than a few minutes, you probably would have passed.
Ever add another item to your cart so you can qualify for free shipping? Sure, spend another $35 on a shirt you’ll probably never wear just to avoid the $7.99 shipping cost. It makes you feel like a savvy shopper when really, you just got duped into spending more than you intended. Why can’t you leave Target without spending $100 every time you walk through the door? We feel your pain. Work from a list, shop with intention and avoid surfing the web to pass the time.
Find some free or cheap entertainment
When you live in a busy city, there’s always something to do. Fun doesn’t have to cost you anything, especially in Atlanta. Every Wednesday night, Centennial Olympic Park has Wednesday Wind Down and free music. Visit the National Archives and trace your family tree. Run, walk, or bike through Piedmont Park or visit the Atlanta Farmer’s Market. Make plans for the Grant Park Summer Shade Festival or take in a Singles Event at Buckhead Church.
If you want to pack a lunch and head OTP, you can hike the Indian Seats Trail, visit Toccoa Falls, shoot the Hooch, or relax on Lake Altoona. Avalon in Alpharetta hosts a live band on the lawn every Friday night in the summer, and their Athleta store offers free yoga classes. Grab a friend and go!
Some things you don’t even have to leave home to enjoy. Invite some friends over to watch your favorite TV show or host a game night. The possibilities are endless.
Shop consignment stores
Consignment shops and vintage clothing are all the rage. If you haven’t ventured in, you’re missing some great bargains. Not all the items will match your style, but you can snap up some gently used, designer clothing, purses, and accessories at affordable prices. You’d be surprised at how many people want to offload last season’s styles. It’s always an adventure. You never know what you’ll find, and the thrill of the hunt is part of the fun.
Here’s an extra bonus: If you’re a fashionista and have items that no longer fit or flatter you, consider a consignment shop as a way to purge your closet and make a few extra dollars.
These are just a handful of ideas that can help you stick to your budget without feeling the pinch. Atlanta is never short on entertainment, so do some research, find some things you’ll enjoy, and consider some new experiences. C’mon, it’ll be fun!