tips & hacks for being single & managing money
Glen chatted with 3 amazing single women about how they manage money like a boss - check it out.
Glen recently interviewed three amazing single women about their money journeys and the chat is just so good! They shared their top tips for managing money - have a read below.
From left to right: Nyibol (aged 26), Jelly (aged 32), Ella (aged 23) and Glen James, host of my millennial money
Check out the episode here:
top tips from Ella, 23
GENERAL
I used the Glen James Spending Plan but changed it a bit to make it work for me. I think it’s really important to have some sort of budget sheet so you know what you’re working with/how much extra you’ve got to save or put towards things you want.
Maximise EOFY or Black Friday sales. I usually save this time to buy my gym wear as my favourite brands mark down a lot of their clothes.
Shop at farmers markets for produce - this saves heaps but if there are none in the local area then I hit up Aldi first, then Woolies/Coles. I use their apps too to see what is on special. With the Woolies app you can also activate bonus points for certain items each week which will add to the amount of points accrued to get the $10 off faster.
For birthdays/Christmas I usually ask for a fuel gift card Something so basic but you’d be surprised how nice it is to not have to pay for a few tanks of fuel. Extra money saved from this can go into savings or investing!
Cooking my own food is a big one for me and I feel I save heaps here! Generally I’ll write a rough plan of meals on a Sunday then go grocery shopping so I’m sticking to a list and not buying random things I don’t need. I also shop fortnightly so I find this helps me not constantly go into the shops because I find this is when you pick up things you don’t necessarily need. YouTube and TikTok are the best for meal ideas and easy recipes.
Limiting my takeaways to once a week (ie Friday or Saturday night). At the moment I am trying once a fortnight to save more and line it up with pay week - that way it’s something to look forward to.
Subscription sharing! I pay for Netflix but my sister pays for Binge then we trade.
Everyday round up!! I used to use everyday round up to invest into Raiz but saving for a house I now do it for my savings account. It adds up fast and you don’t even notice it gone!
Another one for a larger upfront cost but buying your phone outright. I bought mine second hand off Kogan because they grade the second hand phones and it was pretty much brand new. Then I pay $30/month for a decent phone plan with Optus which is 60gb data and unlimited calls/text. This saves heaps over the long haul!
Pay bills annually. I know this might not be easy for everyone but on the Glen James Spending Plan budget sheet you can work out how much you need for bills and put away that amount each pay so when they come around you can pay them annually to save a bit of money.
BEAUTY
Buy your own eyelash and brow tint online and do your tinting yourself.
Buy a gel nail kit and give yourself manicures and pedicures.
Look up what beauty colleges are close to your local area - they offer clinic/training days where you get services for 1/4 price they would normally be. There are also Facebook groups for these where the students are always looking for models.
Do a service swap with a friend. This one would be if you both offer services i.e. hair and nails, they do your hair and you do their nails.
If you’re a student, make a UNiDAYS account because they always offer discounts especially for websites you can purchase skincare/hair products on.
Look in the beauty & spa section on Groupon as they always have good one off deals.
top tips from Nyibol, 26
GENERAL
Track your expenses weekly (e.g. using spreadsheets). This makes you more conscious of your cash flow, helps you stick to your monthly budgets, and can help you elevate what you can cut back on.
Don’t spend more than you earn! Live within your means.
Create a sinking fund system. This helps eliminate reliance on credit cards/consumer debt. Use long-term planning and set aside money for big items e.g. buy phones outright, Christmas spending, holidays and bills.
Set money goals using the SMART goal-setting system (Specific, Measurable, Achievable, Relevant and Time-based).
Automate your bills.
Invest in your financial education e.g. read finance books, finance podcasts, attend finance events etc.
Surround yourself with like-minded positive people (those that are tuned in with their money/smart with money/ open to talking about money).
Figure out your values and create a budget that reflects that - e.g. if you value travel then allocate a % portion of your budget towards that.
Invest in a high-quality team to help you achieve your money goals (e.g. accountants, brokers, financial planners, lawyers etc.). If you are not yet at that stage then start to educate yourself, learn about their roles & how to pick the best people.
Consistently tune into your career - it’s your biggest money-making avenue (e.g. having career goals, setting up career/promotion plans at work and working with your manager/HR to help you achieve these goals).
Follow the structure of Glen’s sound financial house!
Learn more about money psychology, your money story and how that impacts your life/decisions (rewrite your money script if need be).
Do a monthly recap of finances. At the end of month assess what went well, what you could work on etc.
See which bills you can negotiate for better rates (e.g. internet).
Read your own meter for electricity.
Start a side hustle to increase income!
Audit your budget and see what you can cut back on.
TIPS FOR BUYING A PROPERTY
Set SMART goals (e.g. I want to save $2k every month for 3 years to save towards a home deposit). SMART goals are: Specific, Measurable, Achievable, Relevant and Time-based.
Automate your savings! PAY YOURSELF FIRST and make sure that money goes into the house deposit.
Create a separate bank account for your home deposit with a different bank from your checking/expense accounts to make sure that this is not easily accessible money to dip in & out of.
Set up a savings goal on your banking app to also keep yourself accountable.
EDUCATION (the most important part). Regularly read books on property, attend webinars, and speak to other people that are where you want to be. BE A SPONGE! Learn from experts! So much valuable information out there.
Get a great mortgage broker. Make sure that they are experienced, goals are aligned, and they’ve worked with similar clients like you. Use referral systems from friends/family. With referrals businesses tend to work harder/be more hospitable because you have a friend in common/they don’t want to disappoint.
Set up your strategy (e.g. investment or PPOR/ what type of strategy etc.). Continue to educate yourself on strategies.
Start a side hustle/get a part-time job/extra commission etc and put this towards your deposit.
Continue to build your team and speak with other people. For example, 9 months into my savings journey I wasn’t ready to commit to a buyers agent or lawyer but I had a list of companies that I was interested in and a lot of them were hosting free webinars on property etc. so I would join the webinar, subscribe to their email list (get weekly info, ebooks etc). For lawyers, 7-8 months before I was ready to buy I started asking for referrals from friends about great lawyers/accountants etc. and started building relationships with those key people (even though I wasn’t in a position to buy). I still wanted to know more about their business, whom they’ve worked with etc. and get a good indication if they would be a great addition to my team. I wasn’t afraid to ask questions and would meet up multiple times during my “pre-home buying process” and just ask these people questions.
Stay away from “SELLERS AGENTS”. Their personal interest is in helping the property developers NOT customers . Buyers agents are a better alternative as their job is to the client's (YOUR) best interests. Do your research on the company, ask questions, understand how they make their money, assess the houses/assets that they show you and ask them questions about why that property/location. Make sure you are making informed decisions (educating yourself will help you build your confidence on this), also make sure you get along with the agents. If you don't have a good feeling about them/or they are disrespectful, take this as a warning and move along.
top tips from Jelly, 32
BEAUTY
Set aside a “treat yoself” fund and budget for amounts you feel comfortable spending on haircare, nail care, skincare, spa treatment and cosmetic tattooing/enhancement. Set boundaries on usage e.g. quarterly, bi-annually or annually. Put this in your cashflow spreadsheet. I use the Glen James Spending Plan and have personalised tabs. I call it a “treat yo self” fund because it is for YOURSELF. It is not to please society/your family’s/friends/partners expectations of you.
RELATIONSHIPS & MONEY
Discuss what you’re comfortable with/not comfortable with sharing (financially) early on in the relationship. Ask yourself and your partner: Do you have assets you want to protect?
Decide if you want to share or combine expenses. Do you want to split shared expenses (groceries, rent, utilities, holidays, dining out etc.) 50/50 or proportionate to income? For example, I once had a partner who earned 3x more than me. He offered to cover 77% and believed it was fair that I covered 33% of shared expenses. I agreed because as much as I wanted to, I couldn’t afford to do all the fun things he wanted me to join him on (e.g. expensive dinners and frequent travel). I didn’t feel comfortable with him paying for everything, so this was a good compromise for us. Are you splitting the costs of contraceptive and family planning? If not, how is your partner contributing to this process? E.g. I never felt comfortable with my partner paying for my contraception ($100 a quarter) so every 3 months he would take us out for a fine dining experience to celebrate not being pregnant.
Chat about how assets will be managed. Do you want to acquire assets together? E.g. property. How would you like to split these assets should things not work out? Do you want to keep separate bank accounts for your pay to go in and then a shared blow account? Or are you happy to funnel your money together?
Get on the same page about career and income creation. How does your partner feel about how you earn your money and how do they feel about your career goals? Are they supportive or apprehensive about its potential impact on your relationship and family? E.g. investing time in building a business, travelling for work, earning more than your male counterpart. With this one, it’s crucial that you watch their body language more than listen to their words. It will say more about how they REALLY feel. Use follow up questions and hypotheticals. Repeat their response to ensure that you understand. Ideally, you’d want a partner who isn’t threatened by your success, or is at least able to express their concerns openly, and work with you to problem solve. Instead of someone who lies to appease you, only to become resentful later.
Agree on gift spending. How much do you feel comfortable spending on gifts and how much do you feel comfortable receiving in gifts. E.g. I once had a partner buy me a car a couple of months into the relationship, suffice to say I did not accept as it turned out to be an attempt at emotional blackmail -_-
These are important boundaries and preferences to establish in the beginning as it’s easy to fall into the habit of “going along with it” and not noticing how much you’ve compromised your integrity years down the track.
TIPS FOR BUYING A PROPERTY
You can buy with a 5% or 10% deposit.
Get a good broker who can support you through the process. If in doubt (about investing) - buyers agents are worth it! They do all the research, deal making and advocate for you all the way up to settlement.
Make sure you don’t over leverage yourself. Buy below your maximum borrowing capacity.
Have a $10-$15k buffer for unexpected costs! Bank fees, transfer fees, land tax, stamp, building inspections, building/contents/landlord insurance, connection fees (if new), legal fees and a whole bunch of others were more than what I was expecting.
Don’t let others discourage you. If you know in your gut, this is what you want to be doing - back yourself.
Get help, ask questions, find support. It’s not something you do completely “alone”.
