Working adults who live alone have a lot of personal freedom, but along with it comes a few added responsibilities. Unlike couples, who enjoy the benefits of mutual support in everyday activities, single adults face life as an army of one. All decisions, actions, and results fall squarely in the lap of the person running the household, so it makes sense to employ a few hacks for the sake of efficiency. Perhaps one of the most powerful decisions a single professional can make is to refinance education debt. In one stroke, a refinancing agreement can slash monthly expenses by a significant amount.
Likewise, unmarried people need to take the initiative to start IRA accounts and make detailed personal budgets in order to build long-term and short-term financial security. Plus, when you don’t have someone else to watch your back, it’s imperative to get serious about home security measures, like alarms, smart locks, and surveillance cameras. At mealtime, savvy singles know that a few basic cooking skills come in handy and eliminate the need to dine out too often. Consider employing the following life hacks if you live alone.
Refinance Student Loans
Single working adults who think about refinancing student loans are on to something that can deliver serious rewards. Consider the fact that when you first applied for a college loan long ago, you likely had no or not very good credit. After working for a few years, most end up with much better scores. Those improved credit ratings can translate to more competitive loan rates for people who choose to refinance. But the best part of the package is getting lower monthly payments. The process of refinancing is simple, takes little time, and can be done entirely online. If you would rather deal with one payment instead of many, pay less each month, and have more time to pay off the balance in full, make the decision to refinance your student loans today.
Set Up an IRA ASAP
Spouses are good at reminding and encouraging each other about important financial tasks, like making annual contributions to an IRA (individual retirement arrangement). Solo adults need to be diligent about not only adding money annually to an IRA but also aiming to make the maximum contribution, which is $6,500 for those under 50, and $7,500 for individuals who are 50 or older.
Learn to Cook
The good news is it’s much easier to cook for one than for a family of three, four, or five. The drawback is single adults have to prepare all their own meals. There’s no one to share the duty with. If you don’t know your way around a kitchen, take a basic cooking class at a community center or online. The goal is to learn to prepare nutritious, simple meals at home several times per week.
Get Serious About Home Security
Living alone presents a few unique security challenges. Consider putting loud, motion-sensitive alarms on every ground-level door, window, and entryway. The price of most home security devices has come down in the past decade, so it’s no longer a pricey proposition to install a half-dozen surveillance cameras around the perimeter of your home. Additionally, install smart locks on all doors.