How do single dads, unmarried men, and other working guys manage their money in the age of runaway inflation, a sputtering stock market, and global economic crises? Some of the tactics they choose are unique, but others go back generations. No matter how weak the domestic job market is or how hard it is to find fulfilling work, individuals can benefit from strategies like long-term investing, reducing grocery bills, helping children cover the cost of higher education, buying a first home, minimizing utility expenses, and setting enough money aside to enjoy and active dating life. Consider the following suggestions as possible ways to transform your personal financial situation or assist a child with the high price of college.
Get Serious About Long-Term Investing
It’s easy to ignore the long game when making monthly budgets and scoping out the best deals on new cars. But it’s imperative for men to plan ahead for more than just a few years. Every worthwhile financial plan includes a way to build up a retirement account. The asset can take many forms, including stock funds, employer-sponsored 401(k) plans, IRAs (individual retirement accounts), and more.
Consult a licensed planner, CPA (certified public accountant), or other knowledgeable professional who can assist you with assembling a retirement nest egg. Don’t forget to include life insurance in the mix. Plus, create an emergency fund that can keep you afloat financially for at least three months in between jobs. Real estate and precious metals are two other asset categories that can add balance and safety to investment portfolios.
Consider Cosigning on a Child’s College Loan
If you have a son or daughter who is headed to college, think about cosigning on their loan application. Most young people have minimal chances of getting approved for college loans due to a lack of credit history. But when you step up and add your name as a private student loan cosigner, their ability to borrow is almost assured.
In terms of sheer numbers, applicants with cosigners can save thousands of dollars in interest over the life of the agreement. When you help a child by serving as a cosigner, they can usually get much more favorable interest rates than they could without a cosigner, assuming they would even be able to get approved in the first place. Putting your name on the application is a simple but powerful move.
Invest in Homeownership
Owning a home still makes sense in the 2020s. Real estate, as opposed to paper-backed stocks and other securities, is a tangible asset. The win-win for working adults is that a house is one of the only assets you can live in, even before paying for it. As opposed to renting, homeownership is a wise financial strategy. Try to save for a down payment as most lenders want to see between 10% and 20% of the selling price, but there are several loan programs that can get that amount down to around 3%. The down payment amount you qualify for depends on many factors, so it’s best to speak with your local mortgage banker to see what’s available.
Use Smart Hacks to Cut Grocery Expenses
The way to get food bills down is to approach grocery shopping as if it were a contact sport. There are several tactics for getting the job done. One is to join a nearby wholesale club that sells groceries, household goods, and gasoline. Annual membership fees are insignificant compared to what you can save on food, fuel, and other essentials in a typical year. Part two in the battle against high prices is the ancient art of using coupons on every trip to the store. The internet makes it simpler than ever to amass coupons for most of your preferred brands in just a few minutes. Avoid fee-based coupon platforms. Instead, use one of the reputable sites that offer price reductions on the kinds of items you regularly buy.
Put Dating Expenses in the Monthly Budget
Too many forget that it costs money to maintain an active social life in the 2020s. Don’t just assume you’ll always be able to afford dating whenever you feel like it. Socializing is a luxury, and it’s important to plan for it. Make a line item in your monthly budget entitled “Dating.”