How to save money as a single person and live on one income.

There are many ways to save for retirement as a single person living on one income. Consider these financial tips when budgeting for your future. 

A man using his credit card while on his cell phone.

Retirement planning tips for singles.

Whether your retirement goal is to create a start-up, hit the links, or spend time with family and friends, a solid retirement strategy can help ensure that your future goals come true. And we're confident you can do it. 

Here are some money-saving tips for singles to help you get off to a smart start toward building the nest egg you’ll need to enjoy retirement: 

  • Create a budget.  
    Working within a budget is smart when you’re living on one income. It helps you to see what you’re working with and pinpoint ways to cut expenses, leaving more to put toward your retirement. 

  • Put away the credit cards. 
    Another budgeting tip for singles is to take control of your spending by not using credit. The money you save on interest is money you can set aside for your future. 

  • Start saving earlier.  
    Maintaining your household budget and saving at the same time can be a challenge when you're living on one income. The earlier you start saving, the better. 

  • Be creative with cutting expenses. 
    From cell phones to the Internet, make sure your service providers offer competitive pricing, and if they don’t, make a switch. Consider cooking meals at home more often and having leftovers for lunch the next day. Look for low-cost entertainment options. Whatever you choose, remember that saving just a little extra now can add up to a lot 20 or 30 years down the road.
A man looking at his cell phone while working on his computer.
  • Don’t leave money on the table.  
    Make maximum contributions, and make the most of your employer-sponsored 401(k), IRAs, and other tax-qualified plans. You can save after-tax dollars in annuities and other financial vehicles. 

  • Educate yourself.  
    Never stop doing your research. Read, talk with others, take a course, and stay on top of products and services that might help you achieve your future goals. 

  • Plan for the long term.  
    The national annual median cost of long-term care now ranges from $102,200 for a private room in a nursing home to $19,500 for adult day healthcare services. A semi-private room can run $7,513 a month, or $90,156 a year.1  

    But what will it cost tomorrow? Ignoring the need for long-term care is one of the biggest risks facing singles. Luckily, long-term care insurance can help you face the future with confidence, and the best time to look into it may be now.

  • Establish a solid partnership with a life insurance agent.  
    Our agents are professional problem solvers. They can help you identify your individual objectives and needs, and then help you find the right product solutions to fit your lifestyle.

Those living on a single income face unique needs when they are planning for a comfortable retirement. Single adults can learn strategies to protect their dreams, including the important problem-solving benefits of personalized guidance from a life insurance agent. 

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Want to learn more about financial strategies when you have a single income?

A New York Life financial professional can help determine what’s right for you.


1 David Levine, “How to Pay for Nursing Home Costs,” U.S. News & World Report, November 3, 2020. USNews.com