Happy end of 2024, let's set some money and time boundaries
I know I said I was taking December off but I’ve been having conversations. It’s that time of year when we’re reflective. So let’s talk about something important: taking charge of your finances and time as a solo earner.
When you’re single, people might assume you have extra money and time to spare. Spoiler alert: you don’t. That’s why being intentional—or let’s call it selfish with your money isn’t just okay. It’s essential.
So let’s level-set for 2025.
1. Boundaries around money
Money boundaries are your financial foundation. They help you keep your priorities in check and ensure you’re spending intentionally. Whether it’s skipping an expensive group gift, declining to loan money to a friend, or telling your niecelet that a $250 gift card is not going to happen, saying no can be a powerful way to say yes to your goals.
Fine, if you’re going to lend money to a friend, do it with the expectation of never getting it back.
Do not feel bad, weird or ashamed of saying no to every single expensive thing. Some of you may be embarking on the wedding racetrack of gifts, bachelor and bachelorette parties and requests for gifts if a friend got engaged over the holiday. As I said on The Social a couple of years ago, it’s your money and not your wedding.
Work is another area where money boundaries matter. If overtime isn’t paid or taking on extra responsibilities won’t lead to a raise, consider whether it’s worth your time. That energy could be redirected into something else, even if it’s napping on the couch.
Understandably this is easier if you’re a consultant or a contractor and have a contract but remember companies are not your family, stop doing emotional and physical labour for them with hopes of getting some vague prize. Get stuff in writing.
2. Take charge of your money
Your money is yours, and you’re the boss. Being mindful of how and where you spend it is empowering. Maybe a group vacation isn’t in your budget, or you’d rather skip a fancy event in favour of building your savings. That’s not being stingy, it’s being smart.
More money isn’t about flashy purchases; it’s about creating options and a better quality of life. Imagine moving to a quieter neighbourhood, upgrading to a reliable bike or car, or setting up a fund for future dreams. These choices add up to a life that supports your peace and well-being.
Don’t forget to give yourself some breathing room for a little fun. Saving hard is great but not if you’re not enjoying.
For me, I have several financial goals this year and to achieve them, I’m going to do a low-buy year. Not a no-buy year because I know myself and I will absolutely fail, especially around fall.
3. Wealth is empowerment
Let’s expand the meaning of wealth. It’s about money, comfort, safety and security. It’s about giving yourself the freedom to choose. Money opens doors to experiences, conveniences, and peace of mind.
These aren’t just luxuries, they’re investments in a life that brings you joy and comfort as you define it. For me, that means paying off debt and building my emergency fund.
4. Build your wealth plan
Here’s how to start turning those dreams into reality:
Track every dollar: Knowing where your money goes helps you redirect it toward what matters most. Choose your preferred method.
Grow your income: Look, it’s trite but unless you win the lottery, these are the ways most of us can grow our income: asking for a raise, starting a side hustle or raising your rates, and learning to invest.
Save with intention: Set savings goals tied to your dreams, whether it’s for a home upgrade, gifts, school or a dream vacation - though travel is expensive.
5. Money buys peace
Quiet isn’t just a state of mind; it’s a choice. As a solo earner, you have the unique advantage of designing your life around your financial goals. From splurging on noise-canceling headphones to booking a peaceful solo getaway, use your money to create spaces that recharge you.
Final thoughts
Your time and money are your most valuable assets. As a solo earner, you have the power to use them in ways that align with your goals and values. Setting boundaries and prioritizing your financial well-being isn’t selfish—it’s the key to building the life you deserve.
So go ahead. Take charge of your money and make it work for you.
Plans for this newsletter in 2025.
Thank you all for answering the last two surveys. Based on that, I’ll be featuring profiles of anonymous solo spenders from around the world, ideally because North American isn’t the be all and end all. Yes, including solo parents, I read the comments. If you’d like to be featured, email me at singlebudgette@gmail.com.
I also plan on expanding into more audio and video, depending on time.
I’ve also created a downloadable checklist on how to plan a vacation when you’re self-employed. Subscribers will get a copy. I’ll have it available for download for $1 in the new year.
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This week’s readings:
Relevant: What is financial fawning? (FP Collective)
Is remote work for the wealthy? (New York Times opinion)
Seth Rogen and his wife, Lauren Miller Rogen sat with AARP to discuss the cost of caregiving for his mother-in-law/her mother. (AARP Instagram)
CFPB announces rule limiting bank overdraft fees'; trade group sues in response. (CNBC)