Single and Money Smart: A Valentine’s Day Special

valentine's day
money tips
bankly savings

Admin  |  February 14, 2024

3 minutes read

Valentine's Day is finally here. For some people, this means candlelit dinners, huge money bouquets, and a truckload of expensive gifts. But for many singles, today can feel more like a reminder of societal expectations and the pressure to couple up. Romantic relationships are undeniably beautiful, but being single also presents a unique set of financial opportunities to save, grow, and achieve your financial goals. Forget expensive roses or overpriced restaurant menus, and resist the urge to hide from the couple goals flooding your timeline today. Instead, let’s have a look at the financial benefits of being single.

1. Spend less, save more

With prices skyrocketing and the increased cost of living, every naira an average Nigerian saves today is worth celebrating. 

As a single babe or guy in this country, you only need to provide for yourself. This means that, compared to someone in a relationship, you will most likely spend less money. 

The amount spent on food these days is worrying, since prices keep rising due to inflation. If you go grocery shopping, you may indulge in your cravings and buy chocolates or Pringles without breaking the bank, unless you decide to treat yourself to something special every now and then.

Of course, having someone to share memorable moments with is great, but it can be expensive. At least, if you’re single, you probably don’t have to spend any money on anyone else – just you. You can keep your hard-earned money for yourself.

If you have plans for the near future, like traveling to a new country or starting a business, you could open a personal savings account with high-interest returns to build a safety net for your future endeavors.

2. Upskill and invest in yourself

The cute couple pictures you see online might make it seem effortless, but being in a romantic relationship takes a lot of effort and time. Think about it; maintaining your platonic friendships while simultaneously adulting requires effort and intentionality. How much more a romantic one?

While romantic relationships demand time and effort, being single is an opportunity to invest in yourself. 

You have a lot of free time when you're single, which you can use any way you like. For instance, you can decide to spend your weekends binge-watching your favorite TV series till 2 am, or even invest your energy into learning profitable skills or side hustles that could bring you some extra cash.

That way you can increase your earning potential, bolster your financial stability, and save more effectively.

3. Your money is your money

When you’re single, you’re in full control of your income and life. You don’t need to accommodate somebody else’s financial preferences, and more importantly, you don’t have to make any compromises or sacrifices. It’s mostly about you and what you want. 

So, if you’re single, now is a good time to think about your goals. This does not only include going on that holiday, getting your first big girl apartment, or buying a car. Think of long-term goals, like buying the house of your dreams or saving for retirement. You’re in charge of your finances and can decide on your priorities.

Then, once you’ve set your financial goals, it’s a good idea to start planning. After all, you can’t achieve your goals without a plan of action.

So, some things to think about could be: how much will you need to make your dreams come true? How much can you afford to save? Are there any other options that you could try? Which bank has the best interest rate on savings? 

These are some of the questions you’ll need to ask yourself if you want to take control of your finances and get the best value for your money.

4. You Can Set Big Financial Goals

Being a single person means you can shoot and reach for the stars financially. Do you want to reach financial independence and retire early? You can do it with a high enough savings rate. Do you dream of building your own business? Go ahead, dedicate all your extra money to growing it.

Buy that car, move to another country, or take a year or two to travel the world. Whatever your dream, you can save money as you want toward it, and no one will question you for it.

You may never have the freedom again to pursue your big financial goals. Take advantage of it now and aim high.

Your single period is also a time to;

  • Spend quality time with yourself

With all the spare time you have on your hands, take better care of yourself and pay more attention to yourself. Think about what you want out of life and learn what you enjoy doing. Explore new hobbies, indulge in activities you enjoy, and discover what truly sparks joy. This investment in yourself boosts confidence and enhances your overall quality of life.

  • Deepen your friendships 

Spend more time with friends and deepen your friendships through meaningful experiences, shared interests, and spending quality time with them. Social connections are a valuable form of emotional and practical support that contributes to long-term well-being. Cultivating meaningful friendships is building an excellent support system for yourself when life doesn’t go as planned.

Being single is temporary but it is an opportunity for self-discovery. You can learn to be more independent and give yourself a chance to grow in all areas of your life. If nothing else, it gives you time to grow up and be who you want to be before you get into a relationship. It’s a great time to nurture meaningful friendships, build an amazing network, and prioritize saving towards a secure future.

Bankly Microfinance Bank is a lifestyle bank that provides everyday people with valuable financial solutions to move them forward through the different stages of life. Since operations in 2019, Bankly has been the preferred choice of over 12 million individuals and enterprises in Nigeria, facilitating their financial growth through banking solutions that make business sense. The bank is licensed by the Central Bank of Nigeria (CBN), protected by the Nigeria Deposit Insurance Company (NDIC), and registered with the National Association of Microfinance Banks (NAMB).