Embracing Independence: Navigating the Solo Wallet Journey at Capital One Café
In a recent Community Coffee event at the Capital One Café Denver, we gathered to discuss the unique advantages and challenges of managing finances as a single person.
From prioritizing financial goals to navigating extra expenses in the solo lifestyle, our Solo Wallet Discussion covered a wide array of topics and shared valuable insights for those embracing the single life.
Nothing is absolute. There are both pros and cons to navigating the single life. And it seems like our well-intentioned friends and families can make comments that our lives are “so much easier” or “have to be so hard.” The reality is that it is both!
As we know from our past conversations - having the right Financial Friends is a huge boost to our financial confidence, success and overall happiness.
Financial Friends share a shortcode with you. They understand the importance of “getting the SOW signed” or participating in your first pitch competition. They are also taking an active role in their financial journey and embracing money talks. They are in the weeds and can share their experiences and offer perspectives when you feel overwhelmed and are ready to give up. Financial Friends have an abundant mindset and a love for celebration.
Right Click to download this free resource for Navigating the Solo Wallet!
Let’s recap how we discussed navigating the ups and downs of the solo financial wallet.
Prioritizing Goals:
We discussed the challenge of prioritizing financial goals when managing a solo wallet. Participants grappled with questions of whether to focus on paying off debt, saving for a house down payment, or investing for the future. The consensus was that the burden of decision-making felt heavier when it's all on you, and risk-taking can seem more daunting in a solo financial journey.
Starting up some safe money conversations with your friends is a great way to combat this feeling that you are “going it alone.” Sure - your finances are all up to you. But sharing your wins, ideas, and challenges with a group of trusted friends could just be the push you need to stay on track.
You can build your Financial A-Team to make sure you have the right support! Here’s a free resource to getting started with a Financial A-Team (and it goes beyond hiring a Financial Advisor). The Pledgettes also has a Financial First Friday event every month where you can join via Zoom to work on your goals independently but together! On these first Friday’s - you can share as much or as little as you want and spend the hour focused on organizing your finances, reflecting on your progress and setting a plan for the month.
Navigating Sunken Costs:
As we delved into the intricacies of working through sunken costs in one's career or business, the lack of a partner to share the load of decision-making and financial planning was acknowledged as a significant factor. We shared practical hacks to streamline and simplify various aspects of life, making the solo journey more manageable.
Things that feel more expensive as a solo wallet included:
Right Click to download this free resource for Navigating the Solo Wallet!
Trips (but you get to decide where YOU want to go!)
Gifts (consider going in on big gifts with friends)
Mortgage (househacking is a great option)
Transportation
Health Insurance
Weddings
Food costs (harder to cook for one)
Pets
Financial friends are another great resource here. When you cultivate a group of like-minded, supportive people around you - you spread out the mental load and create space and capacity for processing the things that are trickier without a partner.
Life Hacks for Solo Living:
Our Solo Wallet Discussion didn't just revolve around financial challenges but also provided a platform to share life hacks for navigating the single lifestyle effectively. From meal prep and food hacks to side hustles and travel tips, participants discussed a plethora of strategies to make the most out of living independently. Here’s a quick look at some of the things we discussed:
Downsize your home & stuff (the less you own, the less there is to protect/insure, maintain, or store)
Calculate the cost of storing your stuff (sometimes the quick decision feels like to get a storage unit and put it off as a “future me” problem, but if you calculate the cost of what you’ll store without a future plan to use it, it might not be worth it)
Unsubscribe streaming services you don’t watch
Save on utilities with one person
And - on the flip side from the above - food costs can be much cheaper when cooking for one (Girl Dinner!). Here are a few hacks we talked through for that:
Meal prep and use the same ingredients in recipes all week
Freeze fruit before it goes bad, then use it for smoothies
Rice/Pasta bases and sneak in some veggies
Simplify Menu
Trader Joe’s Frozen Food
Want to bake but have too much? Bring baked good leftovers to work
Solo Living Advantages:
Participants shared experiences of enjoying greater autonomy, flexibility, and the ability to make decisions that align with their personal priorities. The freedom to travel on one's schedule, explore side hustles, and downsize without compromise were celebrated as empowering aspects of the solo journey.
Travel was a BIG topic. While it can be more costly to do it alone - there are also a ton of advantages. We rounded up a few:
You have more travel choices with day/time flexibility working through one person’s schedule
It’s easier to stay with family and friends when there’s one of you
You get to make all the decisions and do your top priorities of things
Skiing? The singles line at the chairlift can be a much faster bet
If you’re feeling adventurous, you can try out a Solo Road Trip! One Pledgettes stayed with friends in between hotel stays. You pick your own schedule.
Be intentional with credit cards to get the perk points that you will use
One Pledgettes chooses to rent her house when she travels for some extra income
Check out Trusted Housesitters or Live Kindred - two resources for less expensive travel
Financial Independence and Accountability:
One recurring theme was the importance of being intentional with financial choices. Without a partner to bounce ideas off or hold you accountable, participants emphasized the need to be one's financial advocate. The mental stress of anticipating that you will make "bad" choices was contrasted with the freedom of being solely responsible for one's financial decisions.
Embracing the Solo Lifestyle:
We also touched upon the societal perceptions of single living. Participants shared their experiences of feeling the "single tax" but expressed a desire to lean into the advantages, such as autonomy and the ability to support one's own lifestyle. The importance of finding joy in the journey and embracing a fresh start mentality was a recurring theme.
And you can choose to celebrate your financial wins with your Financial Friends!
Celebrating is a valuable part of your financial journey because success is contagious. Making your first million starts with making your first dollar, and Financial Friends are in it for the long haul to celebrate your milestones and achievements. Now, they are also encouraging your celebrations to be aligned with the milestone. You don’t want to raise a round and then spend it all on an employee retreat (unless that’s how you’re going to hit the next milestone). A celebration can be a party, dinner out, or happy dance via Zoom. Acknowledging your financial wins and sharing those with your Financial Friends is my favorite part of The Pledgettes.
Financial Friends can:
Supply ample motivation as they cheer you on;
Offer perspective when you’re self-sabotaging;
Celebrate with you.
At The Pledgettes, we believe that everyone has something to share and everyone has something to learn. Sharing your experiences is incredible valuable for others navigating their financial journeys. And sharing experiences and having a shared experience is our goal for these discussions at any Pledgettes event Financial Journeys can look a thousand different ways - what matters is what’s right for YOU.
On the Solo Wallet journey - you have the chance to decide what that is for yourself. Though it can be scary to have the weight of everything on your shoulders - it’s also a freeing time in your life to prioritize exactly what matters to you. WIthout compromise.
If you want to grow your Financial A-Team for more support on your solo journey or just meet more cool women like you - check us out! You can join for free HERE.
You can also check out our one-off events HERE. We have some digital, some in person - some free and some paid. We’d love to meet you there!
Interested in getting going but don’t know where to start? You can schedule a 1:1 session with Jenn Uhen - the founder of The Pledgettes - for more individualized and tailored coaching.
Any more questions? Feel free to email jenn@thepledgettes.com - it would be great to connect!
