Never been married: This group of single’s primary focus is finding a soul mate. Their desire to find someone to love and grow with oftentimes overshadows their career and financial goals, resulting in poor financial planning and in many cases no financial planning at all. This group tends to overspend on dining out and entertainment and are very prone to impulsive shopping. It is extremely important for people in this group to get a financial game plan in place and stick to it. It is also recommended that people in this group find a money mentor—someone that they respect and admire in the area of money management. This mentor will serve to help you remain accountable to your financial plan. They will also serve as someone you can talk to and help you way the pros and cons before making large money purchases.
Divorced with no kids: Considering the fact that 80 percent of people who go through divorce sight money problems as the leading cause, this group is likely to be carrying both emotional and financial baggage. In addition to facing many of the same problems that the never been married group faces, this group tends to indulge more as a way to block out many of the negative experiences in the former marriage. This group also tends to try and maintain the lifestyle they lived when they were married even though there’s been a substantial drop in income. Because of the negative experiences this group faced with money and marriage, they re-enter the single world wiser and more cautions. A solid financial plan will help to bring about Hope and a fresh perspective on life.
Single Parents: This group is overworked, underpaid, tired and many times scared out of their minds because they face many of the same problems in the first two groups and they have the added pressure of their dependent children relying on them for guidance, safety, and money. The importance of this group having a solid financial game plan is magnified because it’s no longer all about you. Although single parents lack both time and money, it’s important to note that managed money works harder. Having a financial game plan in place where you know your children will be provided for if something happen to you will help ease the tension and fear associated with being scared.
Widows and Widowers: It can be emotionally crippling to lose a life-mate. Hopefully you and your mate had a financial game plan in place that will ease the financial tension that comes with the transition of now having to do it alone. This group faces many of the same issues that the other groups faces. One of the biggest problems with this group is when the spouse who handled all of the money and money decision precedes the other spouse in death. This leaves the surviving spouse who generally has no basic financial skills to fend for his or herself.

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