Whether you are divorced, widowed, or just happily single, it seems that there is very little personal finance advice out there for you.  However, those who are single need just as much guidance as the average couple.

An emergency savings plan is particularly important if you are single.  It can be a bit daunting to know that there is not the safety net of a spouse’s income.  Having a financial plan for the unexpected emergency can mitigate that fear.

As I have mentioned in the past, taking advantage of group, association or personal disability insurance is the first step toward income replacement.  If your employer does not offer disability insurance, often professional associations do.  Or, you can seek out personal disability insurance through a trusted insurance advisor.

It is also important to have an emergency savings account. An emergency savings account should be liquid, which means that you could write a check for your mortgage payment right away.  A single person should have a minimum of six months expenses saved in this type of account.

My single clients always ask me if they need to have a will.  My answer is yes.  You should make the decision about how your estate is distributed even if you feel it isn’t big enough to refer to as an estate.  You need to have powers of attorney documents anyway, so you might as well have a will drafted while you are visiting your attorney.

A durable power of attorney, health care power of attorney and a living will are especially important legal documents for singles to have.  Singles do not have a spouse, which is the obvious choice for couples, to make business, health care and life sustaining decisions in the event of an emergency.  For this reason, it is particularly important for singles to have their choices clearly defined in a legal document.

This advice is applicable to everyone, but the emphasis on emergency planning is particularly important for singles.  As always, seek the advice of experienced professionals who come highly recommended.