Financial challenges of singlehood.

Nearly 30% of the American population is single, either unmarried, divorced, or widowed. Whatever the reason, singlehood means special financial challenges, the Institute of Certified Financial Planners maintains. Here are a few issues to keep in mind:

Financial education. In marriage, it's typical (though not necessarily advisable) that one person handles the heavy-duty finances like investments and buying insurance. As a single person, it is absolutely essential that you learn the basics of money management. Many older widows, for example, never had done anything more than balance a checkbook. With a large insurance settlement check in hand, they are especially vulnerable to scam artists or well-meaning friends.

Budgeting. Clothing, entertainment, and credit card debt can drain the paycheck of young singles, especially since retirement seems so far away. Nevertheless, they need to start saving for a home and investing for retirement. Many suddenly single parents need to budget just to make ends meet. It may mean moving to a smaller house and not overindulging the children so that money can be spent on necessities. If the kids are old enough, involve them in the budgeting process.

Disability insurance. Without a partner to share financial responsibilities, a single person unable to work because of a disability can get into financial trouble quickly. So, unless you're already retired and don't depend on earned income, disability insurance, which replaces a portion of lost wages, is probably a necessity. Your employer or Social Security may provide some benefits, but you may need more or better coverage.

Health insurance. Buy it if you're not adequately covered through work or Medicare for at least catastrophic events. If you're over 65, get a Medigap policy to help cover what Medicare won't. If you're between jobs, try to continue coverage under your old...