The Cost of Living: Money-Saving Tips for Singles
Being single has its perks. You’re independent, so you enjoy the benefits of solitude and getting to know yourself on a deeper level. You can come and go as you please, and when you need your space, you can take as much as you need to recharge and find some peace.
With that said, living a single life can be financially taxing, especially if you live alone. We get it, and we’re here to help you out with these simple and effective money-saving tips for singles.
Your Best Bet Is a Solid Budget
The first piece of advice we have to offer is to make budgeting your business. After all, the only way you can save your money effectively is if you know where each dollar is going. We suggest sitting down and writing out each of your monthly expenses. This list should be as detailed and specific as you can get it.
So include everything, from your rent and credit card bills to streaming subscriptions and how often you buy takeout. From there, set up an Excel chart that puts this information into an easily digestible document. Excel and other programs like it have self-calculating features you can use to create a budget that does the math for you.
Doing so will make it that much easier to see how much money you’re spending monthly, weekly, and even daily. Once you have a number for your monthly expenses, you can start looking into areas where you can cut costs. For instance, maybe you don’t need that fifth streaming subscription. Knowing how to budget effectively is the first step in figuring out how you can save money as a single person.
Save That Extra Cash for a Rainy Day
We can’t discuss ways singles can save money without mentioning the importance of a rainy-day fund. In other words, any extra cash you have should go toward those savings. A healthy savings account can help avoid financial distress should unexpected expenses arise.
For instance, if your car requires a costly repair or you suddenly lose your source of income. More than that, savings can help ease the tension that comes with not always being able to afford everything you want to do.
Being in a single-income household is challenging. And you’re often in a position where you have to short yourself on one thing to afford something else. But with a solid saving account, it doesn’t have to be this way. So look at that budget and see how much you can afford to put back in savings each month. Trust us; you’ll be glad you did.
Become Fluent in the Language of DIY
Of course, becoming fluent in the language of DIY is another excellent way to save a few bucks as a single person. We’re not suggesting that you opt for doing your own plumbing or electrical servicing. But learning how to cook a more versatile range of meals, for example, could benefit your wallet.
Learning how to perform a basic oil change and washing your own car are other fantastic DIY tasks to help you save some cash.
In any case, figuring out where your money is going each month, understanding where you can afford to start putting some into savings, and learning how to do a few new things can help you save money as a single person.
