How to Save Money When You’re Single

How to Save Money When You’re Single
July 05 05:14 2019 Print This Article

As a single person, you only need to worry about your own expenses and this makes it easier to budget. This gives you the potential to save more money if you budget carefully.

You could put this money in a high-interest savings account or retirement account and so make even more money from your savings. The trick is to not spend money on frivolous, unessential items.

When you have extra money saved, it is easy to want to go out and spend it. But you need to watch your expenses very carefully if you want to save as much money as possible for your future or to cover an unexpected emergency.

Below are 6 tips on how a young, single person can learn to save money wisely.

Prepare All Your Own Food

Restaurant eating should only be a treat every now and then. It is an expensive way to eat.

When you go to the grocery store and purchase the ingredients you need to make a meal, you will find it is so much cheaper than if you were to purchase the equivalent at a restaurant.

Not only that, but your portions are bigger when you make your own food as well. You will save so much money on your food bill this way. It also allows you to eat a healthier version of what might be prepared when you eat out.

Get a Roommate

Just because you are single, it does not mean you need to live alone. There is nothing wrong with living with a trustworthy flatmate who pays their share of the rent and living expenses.

A flatmate can drastically reduce your own living expenses because you will both be splitting the expenses. Then you can save 50% of the money you normally would have spent on bills each month.

Hire a Certified Financial Planner

You can plan for the future by getting assistance from a certified financial planner.

They can assist you in strategising how to save the most amount of money for your future goals, such as retirement, buying a house, investing, or whatever big money decisions you need to make.

Become an Uber or Lyft Driver to Offset Car Expenses

Let’s say you use your car to drive to work every day. Think about waking up an hour earlier and providing ridesharing services to people in your community before you go to work.

Use apps like Uber or Lyft to find people in your area who need rides locally and will pay for them. If you did this every single workday, you could make enough money to cover your monthly car payment and possibly your insurance payment too.

Budget Your Income and Expenses

A great strategy for saving money is budgeting your income and expenses. Create a budget sheet which lists all your income and expenses for each month.

Review your expenses and see if any of them can be eliminated or reduced. By seeing where all your money is going, you will have a better idea of how you may save in various areas.

Entertainment Packages

Consider entertainment packages you might have and consider if they are absolutely necessary. The internet can give you all the entertainment services you will ever need.

Between YouTube and Netflix, your entertainment options are endless. You can probably save an extra $100 per month just by doing this.

 

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Ismael Frederick
Ismael Frederick

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