Being single is often perceived as negative. Nonetheless, many people intentionally choose to live without a partner even though every obstacle life throws at you is easier to beat when you have a backup in your significant other. One of the things that single people usually struggle with is finance. They often fall into a category of people who live from paycheck to paycheck. Not because their expenses are higher but because of their habits. Yet there are many ways to save money when you’re single, and without too much sacrifice too. Let’s go through some of the most effective ones.
Start making your monthly budget
Single or not, to manage your finances properly, you need to know how much money you have and where it is going. It is easy to lose track of your money, especially when you are single and living from one day to another without minding your expenses. To end this vicious circle of mindless spending and throwing away your money, create your budget at the start of each month. List your fixed expenses, such as rent, utilities, transport. Decide how much money you need for food, entertainment, etc.
Every penny that you wish to spend outside of this must be well thought through. Moreover, every penny you spend without planning is the money you could have put in your piggy bank. Still, governing your budget this way is not an easy thing for everyone. But if you implement this to your monthly routine, you will soon learn about the power of budgeting. And most importantly, feel it on your bank account.
The best way to save money when you’re single is to change your eating habits
When you look at single people and their spending, the most obvious thing you see is that they are spending too much money on food. Naturally, this doesn’t mean that single people eat more. It just means that they have an expensive habit of eating outside of their home. Yes, eating outside is more convenient, but if you are on the mission to reduce financial stress, this habit will have to change.
Unfortunately, making a transition from restaurant food to home cooking is not simple. First and foremost, anyone who wishes to go down this road needs to know how to cook. Secondly, to cook at home, you need time and will. Thirdly, you need to have a functional kitchen. This means a stove, fridge, and proper cookware. Cooking on your own, however, will not only benefit your budget but your overall health as well.
Earn money on that extra space you have
Paying rent and utilities on your own certainly is one of the major financial drawbacks of being single. Still, if you play your cards right, there are ways to save some money here as well. For example, if you live in a place where you have extra space, why don’t you rent it? Have you heard of Airbnb and how you can turn your spare room into a source of income? It is a great way to offset your mortgage or rent. As a bonus, you will get to meet a lot of people from around the world, which is an excellent way to get out of that single status once and for all.
But what if you are not into sharing your living space with strangers? Can moving to a smaller apartment help you save money? Well, if you do it properly, it certainly can.
Think about moving to a smaller home
If you are paying rent and utilities in a three-bedroom apartment, maybe it would be wise to move to a smaller space, at least until you find someone to share the rent with. Still, this is a pretty big step that requires some serious planning and thinking before you put it into action.
First of all, you need to think about what you will do with your excess items because you will have a lot of them after downsizing to a smaller place. Think about whether it is going to be a long term solution? Should you rent a storage unit and keep your furniture until you need it again? Or should you say goodbye to your items and sell them?
Renting a storage unit and keeping your items may not seem like the most affordable way to do this at first glance. But if you decide to move again soon, having that extra furniture may turn out to be a good thing. On the other hand, you may choose to sell your excess items at once. But if you need them again after a few months, the money you earned by selling your stuff just months ago will not be of much help.
How to save money on furniture when you’re single
There are ways to save money on furniture as well. The first and most important thing when you are trying to save money in this domain is, naturally, to take good care of the pieces you already own. Most of the money you spend on furniture goes on replacing broken items.
Still, sometimes, it is necessary to replace or add a few things into your home. Pay attention to where you are purchasing, though. Flea markets can be a surprisingly good source of affordable furniture, especially when you live on your own and do not mind too much about whether your belongings are fancy enough.
Still driving to work? That needs to change
Maybe it is not that obvious, but owning a car and using it to go to work or run your everyday errands costs quite a bit. As there are many suitable substitutes for this, your vehicle is a thing that you can save a lot of money on when you’re alone. Naturally, the first and most obvious thing is to ditch your car and use a bicycle to go to work and move around.
If that is not an option, maybe public transport can replace your car? Finally, if you want, you can decide to use some of the ride-sharing services, which are all cheaper options than driving on your own.
Pay close attention to your budget if you want to save money
Even though people who live together and share their expenses have an advantage when it comes to costs of living, there are ways to save money when you’re single as well. It all comes to managing your budget correctly and avoiding unnecessary expenses.