So many budgeting and frugal living tips are really geared towards families or at least people who are married. For example, buying in bulk isn’t as practical when you only have one person in the house and not a whole crew of people.
Budgeting might seem more straightforward when you’re just one person, but some common pitfalls can befall the lone wolf who wants to save money. Here are fifteen ways to prevent them from happening to you!
Master the Art of Meal Planning
Any single person will tell you that cooking and grocery shopping for one is anywhere from challenging to downright frustrating. Take some extra time to meal plan and prep so you aren’t wasting money on food.
Set Goals
Why do you want to save money? Couples and families often have apparent goals, but you might need to dig a bit deeper to find a reason to want to save.
Budget With a Friend
Multi-person households also have the added benefit of having someone to hold them more accountable. Recruit a friend or family member to be this person for you!
Keep Your Budget Simple
Single people often have relatively simple finances compared to multi-person households. Don’t make it harder on yourself by overthinking your budget.
Utilize Budgeting Resources
Books, apps, and podcasts are all at your fingertips to help you with your budget. Take the time and learn more about money management while you’re only responsible for yourself!
Consider a High-Yield Savings Account
High-yield savings accounts are an excellent way to maximize your savings without restricting access to your cash!
Build up an Emergency Fund
With only one income to fall back on, you need to be your financial parachute: start putting away money in an emergency fund, even if it’s just a few dollars a month.
Prioritize Paying Off Debt
This is generally good budgeting advice for anyone. Still, it’s good enough to bear repeating: pay down your debt as much as possible.
Focus On Your Health
Healthcare costs are inevitable, but diet and exercise can help you keep these expenses to a minimum. And don’t forget about your mental health!
Keep Dating Costs Down
If you’re single, you’ve probably spent a pretty penny wanting to show your date a good time. But realistically, if it’s a first date or you aren’t serious with the person, there’s nothing wrong with going for a walk or a coffee, and it’s significantly cheaper than the common alternatives.
Track Your Spending
A lot of the financial freedom from being single is a double-edged sword; without shared finances, it’s easier to splurge and fall into bad habits, so track your spending and adjust accordingly.
Schedule Automatic Withdrawals
An excellent way to budget, especially if you have a fixed income, is to schedule automatic withdrawals into a savings account so you can set it and forget it.
Try a Side Gig
Monetize the things you love, or you’re good at. It can be fulfilling and help give you some breathing room with your budget.
Pay With Cash
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If there’s an expense you tend to struggle with, like dining out, pay for it in cash. You’re much less likely to overspend than you would if you paid with a credit card.
Hire a Financial Advisor
This is an excellent time to work toward long-term financial goals, and that’s a much easier task when you have a professional to guide you through the process.
