Being single is an excellent opportunity to save more money towards your financial goals. To begin with, if you are a frugal person at heart, being single means not having to compromise with a partner who does not believe in frugality. It may also mean having a better chance to be a minimalist, go for cheap meals that suit you best, and generally be able to save as much money without compromising.
Besides, as a single person, you are entirely in charge of your financial goals. You do not have to worry about abandoning your goals to embrace your partner’s goals.
Are you looking to save as much money for your financial goals as a single person? These 15 frugal living tips will help you make good progress.
1. Create a Budget
Always have a budget to help you manage your finances better. When creating one, let it reflect your fixed expenses, such as rent, and varied expenses, such as transportation, groceries, and entertainment.
With varied expenses clearly outlined, find ways to help you stick to the budget.
At the end of the month, take time to look at your expenses and find ways to cut down on expenses that went overboard.
Besides managing your expenditures, a reasonable budget can help you visualize your long and short-term goals. Be sure to stipulate this to help you monitor your progress every other month.
2. Cook at Home
You could cut over ⅓ of your food costs by cooking and eating at home.
Buy your groceries weekly, cook in batches over the weekend, and freeze the items in small portions to be eaten throughout the week.
We get it; eating in restaurants is an excellent idea for a solo date, but it is unsuitable for your finances. The same applies to ordering out. It may be an excellent way to relax after a long day, but it takes you steps further from your goals.
Cook your meals at home, organize potluck dinners if you want to have your friends’ company, and bring your home-cooked lunch to work.
3. Shop With a List
Shopping without a list is one sure way to make impulsive purchases. Choose a day when you go to the grocery store, then create a list a few days before the shopping day. Inventory your pantry, cleaning product cabinets, toiletries, and fridge to know what you need to restock.
Add the needed items to your shopping list. It will help you stick to what you need and avoid buying items that look appealing but you do not need them.
A shopping list will also save you from going for items on sale just because they are on sale.
In short, shopping with a list is one of the most effective ways to stick to your budget.
4. Buy In Bulk
Whether food, cleaning products, or toiletries, shopping in bulk will almost always save you money. A study by SoFi revealed that bulk buying typically saves you approximately 20%. However, some deals are so great you could save 50% of the amount if you decide to go for the bulk packaging.
Besides directly saving you money, buying groceries in bulk allows you to cook in batches, saving you the energy, time, and effort that goes into preparing meals.
Furthermore, with bulk buying, you reduce your need to go to the grocery store often, which saves you money in terms of fuel used to drive to the store.
5. Use Public Transportation
Public transportation is not only an excellent initiative to save the planet, it goes a long way in helping you keep your hard-earned money in your pocket.
A study done by Insurify revealed that owning a car and keeping it running costs the Average American $ 5,000 per year. This cost is inclusive of property tax, maintenance costs, and gas prices.
It is, however, exclusive of the cost of actually purchasing the car.
This price may go higher depending on your insurance, location, and how much you use the car.
On the other hand, public transport passes vary from approximately $50 to $130 per month, depending on the city you live in. See the difference?
If you are looking for an area that would help you save more money, it is dropping private car usage and embracing public transportation.
6. Cancel Unused Subscriptions
The monthly subscription costs may look like nothing, but the amount can be substantial when you add up to what it costs you for the year.
Go to your bank statements and pick up subscriptions you do not use or those that you forgot to cancel in time. Cancel them immediately and save that money for something else. Do not postpone it because the subscriptions typically have different renewal dates, which are on the date you got them.
You can save hundreds of dollars every other month by canceling music, streaming, gym, and club memberships you have.
7. Embrace Secondhand Shopping
An article by Statista revealed that the secondhand market and resale apparel was estimated to stand at 177 billion.
It is a fast-growing market, embraced by many people looking to save money, save the environment, and get some unique pieces.
If you want to save money, think of ditching new for secondhand clothes, kitchenware, books, furniture, decor, bags, accessories, and other items.
A study published by CNBC revealed that thrift store shoppers save an average of $150 per month. You could save this much if you joined the second-hand shopping revolution.
8. Reduce Energy Usage
In 2020, the US Energy Information Administration revealed that the cost of electricity in American homes averaged $117.46 per month.
This is an immense amount, considering that you still have other utility bills to pay for.
You can decide to watch your energy consumption and then find ways to reduce it.
Looking to cut your energy costs? Consider air drying your clothes, getting a programmable thermostat, installing energy-saving LED bulbs, switching off all appliances on standby mode, and upgrading to more energy-efficient appliances.
9. DIY Cleaning and Repairs
While calling professionals to clean and do repairs is much simpler and requires less effort, it costs you a lot of money.
As a single person, it is much simpler to keep your house clean. If you want to save money, get printable house cleaning checklists and schedules that will help you clean parts of your house daily, helping you maintain an overall clean living space.
The same applies to simple repairs and maintenance. Instead of calling a professional, learn to do plumbing, HVAC, car repairs, and maintenance services. Learning these skills will save you thousands of dollars every year.
10. Limit Entertainment Costs
Entertainment can be costly, and without careful regulation, it can be a massive rip-off to your wallet.
You want to avoid frequently going for expensive entertainment options while there are equally outstanding, cheaper options that will keep you entertained.
Some entertainment options you want to avoid include clubbing, luxury travel, fine dining, and high-end sports such as polo playing and golf. We get it; we all love the feel-good moments that these entertainment options come with. But they are just not the right option if you are trying to save money; do them with careful regulation.
If you are on a budget, you want to embrace activities such as picnics, hiking, potluck dinners, home-themed parties, photography, board games, and any other activity that is free or costs less money.
11. Negotiate Bills
You can negotiate all your bills from rent, hospital, and other services such as cable TV and phone bills.
Many people think such bills are non-negotiables, so they do not try to have them lowered. However, you could have a fraction of that bill slashed from you.
You may need to get some facts right, get competitor’s information, hone your negotiation skills, and make that call.
You would be surprised at the statistics of people who have successfully negotiated their bills. A post published by AJMC disclosed a 56% success rate from patients trying to negotiate their hospital bills. Another study listed companies open to bill negotiation, and many agreed to cut prices over 80% of the time a client asked for a discount.
12. Sell Unneeded Items
You must be having items in your house lying idle. You could have outgrown them, no longer need them, or probably bought them on impulse.
These items could include clothes, jewelry, shoes, kitchenware, books, furniture, decor, appliances, and tools.
Instead of letting them clutter your house more, sell them to people who may make good use of them.
You could easily find clients on Facebook Marketplace, local subreddits, Vinted, yard sales, or even your circle of family and friends.
Get the items from their storage, clean them, and take some lovely photos. Upload it on different sites and add the necessary information.
Selling them can help you boost your emergency fund, top up and pay for rent or transportation money, or even pay for debts.
13. Cut Down on Alcohol and Dining Out
According to the Bureau of Labor Statistics, the average consumer unit in the US spends $579 on alcohol annually and $3008 dining out.
You could cut these costs by ⅔ if you reduce your alcohol consumption or quit it altogether. On the other hand, instead of dining out, cook your food at home.
If you do these two as a way to meet, catch up, and have fun with friends, you may want to try out new hobbies that do not involve splurging your money in bars and restaurants.
14. Use Cashback and Coupons
Sign up and use cashback apps to help you earn back part of your shopping money. Today’s best cashback apps include Rakuten, Ibotta, Receipt Hog, Swagbucks, RetailMeNot, Coupons.com, and Fetch Rewards.
An article published on CNBC disclosed that the average Ibotta user earns $20-$30 monthly. However, the most dedicated users make at least 0 per month.
The same applies to using coupons. You could save a few bucks every other month. However, the amount can get incredibly high if you collect and stack coupons more seriously.
15. Grow Your Own Food
Food is typically among the top three expenses of American homes. The Bureau of Labor Statistics revealed that the average American home spends at least $7700 on food annually.
Growing your vegetables, herbs, and fruits can help lower this amount tremendously.
According to the CEO of Burpee Seeds, you can save up to $25 for every $1 you spend.
You can grow salad leaves, carrots, cucumbers, potatoes, watermelons, tomatoes, onions, radishes, lettuce, beans, bell peppers and peas.
Frugal Living Tips for Singles
Incorporating these frugal living strategies into your daily life can pave the way for substantial financial progress, regardless of your goals. Whether you are saving for a new car, your dream home, early retirement, funding, or fulfilling your wanderlust, these tips will slowly but surely get you there. By embracing these tips and consciously saving every disposable dollar, you’ll witness tangible results in both your short-term and long-term financial aspirations.
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This article was produced and syndicated by A Dime Saved.
