Being single is just an another name of being independent socially and economically. Freedom in lifestyle and finance becomes the priority of every single guy and girl. And this is true as well.
Being single, the first thing which comes in your mind is ‘freedom’! Being single you are comparatively less responsible and can make your own financial decisions without consulting someone before spending your money. This is one of the reasons that most of the singles spend all their earnings just on the life style without any saving.
Being single means less responsibility! But that doesn’t mean that you should handle your finances recklessly. Being single is the best time to increase your savings as you have less financial responsibilities and expenditures as well. Is it also a fact that one of the way to handle your finance as a single person is to save as much as you can.
Money Saving Tips for Singles
Create a Budget
Creating a budget is very important to live a financially disciplined life for everyone. But it plays a more important role for singles, as singles tend to spend more than the married guys, especially on unnecessary stuffs. And this is the reason why singles should create a budget on monthly basis.
Having a budget makes it possible to track your expenditures and find out where you can have a better savings.
To make a more effective budget, give more priorities to your needs rather than your wants. A budget helps you to save money on your wants that you necessarily don’t need and can do without. Always remember the money you have saved is the only money you have earned.
Cut Down on Unnecessary Expenses
Most of the singles have the tendency of spending more on unnecessary things which can be avoided easily.
Some of the unnecessary things where singles spend their money are on entertainment, shopping,eating out, frequently going for movies, traveling etc. These are totally unnecessary things where most of the money is consumed. If you cut down on these small things it can make your savings bigger which can be reflected in your account very soon.
Paying down your debt as quickly as possible not only provides you financial freedom but it also reduces your mental stress. At young age it is quite possible to have an education loan or some outstanding credit cards. Paying off your debts including credit cards in full every month reduces the amount of money that you need to pay on interest payments. Debts are easy to add but very difficult to get off it. Student loans alone in particular can hamper your ability to save. Paying off these debts more quickly than required can cut down on your stress level and improve your budget flexibility. The early you can clear off these, the more you can save.
One of the biggest and fixed amount of money is spent on housing. It is not a wise to take on a mortgage in the beginning of your career where you are not much stable. The best options for young and single individuals is to live with family. If it is not possible then one can take an apartment and share it with friends. Most of the urban areas have high rents. Hence sharing apartments or houses is best where you have to spend less than renting yourself. The money you have saved here can be used to pay the down payment of your home once you are stable and ready to have a family.
Cool Down your Temptation for Latest Gadgets
New mobile phones, expensive gaming sets and play stations, tablets, computers and so on – the list of the gadgets that make single men tempt and go crazy is endless. When spent wisely there’s no harm in buying these gadgets once in a while. But it is not a good thing when it becomes a regular habit. It can affect your budget and can put a huge dent in your savings account. Remember that technology evolves very quickly and you can’t afford to have all the recent one.
That gaming console which cost thousands will probably end up being obsolete after a year or two. If not, there will be a decrease in market value because of a release of a newer version in the market. If there’s something in a gadget that you are really looking forward to buying, wait for at least a couple of days or even months for the price to go down. Always check for the reviews and compare for the costs available on different website in market.
Start an Emergency Savings Fund
One of the biggest mistakes that most of the single guy do, is to not allocate money towards an emergency savings fund. It is mostly that part of your life where you are not in a stable career, where you might lose your job, or get kicked out of your apartment by your flatmates, having a really big expense is also possible. All these things can drain your savings. An emergency fund is must to have as it can help you out in these situations. Allot some fixed amount for your monthly salary towards emergency fund it can help you a lot in your cash crunches.
Save Money when Shopping for Items Online
Whether it’s a gadget or a dress that you want to buy or a gift for your girlfriend there are few techniques that can save your money when shopping online.
First you need to make a comparison on the price of the item from different online stores. Second, look for the coupon codes or voucher codes available which are generally available online. These coupons can get you discounts easily or at least free shipping. This way you can save a bit, but this bit when combined and get you much!!
Being free and to be able to live life as you like is what everybody wants. But, freedom also means responsibility. Freedom also implies that you are responsible and answerable for your actions. This stage in life should be used as a preparation stage for the next phase of your life, where your responsibilities and liabilities will grow exponentially.