Living on your own isn’t the most common arrangement, but it’s not unheard of by any means. In fact, around 37 million American adults live by themselves. Yet, it’s not the easiest road to tread. After all, most households split their bills across more than one income. No such luck for the person living solo. That drastically increases the burden on those individuals and rising inflation doesn’t make it any more pleasant. It also makes finding ways to save money all the more pressing. If you’re living solo, keep reading for 10 ways you can save money.
1. Cut Your Debt
Consumer debt is absolute murder on the solo income. After all, the average credit card interest rate these days is over 20 percent for anyone who doesn’t have an outstanding credit score. When you consider how much you pay in interest each month, paying off debt is a fast route to saving money.
2. Pack a Lunch
A lot of people make a habit of eating out for lunch most or even every day that they work. Yet, it’s really cost-inefficient. You can usually pack a lunch for a couple of bucks if you shop for the right stuff. You can’t buy a decent lunch for that. You can, however, save a tidy sum on lunch costs over the course of a year.
3. Turn the Heat Down
Indeed, most people don’t like being cold, but utility bills often make up one of the biggest bills for most households. Turning the thermostat and water heater down can trim your utility costs at the low, low price of putting on a hoodie.
4. Shop Strategically
When it comes to perishable items like fruit and vegetables, you’re often stuck with whatever price the grocery store demands this week. What you can do is leverage coupons and deals to buy frozen and non-perishable goods in larger quantities. After all, you can stick that six-pack of paper towels in a closet or put those five bags of frozen veggies in your freezer.
5. Buy Generic
Generic or store brands often get a bad rap, yet the actual difference in flavor is often negligible. Buying generic or store brands can mean saving as much as 25 percent at the register.
6. Discount Cards
There are a lot of discount card options out there. For example, most grocery stores and convenience stores offer them. Some will offer instant savings at the checkout line, while others let you accumulate savings. You can even save on your everyday medications with prescription discount cards with insurance.
7. Separate Wants from Needs
The line between wants and needs often gets blurry for Americans, but it’s an important skill for saving money. You may want a new PS5, but it’s not a need unless you’re a professional gamer. A less extreme example is streaming services. You may want four streaming services, but you can probably live without any. Focusing on needs over wants lets you cut your spending.
8. Say “No” More Often
People get invited out to social events all the time. Yet, bars, eating out, and concerts all come at premium pricing. While you shouldn’t cut yourself off from all socializing, saying no more often can limit the price of your socializing.
9. Switch Insurance
Most people can save a bit of money simply by switching between car insurance companies every once in a while. You can often get a new customer discount that shaves something off your current premium.
10. Make Coffee at Home
Stopping for coffee during a morning commute is common practice for a lot of people, but it’s expensive. Brewing coffee at home costs a fraction of the price. Plus, you can buy a great insulated travel mug to keep your coffee hot for a very reasonable price.
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You Can Save Money While Living on Your Own
Living on your own creates special financial burdens because you can’t split the costs of anything with another person. That doesn’t make saving money impossible. In most cases, it boils down to thinking about your spending differently. Instead of focusing on wants, focus on needs. Look for convenient ways to save money, like discount cards, coupons, and deals. Buy generic. Make more food at home and pack a lunch. If you make the effort, you will find ways you can save money.
