15 Ways to Save Money While Living Alone
When you live by yourself, you don’t have another person who can contribute to the household finances. It all falls on your shoulders, so you must be more cautious with money.
It can feel overwhelming, but there are many useful tips on reducing your living expenses and saving money. You’re on the right path if you already do any of these things.
1. Pack a Lunch
Going out to lunch on workdays is fast and convenient. It can also be costly depending on where you live and what you buy. Add up how much you spend for lunch in a week or month, which might shock you.
Say you spend $10 a day at lunch for a five-day workweek. That’s $50 a week, $200 a month, and $2600 a year. Now, imagine putting that money aside while you pack your lunch. That’s the start of a nice nest egg.
2. Prepare Meals at Home
Dining out, going to the drive-thru, or having meals delivered at home are easy ways to get your food. Just like spending money for lunch five days a week adds up, the same applies to buying meals.
Preparing meals at home doesn’t mean being attached to a hot stove every night of the week. It’s easy to prepare a casserole, a large batch of chili, or pasta to last a few days. Watch how quickly you save.
3. Go Thrifting
There are some things you have to buy new, but you can buy gently used clothes and household goods from thrift shops, garage sales, and websites selling or exchanging gently used products.
Buying used means paying a fraction of the regular retail price, equating to sizable savings. You can use the money saved to build an emergency savings account or pay down debt.
4. Shop Smarter
Instead of running to the store to pick up items you need, plan out your grocery trips. Take advantage of loyalty program discounts, sales, and other deals. Use coupons from product and store websites, apps, and newspapers.
Compare prices for the same products from different retailers. Join a warehouse club to enjoy regular deals on food and household goods. It’ll take a little extra effort, but it pays dividends.
5. Pare Down Subscriptions
In this digital age, there’s seemingly a monthly or annual subscription service for everything. Television and movie streaming, music streaming, cable television, and even food delivery companies charge a monthly fee to use their services.
Take inventory of all the services and magazines you subscribe to. Decide which ones to keep and which ones to get rid of. You can exchange cable TV for a streaming service, but do you need to subscribe to five or six of them?
6. Get a Library Card
Instead of buying hard and soft cover books, go online or to your local library and get a free card. That card is for more than checking out books. It’s a doorway to many new experiences.
Libraries offer free programs, museum passes, show and film tickets, and all sorts of events for little or no cost. Check your library’s website or onsite bulletin board for current offerings.
7. Reduce Energy Use
The electric bill is one of the more expensive monthly expenses. Although electricity is necessary to keep your household running, there are steps you can take to lower your energy costs.
Replace incandescent light bulbs with energy-saving LED bulbs. Lower the thermostat a little in the winter, and don’t blast it at freezing in the summer. Fill up your dishwasher and clothes washing machines before using them.
8. Pay Bills on Time
Paying bills late, like credit cards and loans, can incur additional fees. These fees may not seem like much, but if you’re repeatedly paying your bills late, it adds up.
To avoid paying late fees, pay your bills as soon as you receive them, preferably before the due date. You can also set up automatic payments so you don’t have to think about it.
9. Check Your Cell Phone Plan
When subscribing to a cell phone service, signing up for the super unlimited plan with the most bells and whistles is the default. Depending on your smartphone use, you may not need to subscribe to the most expensive plan.
Compare monthly cell phone plans with your existing carrier to see if you can transfer to a less expensive one. Look at plans and prices from other carriers to see which one has the best deal.
10. Get a Side Hustle
One quick way to save money is to pick up a side gig to earn more money. With side gigs, you can choose the type of work you want to do and set your own hours. Gigs can include tutoring, dog walking, and blog writing.
Working a few hours a week on the side could earn you hundreds of dollars a month. If you put that money aside and still live on your primary income, watch your savings grow.
11. Eliminate Delivery Fees
Many home delivery services charge a convenience fee. This fee is paid for the convenience of bringing your purchases to your front door.
If you need groceries or have a takeout food order, pick it up in person instead. You won’t have to worry about paying convenience fees or a gratuity.
12. Use Alternative Transportation
Driving is not without its costs. You must pay for insurance, gasoline, oil changes, and inspections. You also have to pay for tolls and parking if you don’t have a free parking place.
If you keep your car, these expenses can’t be avoided. But some of them can be minimized by changing your transportation habits. Carpool to work, use a rideshare service or take public transit.
13. Shop at the Dollar Stores
Dollar stores are terrific places to buy office supplies, housewares, and non-perishable foods. The prices are very competitive, and they often carry familiar name-brand products.
You’d be surprised at some of the bargains you’ll find at the dollar store. A heads up: when shopping at any store, including dollar stores, check the expiration dates of perishables to ensure they’re still good.
14. Look for Resources
Many of us have been down on our luck at one time or another. If money is tight, check your local human services entities to see if you qualify for food, cash, or utility assistance.
Visit your area food bank for help with groceries. There are more resources out there than you may realize. There’s no shame in getting help when you need it.
15. Create a Budget
Creating a budget helps put money in your pocket by making you pay attention to how much income you’re bringing in and how much in expenses you have going out. It also helps you see where you’re spending your money.
Budgeting is also useful if you’re trying to minimize any unnecessary expenses. You can determine which subscriptions to cancel and other ways of saving money. Taking the time to make a budget is critical to improving your finances.
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