Frugal Living for Singles
Here are tips on frugal living for singles. You'll find budget living tips and ideas on managing expenses of living alone and on your own. Living the frugal lifestyle doesn't mean you are living cheap. It's more of being wise.
Frugal living for singles tip No. 1 - Develop a budget.
Outline your expenses against your income. The purpose of developing a budget is so that you can become aware of your spending and make rational decisions. Your budget should include monthly income and fixed monthly costs. Have three columns, one for your income and the other for your fixed cost. In the costs column include all major regular bills, groceries, gasoline, etc. Include 10% projections and some buffer for unexpected expenses.
In the third column, list all your credit card interests and loan interests. Add them up. What is the percentage that you are paying from your monthly income? This is the additional amount that you are paying for the purchases that you have made using your credit cards or from the loan you took. Now that you are aware of it, you must reduce it, avoid adding more and save the money that you are paying on the interests.
Frugal living for singles tip No. 2 - Go for deals on consumer electronics.
Before you decide to buy any consumer electronic items like computers, televisions or cameras, scour around first before buying on impulse. The price of the previous version of an item will usually go lower or given a discount when a new model of an item is released in the market. Consumer electronics sold online through Bizrate, Amazon, eBay and other sites are usually at least 25% lower or better compared to buying from retail outlets, even accounting for shipping costs. You can save money on purchases of electronic items when you buy at the right timing.
Frugal living for singles tip No. 3 - Practice better spending habits.
One of the ways to practice frugal living is to practice better spending habits. Some of the habits are paying your minimum payment of credit card bills on time. Use cash for future purchases and buy only what you need and not what you want. Before you go grocery shopping, list the items that you really need. Use grocery coupons and buy items on bulks.
Other ways to save money is to reduce eating out. Cook your own meals and eat out only on special occasions. And if you must eat out, go for restaurants that are less costly to dine. Also keep your entertainment expenses low. One of the ways is to download a free movie instead of going to the theater.
Frugal living for singles tip No. 4 - Teach your child the value of a dollar.
One of the easiest ways to teach a child about frugal living and the value of money is to show them by leading by example. Live modestly, spend only on necessities and avoid wastage. Some children think that it's easy to get what they want when they see that their parents can easily purchase any item by just signing their credit cards.
Teach them to save 10% of their allowance and show them the benefits of savings. Instead of bringing your child to the ATM to withdraw cash, show them how to deposit and save.
Frugal living for singles tip No. 5 - Practice a frugal lifestyle.
Women post divorce will face money issues and may have to lower their standard of living. Frugal living doesn't mean cheap living but a smarter way of thinking and managing your life. It's wiser to find a cheaper accommodation and live within your means. It's silly to maintain your former lifestyle if you can't afford it. You have to think of your long term planning like your children education and medical expenses.
Be creative and look for ways to enjoy living single without having to pay a lot. Look for bargains when shopping for your furniture. Learn to do some things yourself like changing your engine oil, painting your home, etc., and cooking simple but nutritious meals. Find out and learn before you commit to any kind of deals.
Reduce and slowly pay off your credit card debts. You can plan to settle your higher interest debt first and pay the minimum amount for the rest. Or pay off the lowest interest and pay a minimum amount on the higher interest cards. Pay cash for your new purchases. If you can't afford it, wait until you do. Not only will you avoid incurring more debt but you will realize that you can live without them.
Frugal living tip No. 6 - Get organized.
Single women who are living alone must practice organized living and putting their life and finances in order. If the single life is in a clutter, your married life will be the same too. For those who are putting off marriage or have no intention to marry, it will benefit if you can find ways to save your money, earn extra income, further your education and learn to invest wisely. You may also want to think of your retirement plans.
Sell off what you don't need and use the money to pay your debts or to invest in something that will bring more value.
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