Financial Tips for Singleseducation finance HitList
Alot of folks think they won’t be able to really start socking away money until they’re in a household with dual incomes. But in fact, the best time to get started is right now, no matter where you are in life. We spoke with Bethany Hollars, a Financial Expert from BrickSeek.com, to learn how to save money as a single — and set things in motion for a lifetime of financial security.
It all starts with a budget.
You can’t save money or spend smarter if you don’t know exactly what’s coming in and going out — it’s the necessary first step in the entire process. Once you map out your expenditures, pick the budget that works best for you — a common one is called the 50, 30, 20 plan. This essentially means 50% goes to your absolute musts like housing, food and insurance; 30% goes to your wants, like dinners out, fancy coffees, getaways; and 20% goes towards debt repayment and eventually savings.
Next — learn to cook for one.
Going out to eat, or spending money on takeout, is one of the fastest ways to overspend. You can easily squander from 2 to 4 times what it would cost to make yourself a meal at home — so consider making a weekly meal plan where you write down exactly what you’re going to cook. Take that list to the store so you only purchase what you need and you don’t make impulse buys. Try it — and watch the savings add up!
Finally — keep your social life affordable.
Consider hosting a cookout at your house rather than going out to the restaurant… spend the day at the beach rather than somewhere that requires an admission ticket… host a game night instead of going out to a bar. These are lifestyle changes that let you stay in contact with friends and family, but let the savings slowly pile up.
We’re single but looking… at a nice juicy bank balance!