Being single gives you control over your money and it affords you the opportunity to build your savings. You can tap into a variety of saving strategies if you’re willing to make some small sacrifices and make wise decisions.
Room with a Friend or Family
To save money while you’re single, consider living with a roommate or with your parents to share or minimize living expenses. Finding a roommate is a great way to live in a nice townhome or house that you might not otherwise be able to afford by yourself. And while it might be tempting to fly the nest early, you could save a lot of money by staying at home a few years longer.
Cut the frivolous spending down by buying only what you need. Buying food in season, on sale, and cooking at home can save money compared with the convenience of eating out. You can also swap clothes with a similarly sized friend or shop at consignment stores instead of buying new outfits.
Pay Down Debt
Borrowing as little as possible and paying down whatever debt you owe can save you money in interest payments. To better understand your financial standing, check your credit report. It could be the knowledge you need to make better choices and get the most out of your credit.
What’s your best tip for saving money?
About the Author
Solomon Poretsky has been a writer since 1996, with experience in the fields of financial services, real estate and technology. Poretsky holds a Bachelor of Arts in political science from Columbia University.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc. © 2014 ConsumerInfo.com, Inc. All rights reserved.