Saving can be hard in general and i know this because it is a problem we all face everyday. But when you are single either by choice or circumstances, there are certain key things to keep in mind while managing your finances.
The greatest one is that you are the only one earning an income, have bills to pay and a life to live. That said, let's list tips that single people can use to manage their finances and live fully.
Tips to help you save
Create a budget
Budgeting which is the process of planning your money to spend it, is essential to everyone regardless of their situation. you need to have a clear understanding of where and how your money is being used, every dollar should be accounted for.
One can use budgeting apps to help them during the process and those that can not access them,go natural, get a pen and paper divide your list and start allocating funds. do what works for you.
2. Examine your real needs
Draw up a list of your needs and your wants, tick off all those all those luxuries that your spending money on yet you actually don't need them. this will help you during the budgeting process and also save. Don't forget to also keep things longer instead of throwing away things that are still useful.
3. Frugal Housing
Housing takes the biggest percentage of our money, you ought to know and calculate how much you need to put in rent. So why not opt for a studio apartment, Co- rent with a friend, shared rent isn't as much or you can stay with your parents i know no one wants that but you have zero rent to pay then.
4. Get an emergency fund
The reason why it is important for a single person to get an emergency fund is that you have single financial support. Now just in case you lose that source of income you wont have back up and most of us opt to borrow money.
“One of the first steps in climbing out of debt is to give yourself a way not to go further into debt,” says NerdWallet columnist Liz Weston.
You can read more about emergency funds from online websites like NerdWallet, educate yourself and get started today. A survey noted that 40% of married folks have emergency funds, while fewer than 30% of singles do, try and be one of the 30%.
5. Learn to cook
When your single, going out is one of the daily occurrence but it is also the biggest strain on our budgets. So why not take sometime and learn to cook from cook books, You tube, with this practice and smart grocery shopping one can make restaurant worthy food, It doesn't have to be everyday but it will save you.
6. Consider a side hustle
Most times we just don't earn enough, so no matter how careful you are with your money, it may just be tough. Many people these days are opting for side jobs, even though it is little pay, it helps most times.
If you have a car join Uber, get that money and fuel the car.
Get online jobs. freelance writing, editing and etc
Offer babysitting services for your neighbor but make sure you do thorough checkups on them
Offer tutoring for children in the neighbor hood
If you have a skill for example you maybe a good DJ, so why not go try out your passion.
7. Get a piggy bank
Get a nice piggy bank, put it away in the kitchen cupboard and always put those left over coins in. Set a goal for that month and follow through. This is one way you can save money.
Remember, don’t compare yourself to other people, just make smart choices with your money, so that you can take care of all of yourself.
With some re organisation, you will be building a financially stable life.