How to Save Money When Living on Your Own
Money makes the world go round, and it’s probably something that you think about every day. When living alone or planning to live alone, these thoughts are even more prevalent. Will I be able to afford a comfortable life by myself? How can I make ends meet as a singleton? The answer to both of these questions is yes! All you need is some willpower and determination to follow and find new ways to save money. Continue reading to learn how you can stretch your budget when living on your own.
Make a Budget & Stick to It
Money is a sensitive subject, which can make the task of creating a budget uncomfortable. There is nothing to be afraid of! Instead of focusing on the negatives, think about all of the benefits that having a set budget can have on your savings account. It’s a pretty picture, right? One of the easiest budget strategies to follow is the 50/30/20 rule of thumb where 50% of your budget goes towards needs (rent, utilities, internet, groceries, insurance, car payments), 20% goes toward savings and debt repayment, and 30% goes toward wants. Other strategies that could help you stick to this rule include:
- Following the 30-day rule – Instead of impulse buying, consider the item for a minimum of 30 days. At the end of that period, follow through with the purchase if you still absolutely need it.
- Shopping with a list – To save on groceries and household essentials, go to the store with a set list of items and try your best to stick to that list.
- Keeping credit cards out of mind and out of sight – Don’t lay your wallet out in an easy-to-reach place where you can continue your series of online purchases.
Save on Utilities
Be mindful of how much you are spending on utilities and do your best to cut down where you can by:
- Not letting the water run
- Taking short showers
- Turning off lights
- Turning off the AC when leaving
- Keeping the AC a little hotter in the summer and a little cooler in the winter
Living on your own should be a fun experience, one where you can learn more about yourself and find your groove. If you are looking for the perfect apartment to start this journey in, check out PepperTree Apartment Homes. Located near The Villages, FL, these luxe apartments have many amenities. Learn more by contacting us today.