When you're on your own and only have to think for one, it can be easy to frivolously spend. A wise person, however, focuses on saving money while single. Once a spouse, a mortgage, and a couple of kids enter your life (and all of the expenses that come with them), you may find yourself wishing you'd saved more when you had a disposable income.
Contrariwise, if you're one of the more cash-strapped members of the single set (the term “poor college student” comes to mind), there are various ways you can save money even if you don't have a lot of it coming in.
A Penny Saved
The following are some good rules of thumb for single people who are looking to save some green:
- Eat in. On average, single people spend a lot more money dining out than individuals with families. It's far too easy to spend hundreds of dollars in just one month dining out at restaurants. Rein yourself in and start taking a brown bag lunch to work or school, and start sticking some food in the Crock-Pot to slow cook while you're gone. That way, dinner is ready as soon as you get home and you're not tempted to take the easy (but more expensive) routes of ordering in or hitting the drive-thru.
- Be a scrooge. You're a grownup now, and it's time to learn the wisdom of being thrifty. There is no shame in clipping coupons and in telling people, “I can't afford it.” Don't pick up the tab for your friends to show how generous you are when you know you've only got $20 in the bank. Don't use a credit card for unnecessary purchases (like a morning Starbucks run when there's a free pot of coffee in the office). When you do go out, find deals on Groupon and other such websites or clip a coupon out of a local bargain book and use it proudly. Bottom line: Don't spend what you don't have, and save money wherever and whenever you can.
- Make sacrifices. If you're strapped for cash, don't use a credit card to get by. It's easy to get into debt but hard to get back out of it. Be creative and explore other avenues before you rack up debt. For instance, you can sell that ugly gold bracelet your high school boyfriend gave you, which has been collecting dust in a shoebox at the bottom of your closet—real gold can equal quick cash. You should also take a look at all of your expenses and offload the unnecessary ones. For instance, if you're paying $120 a month for a cable package you rarely have time to enjoy, drop down to a lower package or get rid of your cable altogether and just use Netflix or a similar inexpensive, web-based service.