When you live by yourself, you have whole lot of freedom to style your home and habits exactly as you please. Since you don’t have to answer to anyone but yourself, it should be easy to pad your wallet with savings, right? After all, you don’t have to honor any special request at the grocery store, worry about providing the latest toys to a toddler or chip in for shared items that you don’t really want.
On the other hand, living by yourself means not having anyone else to help you pay for things, either. You may find yourself spending more to keep your household afloat than you would if you had roommates to share the costs.
Though there are definitely some money pitfalls when you live as a single person, you can avoid them if you’re careful. Here’s how to keep your costs down when you live alone so you can build your savings and win the game of life.
Right-Size Your Rental
Rent (or a mortgage payment) is most likely your single biggest expense when you live alone, and it can get pricey when you don’t have anyone to split the costs with. To keep your monthly payments low, stick to a one-bedroom or studio so you’re not paying for space you don’t need. If you’re thinking of turning that extra bedroom into an office, forget about it: You’ll probably just use your laptop on the sofa anyway. For inspiration to make the most out of a small space, check out Ikea and Apartment Therapy.
Get Rid of Your Car
Even more important than your apartment’s size may be it’s location. With all the freedom in the world to choose where you live, try to snag a place that’s within walking distance of your workplace — and then sell your car. The average person ends up shelling out $9,000 a year to own a car, so you can make serious bank if you don’t have to have one. If you can’t walk everywhere, at least aim for a place that’s convenient to public transportation — or download that Lyft app. Even if you have to rent a car or take a real taxi on a few occasions, you’ll still come out ahead. And since you don’t have to work around anyone else’s schedule, you’re in the perfect position to be car-free.
Plan Your Meals Carefully
Cooking for one can be tricky, since most recipes are designed to serve a family of four. That can lead to some serious food waste if you’re not careful to eat your leftovers before they spoil — and food waste pretty much amounts to throwing dollars down your garbage disposal. Try these tricks to get make sure you buy and cook exactly what you need to keep your grocery budget on point:
- Cut recipes in half to avoid a fridge full of leftovers.
- Explore recipes designed for single servings.
- Don’t be fooled by expiration dates; most foods last much longer and definitely don’t need to be thrown out just because the package says to.
- Focus on inexpensive, versatile ingredients that you can use in a variety of ways so you don’t get bored with your homemade meals.
- Plan your meals ahead of time and make a detailed grocery list. This will keep you from filling up your fridge with impulse buys that go bad before you can finish them.
- Give meal prep a try. Avoid the urge to eat out by making some meals ahead of time. Spend a Sunday afternoon making easy-to-heat foods like soup or chili so you have easy dinners during the week — no takeout required.
Skip the Furry Friends
Though it’s totally tempting to bring home a puppy or kitten to keep you company when you live alone, pets are a major expense. It’s more than just food and a few toys: You also have to budget for veterinary bills, grooming, boarding and more. If you can’t imagine your life without an animal, try offering your pet-sitting services to your friends, or volunteering at a local animal shelter instead. That way you can get your dose of fur-friend time and still enjoy all the freedom that comes with living alone.
Keep an Eye on Efficiency
Living alone means not having anyone to share utility bills with — but on the bright side, you won’t have to follow your roommates around the house turning lights off, either. To make sure you use the fewest resources possible, find ways to make your apartment more efficient:
- Install faucet aerators to restrict the flow of water from your sink. These use air pressure to make up for water pressure so you shouldn’t notice the difference — except in your water bills.
- Try changing your showerhead to a low-flow model. It’s easy to do, and you could save a lot on your water bills — especially if you like to take long showers.
- Change your light bulbs. If you somehow found the only apartment in the world that still has incandescent bulbs, hit the hardware store for CFL or LED bulbs that will bring down your electric bills.
- Ask your landlord for a programmable thermostat. If you already have one, learn to set it. You can keep your heat all the way down to 57 degrees while you’re at work so you don’t waste money heating rooms you’re not in.
Whether you’re living alone by circumstance or by choice, you can reap the benefits of your single lifestyle by arranging your apartment to help you save money. Simple changes in your habits will help you save money in several aspects of your life, and then you can invest your savings or use the extra cash to pay down your debt. However you choose to use your money, you’ll certainly be better off for keeping more of it in your own pocket!
What are your best ideas for saving money when you live alone? Share your tips and ideas in the comments below!
