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Miranda Reiter, CFP®

5 Money Saving Tips for Savvy Singles

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Does it cost more to be single? Some of my single friends have commented that their expenses would be lower if they were paired up with a partner who could share the bills. According to The New York Times, nearly 50% of New York City’s residents live alone. If the single life is costing you too much, here are 5 money saving tips that can help you live a more financially savvy solo life.

5 Money Saving Tips for Savvy Singles #bsmart
Women in the Windows of Manhattan By Ormond Gigli

1. Don’t fall into the trap of “dinner for one” marketing and small food packaging for the solo person found in grocery stores. Oftentimes, food products are marketed as convenient alternatives for people living alone but in most cases, you end up overpaying for the product in the end. If you buy regular packaging or even family-size, many things can be stored and or frozen. Buying in bulk is still a great way to save (whether it is taking advantage of great buy 1 get 1 free sales at local grocers or buying in bulk).

2. Consider your lifestyle and reevaluate practical living choices. For example, do you really need 200 channels on your TV? If you do, great. But if not, call your cable company up and negotiate for a cheaper package. Even further, if you find yourself really strapped for money, sharing expenses with a roommate may help to alleviate cash flow even if it’s for a short while.

3. Take-out and going out are money zappers. If you’re spending too much in this area, limit take-out to weekends and cook simple, quick meals during the week. Same thing with going out for food and drinks. It’s hard to substitute good social fun out on the town for the same thing at home, but there are few ways to minimize the blow. Find local happy hours to get cheap food and drinks. Use Groupon.com and restaurant.com to find great deals at restaurants and bars. Host a potluck at home or at a friend’s house.

4. If you live in a city like Tampa, Florida where you must drive almost everywhere, consider signing up for a car transport service such as Zipcar to save on gas. It’s a great way to be environmentally friendly ,and possibly meet other cool people in town.

5. Traveling solo can be expensive. If you want to see the world on a budget it’s possible. Use a site such as skyscanner.com to find great flights from wherever you are. For example, you can search from “Paris” to “Everywhere in the World” to find the cheapest flights at any given time of the year from Paris. Take advantage of services like Airbnb.com to minimize money spent at expensive hotels. Check out livingsocial.com or travelzoo.com for cool package deals.

What money saving tips work for you? Do you think you’d spend less if you weren’t single? Let us know in the comments!

About the Author: Miranda Reiter is a certified financial planner and founder of She & Money Financial Planning. She helps women develop a game plan for financial success so that they can stop feeling broke, meet their goals, and live the life they truly deserve. Get her free audio training on debt elimination here.

 

 

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