Tips for saving money when living on your own?
I am getting my own place for the first time! 🙂 I'm excited. I already don't have cable because the cost is absurd lol just Netflix & Hulu 🙂
Any clever secrets you guys have?! 😁
- 1 month ago
some banks have a round up feature which allows you to round your purchase to the nearest dollar to your savings account.
- 1 month ago
Planning. Spend some time with a spreadsheet program if you have a computer, otherwise with pen and paper, and write down how you spent your money. It pays to keep a daily record some how. For me that it is easy since I buy everything via a credit card but you can just keep a notebook. Then analyze what you spend money on and stop spending on what you don't need. Your savings will match your willingness to do without stuff. Like almost everything, what you get out of an exercise like this will be directly proportional to how much effort you put into it.
- Raymond L.Lv 51 month ago
Get energy saver light bulbs if you can.
YEs, Cable is a BIG rip off.
I have a Rule, I will NEVER pay over $2 for a box of cereal.
I will NEVER pay over 70 cents for a can of beans or corn.
- 1 month ago
Donate 10% of your gross pay to a church or Christian organization. Join a credit union,(they pay higher interest), have a payroll deduction, never withdraw from it, until you're, say 65 or so. Eliminate needless expenses like TV, alcohol, movies, etc. Build your credit score.
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- Christin KLv 71 month ago
Pay your bills FIRST. Pay YOURSELF too. Put a portion of your paycheck into a savings account before you distribute what you have to your necessities.
Shop sensibly. Don't buy things on impulse. Sit down and make a budget--what you can reasonably be expected to spend every month for recurring costs like food, utilities and transportation--and don't forget to add in a bit for entertainment and clothing, as well.
Shop cheap for food--there are plenty of places you can buy groceries for less than the retail stores or the usual places you go to--Aldi, Marc's, or other discount grocers are FAR less expensive than places like Trader Joe's. And the quality is just as good.
You don't need cable if you have internet, as you have discovered--but you don't have to deprive yourself of either Netflix OR Hulu either--Hulu costs only a little over $6 a month, and Netflix is about $13/month. You can stream both services on your computer OR phone. A cable package can cost you ten times that amount.
Buy a cheap mobile phone plan.
Saving money isn't clever--it's a discipline. The only trick you need to know is buy cheaper, use less, and compare prices. And SAVE. I mean have SAVINGS--not just a paycheck. It pays off when things go bad or get hard. Having that cushion in your finances is priceless when you need it.
- FLv 61 month ago
1. Don’t shop online when tired or drunk.
2. Don’t go to Starbucks.
3. Shop at Aldi or Lidl
4. Put a jumper on before turning the heating off.
5. Take a packed lunch instead if buying ready made sandwiches etc
6. Don’t get takeaways more than once a week.
7. Don’t make you home a free pub for your “mates “.
8. Shop around for utilities.
9. Buy BOGOFs as much as possible but only if it’s something you’d buy anyway and you can store / freeze it.
- 1 month ago
1) Make a budget. There are numerous software programs that can help you do this.
2) In that budget, keep track of expenses. Log EVERY transaction where you spend money. 3) Learn to cook. Eat at home 5-6 days a week and brown bag your lunch and you'll save hundreds of dollars. You don't need to become a gourmet chef, but you can and should be able to cook eggs, grill a burger, make a stew or chili, or learn how to slow-roast a tough piece of meat and turn it into something amazing (a crock pot/slow cooker is a fantastic investment).4) Set aside 10% of your take-home pay (many companies will let you do this).5) If you have a 401K/RRSP, invest in it.6) Pay your credit card bill in full every month on time. Interest payments will eat your budget up.
7) Go grocery shopping once a week. Make a list BEFORE you go; it'll keep you from buying stuff you don't need.
- BecLv 71 month ago
Budget and stick to it
Shop around for the best deals (cheapest broadband, cheapest electricity, cheapest supermarker although be aware that you'll want to look at comparible prices as packet size will vary so do £per kilo for example)
Limit eating out and coffee and tak packed lunches to work rather than buying from town.
Consider bulk buying - as long as you have the means to store it
Savings - open a savings account or ISA (shop around for one that suits you - instant access is useful but often reduces the interest) and set up a direct payment into that monthly.
- Anonymous1 month ago
This is top, before #1- LEARN. HOW. TO. BUDGET. Keep money aside for bills, groceries, entertainment, etc.
1. Always save more than you mean to, and expect bills to cost way more for the first 3-6 months than you think, until you get yourself in a pattern and KNOW what things will cost.
2. With #1, don't go crazy on decorating or buying little kitschy things right off the bat. Wait until the bill pattern becomes second nature to you.
3. Stay within your means.
4. Buy grocery STAPLES and don't eat out too often until you know you can. Stock up on beans, rice, pasta, etc., and stick to your budget when you shop.
5. You didn't mention any utilities you have to pay, but most apartments cover water and garbage. Regardless, turn lights off, don't keep the TV on, power things down when they are not in use.
6. CLIP COUPONS or join a rewards program at the grocery store.
7. KEEP SAVING. Open up a savings account if you don't have one already and keep putting in anything you can spare.
8. KEEP YOUR APARTMENT CLEAN. Set aside a few hours per week when you can and clean, clean, clean. You can buy a lot of appliances second hand and in good condition. Sweep, mop, clean your bathroom, dust, keep it tidy. This will save you money when you plan to move out.
9. And speaking of second hand, if you're crafty or handy, you and refurbish a lot of old furniture into your own style and taste for dirt cheap. Even if you don't know, learn how. Find a piece that inspires you, find a look-alike or something close to it, sand it, stain it, whatever. That $2000 table with chairs you've been eyeing could cost you all of $75 if you do it yourself. You can really jazz up any apartment for nickels and dimes this way.
10. DO NOT DEPEND ON CREDIT CARDS AND GO WITHOUT. Depending too much on a credit card will add up really quickly. Spend your own money when you can, or don't at all if you can't afford it. Credit for emergencies only.
And I don't know if you already have a pet that you're moving out with, but if you don't and you are living on your own, some people do get a little lonely. If you're place allows pets, please, please, PLEASE wait at least 6 months to decide. Pets can be a money suck for people who are not prepared and this will be another thing to save and prepare for.
- Wayne ZLv 71 month ago
It is a little known secret that, if you are paid via direct deposit, you can have your paycheck deposited to as many as three different accounts.
So, divert a portion of your paycheck directly into a savings account and the remainder into your checking account as normal.
You don't miss what you don't see hitting your checking account.