One Is an Expensive Number
Living alone means you’re entirely financially responsible for yourself, and in today’s complex economy, that’s a tall order. From rising rents to expensive groceries, it’d be nice to have someone to go Dutch with. Luckily, many Americans have taken advantage of all sorts of money hacks and saving tricks to stretch every dollar and live comfortably in the city.
1. Use Cash
A lot of Americans struggle with keeping track of their money, and digital payments are partly to blame. This is because you can’t see or feel your money as it comes and goes—it’s almost like an invisible number existing in a void rather than physical currency. However, if you use cash, you’ll be able to see every transaction and will know when your wallet’s getting light.
2. Live With a Roommate
Just because you’re single doesn’t mean you have to live alone. On the contrary, a lot of people end up needing a roommate in today’s tough economy. Find someone you like, whether that’s a friend, a family member, or a like-minded stranger. This can halve everything from rent costs to utilities.
3. Use Technology
Americans have the benefit of having numerous apps on the market specifically targeted to their needs. For instance, Rocket Money is an app that can connect to your bank account and manage your subscriptions for you. No more signing up for a free trial and forgetting forever.
4. Keep an Eye on Subscriptions
Whether you get an app to help you with this or not, it is important to keep track of your subscriptions. These online transactions and free trials can easily get lost into the void, and you might go years without remembering to cancel. So do a quick look-over your monthly transactions to see if there’s something you missed.
5. Public Transport
A car is a nice luxury and can make getting from point A to B a breeze, but it comes at a severe cost. Between monthly payments, gas, and insurance, it can run you dry. If you’re single, you might not need to account for a big family, and might be better off using affordable public transit, or even walking!
6. Cook at Home
By now, everyone trying to save money knows that cooking at home is a lifesaver. If you really want to stretch your dollar, try meal prepping, which ensures you use more of each ingredient and can set you up for days to a week. By cutting down on takeout and dining out, you’ll start to feel those costs reduce.
7. Spend Intentionally
Just because you’re budgeting and saving doesn’t mean you can’t splurge or buy things just for fun. In fact, you’re doing all of these things to ensure you have money aside to actually enjoy life, whether that be now or later. So with that in mind, be thoughtful and intentional about what you spend, and if you can afford it and enjoy it, don’t have any regrets!
8. Facebook Marketplace
If you’re moving to a new city or are simply in need of some furniture, then Facebook Marketplace can get you amazing deals. Even for items like tech or a used car, this site offers reduced prices and people who are eager to get rid of their stuff. Time to work on your negotiation skills!
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9. Negotiate Bills
Speaking of negotiations, you should also try to bring your bills down if you can. For example, if you call up your internet or phone provider, you can attempt to negotiate a new rate. In fact, a lot of people report that when they try to cancel their plans, a retention team will offer them a heavily discounted price to stay.
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10. Side Hustles
The U.S. is known for its ambitious side hustle culture. This essentially means people engage in profitable ventures or gigs outside of their 9-to-5 to make more money. This could mean making jewelry on the side, buying stocks, or starting a YouTube account.
11. Repair
In today’s fast-moving world, it’s very common to buy new things to replace broken ones. If you tear a T-shirt, you’ll probably just get another one in its stead. But for some items, repairing them is the way to go. Instead of getting a new TV, take it to a repair guy. You could also learn some sewing skills for those shirts!
12. Use the Library
If you’re looking for some entertainment and hate the idea of paying for numerous book and show subscriptions, then consider checking out your local library. Most libraries let you check out movies and TV shows too: you’ll just need a DVD player to enjoy them. Plus, you can listen to audiobooks through their online systems.
13. Invest Early
Investing is a great way to make your money work without you having to be directly involved. Instead of it just sitting idly in your bank account, you can put it in a high-yield savings account where it will passively generate interest. Sure, the money you’re getting won’t be much, but it’s certainly better than nothing.
14. Shop With Flyers
Avid grocery shoppers know to take advantage of flyer hacks. This can save you hundreds of dollars in the long run, because if you prioritize picking food items on sale or as part of a deal, you can get more bang for your buck. This is also a fun way to switch up what you eat every week or month.
15. Avoid Lifestyle Creep
Even as a single in a city, you might be making a lot of money. In fact, you might feel pretty comfortable and don’t see any reason to save or budget. But lifestyle creep is a major threat for high-earners, and basically means they live just within their means, so if they ever lost their high income or lost a client, they wouldn’t be able to support themselves.
16. The 50/30/20 Rule
There are all sorts of budgeting and money-saving hacks to consider, but a popular one is the 50/30/20 rule. This rule insinuates that 20% of your take-home income should be reserved for savings and rainy days. Meanwhile, 50% of your income should cover everything from rent to bills to groceries. This leaves 30% for dining out, hobbies, and all those other unnecessary but fun purchases.
17. DIY
Doing it yourself, also known as DIY, is a popular lifestyle hack among younger generations. Instead of buying products, you can switch to arts and crafts and make something of your own. This could mean buying wood planks to make a table, or repurposing cardboard boxes into planters.
18. Focus on Emergency Funding
No matter your lifestyle or age, it’s essential to have an emergency fund. Anything could happen, from an unexpected doctor’s visit to your car needing a new tire. Even if you can only put aside a little every month, saving up for an emergency fund should be a priority.
19. Zero-Based Budget
Another budgeting hack a lot of Americans prefer to use is the zero-based budget. Essentially, this means you assign every single dollar you earn a purpose. This can be going into a savings account, being spent on rent, or contributing to fun. But essentially, you want to hit zero at the end of each month.
20. Use the Freezer
The freezer is the single person’s best friend, especially if they’re budget-conscious. When you make big quantities of food, whether that’s for meal prepping or just because you want to finish an ingredient, be sure to freeze it for later use. These leftovers are a great way to save up.
