As a single person planning to live a frugal life, you should always find ways to cut the high cost of transportation, housing, and food? There is a very good reason to live your single life in a frugal way. You can retire early and focus on what you love. Plenty of millennials are opting to retire early to invest their time in building a business. You can do the same by following the fundamentals of frugal living.
Here are 5 tips on frugal living for singles.
As a single guy or a girl, you would be looking at movie theaters or music concerts to fulfill your entertainment needs. According to the National Association of Theatre Owners (NATO), movie prices are increasing every year since 2016. Average movie ticket price in a movie theater in America is $10. By subscribing to entertainment networks like Netflix, you can save a lot of money. Not to forget the extra charges like vehicle parking, food, etc that come along with watching a movie in a theater.
2) Going out
Going out for dinners and drinks is very common for couples. But some single people to spend the same amount of money in nightclubs and parties. Getting into a nightclub can be difficult for a single. Do not fall into the trap of club promoters and pay them hundreds of dollars just to enter into a party. Network and befriend the people who work in such bars and us your connection to get in.
Women generally spend more money on fashion than men. Frugal living for singles is actually very easy than it is for a couple. As a single, you have total control over what clothes you are going to wear, etc. A men’s haircut in a major city in America costs more than $40. Men can save money on expensive salons by learning to cut their own hair at home. There are many YouTube tutorials that can teach you to do the same.
A car can work great for a family or a couple. But for a single person, it can be deemed as surplus. You can look for other options such as electric bikes or a cycle. Both are great alternatives to a car. By biking to work every day, you can not only save money but also maintain good health. Frugal living is not for people who chase comfort. So, if taking a bus or a train to work can help you save some money, you shouldn’t hesitate to do so.
By saving money on housing, you can one day have enough savings to buy your own home. But, right now, as a single person, if you are living in your own apartment, I will suggest you to not spend money on things like furniture and floor. Having furniture can make your home look wholesome, but as a single person trying to live a frugal life, you should compromise on that.
Frugality is a lifestyle. You can’t just cut costs in a couple of area of your life and expect you to save a lot of money. You will have to breathe and live it all the time. By mastering the core principles of personal finance, you will be able to apply them in your life and reap the benefits in the later years.