Living on your own or planning to live alone? Wherever you may stand right now, one thing’s for sure, living the solo life is in itself an adventure and a journey that paves the way for independence and self-discovery. Studies show that people who experienced living on their own tend to develop a stronger sense of responsibility in life. For first time independents, living on your own can be difficult for a number of reasons, but one of the biggest struggles will be one involving managing your own finances. If you find yourself living the solo life, you’ll find that being frugal and smart about your spending is crucial to make living solo a success. Being frugal is not about living cheap, but rather it is about living your life the smart way.
Here are a few tips on how to live smart and frugal while living solo:
Work within the neighborhood.
When choosing a place to live, your number one consideration should always be to choose one near your workplace. You should be able to choose a place that’ll be most convenient and accessible for you and your lifestyle, either by walking or commuting.
Rent: Studio Apt. vs. 1 bedroom.
Save more money on your rent by choosing a studio unit instead of one bedroom units. It’ll can a lot of difference on your rent. There are units that include nice amenities to cater to your needs. Be on the lookout for places that can offer you amenities including: gym, courtyard and pool. These perks make all the difference in your spending and add more fun to living your solo life. Start living the simple life and choose wisely.
Make a Budget – Follow it!
When you’re on your own, it’s easy to think that you can just spend everything the way you want it to. It’s easy to overspend on shopping and activities when you’re on your own, but remember that every penny you save is money that goes to your savings.
Before anything else, make sure to set a budget according to your means. Chances are you’ll find that there are so many things you need to buy at the beginning. In order to keep you from purchasing unnecessary things, set a budget for all your possible expenses and make sure to keep it. As part of the costs of living on your own, being responsible for your actions and finances is crucial to your success.
Cook your own meals.
The idea of buying ready to eat food or eating out may be one of the most convenient things to do when you’re on your own. But is eating out or getting take-out even worth all that spending for? Why spend so much for unhealthy food when you can spend it for healthy food that can be prepared at home. Preparing your meals at home is not only the healthy choice but the frugal and practical choice. Plus, it helps also in developing your cooking skills.
Grocery Planning – Buy in Bulk.
Plan your meals and make a grocery plan for meals you plan to eat throughout the week. Buying in bulk is a great way to save money. This is where discounts and sales come in handy. Choose products that come in family packages, especially meats so you can stock up. This way, you only need to buy vegetables and other perishable items weekly. Non food items are cheaper when bought in bigger sizes and they last longer.
Living the solo and frugal life is an exciting life worth living. The adventure and wisdom you learn through this experience is one that will shape who you will be in the future – it is the stage for self-discovery but most of all self development and improvement!