| forums > Money |
| Money-Saving Tips for Singles |
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I never had financial problems before but I also buy only the things I need. I don't buy the latest Ipod just to show off or because my friend has one. I can buy a cheaper gadget that does the same thing for me. This is my life philosophy and I woudn't change it no matter how rich I will become in the future.! |
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If your company has a 401K ,contribute to at least take advantage of the matching funds, generally 5%. It's free money, don't lose it. It will also reduce your gross income for a tax break. Save cash in savings if you can, even though interest rates are nil. Find a bank that will open a Roth IRA with a minimum of say $500. I read that if you put $500 in an IRA for a 1 year old child, when they reach 65 they will have a million dollars. It's what Einstein called the miracle of compounding interest. Lastly, definately brown bag and eat leftovers for lunch. Watch the quick shop too, for gum and coffee, and B..sh%t. It's expensive. 2 or 3 dollars here and there equates into large monthy spending. Have more sex with your best, it's cheaper than a movie and conducive to rest. |
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Take the time while you are single and PAY DOWN YOUR DEBT. Seriously, grad, undergrad and credit cards. It gets too hard after you are married. |
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I know I shouldn't admit this, but I shop at walmart especially for clothes and no one has been able to tell so far :) its my secret |
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oh, and also shop cheap, I love thebudgetfashionista.com |
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save your money. seriously and pack a lunch to work. track how much you spend on going out to eat each month, you'll see how much you are spending. cut back. make a sandwhich. |
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I also recommend budgeting. And save starting early. |
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Roth IRA. Max out your 401K. And seriously invest in mutual funds. If you are young you have time to ride this out. But seriously, save and invest. Oh and budget. And don't spend more than you have :) You are welcome. |
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Certainly cutting corners helps can help during these times. make sure you are saving, track your expenses, bag meals to work (breakfast and lunch) eat in as much as possible, cook at home, get creative watch food network for yummy ideas, instead of going out with friends, host potluck, each person bring a dish and you all watch a movie. |
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I think you're best bet is cutting corners where you can. Everyone draws there own line between necessity and luxury, so figure yours out. For instance, some people spend ridiculous amounts of money eating out- you can save so much by cooking (and save the dinners out for your dates) Or just think of more creative dates...! |
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That's very good advice. It's not about being stingy but smart. I'm single, 20yrs old, and no kids. I have a good job, $2,000 a month. The only thing I pay is $400 a month to my parents because I am living with them. The rest of the money I am saving for college books even though I got financial aid. Im also saving fora good car ( cash). Try worrying about the most important thing now and luxury can come later. It doesn't mean you have to avoid everything completly. I have my little secrets too,lol. I don't tell my friends how I get payed and that I have money so they always end up inviting me. |
I am a single professional with no children, however what things can i do early on to maintain financial sanity, especially with current times.