Budgeting Tips When You Want To Live Alone But Can’t Afford It

Budgeting Tips When You Want To Live Alone But Can’t Afford It

Living on your own can seem like an impossible dream when you’re strapped for cash. But with some strategic budgeting, you may be able to swing it after all! This article will give you lots of tips and tricks for stretching your limited funds. Read on to learn how to make your solo living dreams a reality—even on a shoestring budget.

Examine Your Priorities

Before making any big financial decisions, you need to get very clear on what your priorities are. Do you value location most? Square footage? Modern amenities? Make a list of your must-haves versus your nice-to-haves. This will help you make strategic trade-offs when apartment hunting or making a budget.

Lower Your Housing Standards

Housing is likely your biggest expense, so this is the area where you’ll need to compromise the most. Consider options like:

• Getting a studio apartment rather than a 1-bedroom
• Living further from downtown or the metro
• Choosing an older building with fewer amenities
• Having a longer commute to work
• Living with a roommate

Even shaving off a couple hundred dollars on rent can make a huge impact on your overall budget.

Shop Around for Utilities

Call up all the utility companies—internet, cell phone, electricity, etc.—and see if you can get a better rate. Mention you’re a new customer looking to switch providers. Negotiate for discounts, special offers, or introductory rates. This small effort can lead to big savings over time.

Cook at Home

Eating out is one of the fastest ways to blow through cash. Get into the habit of meal prepping and packing a lunch rather than going out. Make big batches of soup, chili, or casseroles on weekends to eat throughout the week. You’ll save a ton of money and likely eat healthier too.

Budget for Fun

When money is tight, it’s tempting to cut out all discretionary spending. But allowing yourself a small “fun budget” for things like drinks, movies, concerts etc. is important so you don’t feel deprived. Even $20-50 a month can go a long way if you take advantage of happy hours, matinees, and other deals.

Use Public Transportation

Owning a car is expensive when you factor in car payments, insurance, gas, maintenance and parking. Get rid of your car if possible, and rely on public transportation and Uber/Lyft. You can also use services like ZipCar for occasional use. This can save you thousands per year.

Negotiate a Raise

If you’ve been at your job awhile without a significant raise, it may be time to make a case for getting paid more. Do research to find out the going rate for someone with your experience in your field. Schedule a meeting with your boss to discuss getting a raise. Highlight your contributions and make a strong case for why you deserve higher pay.

Get a Side Gig

Even earning an extra $200-500 a month from a side hustle can make housing more affordable. Look for opportunities that play to your strengths and interests like:

• Driving for a rideshare app
• Walking dogs
• Tutoring students
• Freelance writing
• Selling handmade crafts online

Every little bit helps when you’re budgeting to live alone!

Cut the Cord

Cable bills can really add up. Consider cutting the cord and relying on free streaming options or budget-friendly services like Netflix and Hulu. Get an HD antenna to pick up local channels for free. You can save $50 or more each month this way.

Lower Monthly Bills

Call up your cell phone carrier, internet company, gym etc. and ask about any promotions for existing customers. You may be able to get a lower monthly rate just by asking. Review all your recurring bills and see where you can trim.

Use Cash-Back Apps

Apps like Rakuten, Dosh, and Ibotta reward you with cash back for shopping at certain stores and restaurants. Use them whenever you can to get a little extra money back that adds up over time. Take advantage of referral bonuses too.

Stick to Generic Brands

Opt for store brand and generic products rather than name brands. The quality is usually comparable but you’ll pay a fraction of the price. Buy generic over-the-counter medicines, pantry staples, household goods and more.

Meal Plan

Planning out all your meals in advance and making a grocery list can help you save money and reduce food waste. Look for recipes that use overlapping ingredients. Make big batches of staples like rice and beans. Meal planning takes some time up front but saves money in the long run.

Use Coupons

Never pay full price when coupons abound! Check sites like RetailMeNot before any online purchase. Use browser extensions that automatically apply coupon codes at checkout. Sign up for newsletters and download apps to get coupons sent right to your phone.

Buy Used

Furnishing an apartment and filling your closet can demolish your budget. Save big by buying secondhand furniture, housewares and clothing. Check out thrift stores, consignment shops, Facebook Marketplace and more.

Work Overtime

Ask your boss if overtime hours are available. Even a few extra hours each week can give your budget a boost. Or see if you can pick up a temporary project that comes with additional pay.

Resell and Recycle

Turn unwanted items into cash using sites like eBay, Poshmark and OfferUp. Take advantage of recycling programs that pay you for bottles, cans and other recyclables. You can easily make an extra $20+ per month this way.

Rent Out Your Space

Apps like Airbnb allow you to rent out a spare room or your whole place when you’re out of town. You make money and offset your housing costs. Just be sure to check with your landlord or building first.

Negotiate Bills

If you’re struggling to pay a bill, don’t be afraid to call up the company and negotiate. Explain your situation and ask for a reduced payment plan or to waive late fees. Persistence and politeness go a long way.

Use Credit Card Rewards

A rewards credit card can help you earn cash back, points and miles to help stretch your budget further. Just be sure to pay off the balance in full each month to avoid interest charges.

Automate Savings

Set up automatic transfers from your checking account to savings so you effortlessly sock away money each month. Even small amounts like $25 or $50 add up. This ensures you’re paying yourself first.

Cancel Subscriptions

Audit all your monthly subscriptions and cancel anything you can live without—the gym membership you never use, subscription boxes, streaming services you don’t watch, etc. Those small charges add up fast.

Take Advantage of Free Entertainment

You don’t need to spend a lot to have fun and stay busy. Go to free days at the zoo, museum or aquarium. Attend free concerts and movies in the park. Check out library events. Explore new parks, trails and free attractions in your city.

Get Resourceful

Check out community resources that offer free or low-cost services. For example, some cities offer free or sliding-scale counseling services. Look for food banks, clothing closets, job training programs, and more.

Make Coffee and Tea at Home

Brew your own coffee and tea rather than stopping at the café each morning. Invest in a simple coffee maker or French press, and a reusable travel mug. You’ll save at least a few dollars a day.

Have Potlucks

Hosting get-togethers at home rather than going out to eat is a fun, budget-friendly way to see friends. Make it a potluck and ask everyone to bring a dish. Provide inexpensive drinks like beer, wine and soda.

Take Public Transit

Save on gas, insurance, maintenance and parking costs by relying on public transportation as much as possible. Walk or bike for shorter trips. Apps like Transit help you navigate unfamiliar bus and train systems.

Use Cash

Studies show people tend to spend less when using physical cash rather than cards. Take out a set amount each week to use for food, entertainment, etc. When it runs out, your spending stops.

Negotiate Medical Bills

If you’re struggling with a medical bill, call the hospital’s billing department. Explain your financial situation and try to negotiate a lower payment, payment plan or financial assistance. Non-profit hospitals are required to provide assistance to lower income patients.

Move Somewhere Cheaper

If you’re open to relocating, research cities and towns that have a much lower cost of living. You may be able to get much more apartment for your dollar in a different area. Just factor in costs of moving and changing jobs.

Get a Roommate

Splitting rent and utilities with a roommate cuts costs tremendously. Shop around for someone tidy and financially responsible. Outline expectations for cleanliness, guests, noise levels, etc. to avoid conflicts.

Sell Your Car

Cars depreciate rapidly and cost a lot to own and operate. If public transit works for your lifestyle, sell your car and put the money toward housing costs. Calculate all your auto expenses to see how much you stand to save long term.

Move Home Temporarily

Swallowing your pride and temporarily moving back in with parents or family can be a strategic money move. Come up with a timeline together for getting back out on your own. Be respectful and offer to pay rent or help around the house.

Lower Your Cell Phone Bill

Cell plans get pricier every year. Call your provider and politely ask about cheaper available plans, or threaten to switch carriers. Trim features you don’t use. Buy a cheaper phone outright rather than financing it.

Shop Thrift and Consignment

Used and thrift clothing costs a fraction of retail prices. You can find excellent condition items at thrift stores, consignment shops, outlet malls and apps like Poshmark. Mix in new accessories to refresh older items.

Take Advantage of Trial Offers

Before committing to a paid subscription, look for a free trial offer. Try out streaming services, meal kits, Amazon Prime, etc. and cancel before the trial ends if you don’t want to pay to continue. This helps you test out services risk-free.

Negotiate Rent

If your lease is ending, negotiate with your landlord for a lower rent. Offer to sign a longer lease, pay a few months up front, or take care of minor repairs yourself in exchange for lower rent. Even a $50 reduction helps.

Buy Generic Medications

Generic over-the-counter medications like pain relievers, cold medicine and bandages cost much less than name brands but work just as well. Buying generic can save you a lot of money in the long run. Here are some tips:

• Check the active ingredients on generics to make sure they’re the same as name brand.
• Ask your pharmacist if there’s a generic version of your prescription available.
• Compare prices between stores – sometimes generics can vary in cost.
• Look at store brands for OTC meds – these are usually the cheapest.
• Buy in bulk when generics go on sale to stock up.
• Use apps like GoodRx to find the lowest prices on generics.
• Make sure your health insurance plan favors generics – most do.
• Talk to your doctor about switching to a generic if it could save you money.

Paying full price for name brand medications may not be worth it when affordable generic options are available. A little research can help you find major savings on the essential medicines you need.