How to budget for a single person can be more difficult in some ways compared to budgeting for a couple. When there are two people to share in the fixed costs of items like housing, transportation, utilities, insurances, and more, it takes some of the burden off just one of the people. But there are also ways that a single person can budget, and you will find some of them below.
- HOUSING: Although some successful singles like to own their own home, there are many unexpected expenses that can come up including repairs, homeowners insurance, real estate property taxes, and more.
- BETTER TO RENT? It is usually better for a single person to rent an apartment that will easily fit within his or her budget.
- UTILITIES: Be careful with your usage. Turn off lights when you are not in a room. Keep your thermostat set where you are comfortable but not too hot or too cold. turn off the water when you are not using it, and that can include while you are showering or even brushing your teeth.
- FURNITURE AND APPLIANCES: You will save money if you can rent your apartment furnished. However, if you have to provide your own, even if you'd like the best of everything, it is not necessary to spend that much money to begin with. Bulletin board style websites can help with this. Flea markets and yard sales in upbeat neighborhoods can yield excellent pieces. If you insist that these items be new, most stores are hurting for business, so watch their ads.
- ASK YOUR FAMILY MEMBERS: Many times they will be happy to give you some furniture or an extra appliance to cut down on your expenses.
- TRANSPORTATION: There are many sizes and prices of vehicles, and a single person on a budget has to look for a smaller vehicle that will provide a smaller monthly payment and better gas mileage.
- FOOD: Although a single person will normally eat half of what a couple does, money can thus be saved that way. However, it is important to watch the supermarket sales and get used to eating what is on sale that week. Also, buy many regularly-used items when they are offered on a "buy one get one free" basis. A lot of money can be saved every week by closely watching for these specials.
- ENTERTAINMENT: A lot of money can be spent on entertainment, but if you do not have the extra funds, it is possible to save money in this category. Look in the newspaper for free local events that usually occur every week. You can get a variety of enjoyable entertainment without spending a lot of money.
- MORE ON ENTERTAINMENT: Don't spend the outrageous money to go to the movies. Rent DVD's from online websites specializing in mail based dvd rentals for a set price a month and get as many movies as you can for what will be a very reasonable price compared to the theater prices for each person.
- SAVINGS AND GOALS: Decide what your goals are, and faithfully set aside a certain amount every payday into a savings account. Make it the first "bill" you pay from each paycheck, and you will be happily surprised at how that account will add up and how you will appreciate the way you are advancing toward major purchases such as a home, college or other training courses to further your career, or whatever your individual desires are.
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