Is saving money as a single man easy? No way! We live in the world where the social structure for most men underlines wasting money. Wait, there’s nothing impossible, so there are many ways of saving money that single people can choose that couples and families can’t. If to believe a study held by Experian and published in the USA Today, the average debt pressure of people aged 22-29 is $16,121! That’s too much and more than sufficient to put an obstacle on a young man’s quality of life. Check out the tips that can help you save some money.
Thrifty Housing
One of the biggest fixed costs of life is housing. Before you set up a career, please, do not take on a mortgage. There are two better options for young, single men: whether to live with family or to share a room with friends. Even in urban areas with otherwise high rents, it’s possible to share rooms or house with benefits. Rents in New York City, for instance, can range between approximately $1,000 per month in select neighborhoods in the outer areas to $4,000 per month and above in richer neighborhoods. Dividing those apartments between two or three people can save thousands of dollars per year. Living at home, of course, can save a young man well over $10,000 per year even if spends some bucks on food and utilities.
Less Personal Expenses
Think of decreasing monthly personal expenses, such as phone bills, cable bills and Internet bills. Instead of using an unlimited phone plan, you can save considerable amounts of money – at least $100 per month depending on how often you use those services – by switching to a prepaid plan and forgoing data services. You can cancel your cable television subscription and either find new hobbies or rent DVDs of television shows later on, saving you anywhere between $30 to $50 per month. If you live with roommates or at home, you can share a broadband Internet connection, cutting monthly bills to $20 or less.
Food
Learn to cook and eat at home. Meals outside usually cost at least $10-12. Most prepared meals cost hardly $5, moreover, you can save even more money if you buy the raw ingredients and prepare it yourself. It’s also wise to stop wasting money at bars and other similar venues. Alcoholic drinks usually cost several times more when served at a bar or restaurant. For example, you can buy a six pack of high quality domestic beer for $12. And at a bar you’ll buy a bottle at $5 to $6. So, it’s high time to think of staying home for entertainment!
Debt Decrease
Paying down debt as quickly as possible and paying off credit cards in full every month decreases the amount of money that you need to spend on interest payments. Debts grow up quickly. Student loans in particular can eat away at your ability to save. Paying those off more quickly than required can cut down on your stress level and improve your budget flexibility.
Source: www.mensvanity.com
