Savings Tips For The Newly Single Man

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Spending money is inevitable. However, there is an unhealthy way to do it. Being wasteful with money may not be something people do consciously. They realize their errors only after the fact. Statistics indicate that single men spend more than single ladies.

The figures remain at $35,018 annually for males, $2000 more than females. It is always a good idea to save money to care for various needs. Here are some tips on how to do it.

Understand Your Spending Triggers

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The first step to resolving a problem is getting to its root. Many single men admit to the emotional and psychological triggers fuel their spending habits. Some also say the freedom over their finances drives the need to spend without considering the purpose. To resolve this, you would have to do some introspection, starting with finding your triggers. These may include the environment, peer pressure, or mood. If you find yourself more inclined towards any or all of the above, it would be best to apply the brakes. Being conscious about your triggers helps you reassess the purpose of your spending whenever you feel tempted to. 

Downsize Your Living Arrangement If You Can

If you’re a single man living in a rented 3-bedroom or more condo, you may be biting off more than you can chew with regards to space. Moreover, it costs so much to live in a place you have little need for. What this living arrangement does is increase your overhead costs. Unless you’re ready to start a family soon, that extra space may only be draining you financially. By downsizing, you get to live with only your essentials. If you decide to downsize, you can look for an affordable self storage unit to keep all your excess stuff you don't want to throw away.  

 

Separate Your Savings From Your Living Expenses Account

 

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You are expected to open a current account to receive your monthly salaries when you get employed. This is usually a weak point for most people. Instead of separating the savings account from the salaried one, everything goes into one. Without self-control, it is easy to continually dig into that single account without realizing your excessive spending habit. Thankfully, technology makes it possible to make automatic deductions from your salary account to savings.

Many banks with digital apps make it convenient for clients to conduct these transactions without visiting the banking hall. For you, this can be an advantage in controlling your spending. You only need to leave an amount that takes care of your monthly expenses in your current account. Your savings can then be reserved only for other necessary expenses and emergencies. This will require a great deal of self-discipline.

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