1 Jul 2015

5 Money Saving Tips for a Bachelor

As a bachelor, people may think that they are the top earners of the country. They have no family obligations, no mouths to feed, and not a lot of bills to pay. However, being a single guy in the working world does not necessarily mean that they are able to save the money that they earn for themselves. Single men tend to spend more than what they earn and here’s how to combat that. Here are a few money saving tips for a bachelor.

Money Saving Tips for a Bachelor

5. Lessen the TGIF adventures.

It is definitely not a bad thing to have fun with your co-workers, have a little drink at the bar or take smoke breaks in between coffee breaks at work. But that doesn’t mean you get to spend more than what you can afford. If you plan on drinking every Friday and Saturday nights, all the money you earned for a week will disappear in an instant. Lessen the amount you spend on products that are not even good to be consumed too much of in the first place.

4. Buying on impulse is your worst enemy.

Just because you’re living on your own and you’re earning your own money doesn’t mean you should spend it all in whatever you want to buy. Buying the latest gadget and then end up buying another one after a year or so does not help your financial situation. Whether you’re earning a lot or not, you should always purchase only what is necessary.

3. Deposit to your bank regularly.

When you get your salary, you tend to spend more than is necessary because you think you will still have a lot of left over. Deposit in increments. Make a schedule. Plan it and follow it accordingly. It doesn’t matter whether you deposit big or small amounts as long as you do it on a regular basis. This will not only train you to save, but it will also lessen your expenses.

2. Set a specific goal but be flexible.

When you budget, which you should already be doing, set a goal for yourself. No matter how big or small a goal it is, make sure you make one and you stick to it. If you’re saving up for a car, then focus on doing so. If you’re planning on moving to a bigger place, then that’s where your extra income should go. But stay flexible. You never know what might happen and you might have to use that money for emergency situations.

1. Think ahead.

The moment you enter the adult world, you should already start thinking of saving for the future. Whether it’s for your future children’s college tuition or your retirement fund, it’s always a good idea to start putting money away for what is to come.