Living solo, huh? Welcome to the club! As a single woman living alone, I can tell you it’s a wild ride. You get the freedom to dance in your underwear at 2 AM, but you also get the bills—all of them.
In 2024, the cost of living alone can feel like trying to buy a unicorn, especially when you’re on a budget.
Whether you’re living in a studio apartment in San Francisco or a mobile home in any city across the country, or the world, these tips will help you to live the cheapest way possible.
But fear not, my independent friend! I’ve got 20 savvy tips to help you navigate this journey without breaking the bank.
So, grab a cup of coffee (or wine, I won’t judge), and let’s explore how to make your solo living adventure a financially savvy one.
1. Budgeting
Ah, budgeting, the backbone of financial independence. It might not be as exciting as a spontaneous shopping spree, but it’s the secret sauce to living alone without going broke.
Creating a budget is like having a roadmap for your money. It tells you where your money is going, how much is coming in, and how much is left for those little pleasures in life (like that fancy latte you love).
It’s all about understanding your income and expenses, and trust me, it’s easier than assembling that IKEA bookshelf.
Start by listing all your sources of income. This could be your salary, any side hustles you have, or financial support from a family member. Next, list all your monthly expenses.
And I mean all of them, from rent and utility bills to your Netflix subscription and the occasional night out.
Don’t forget to include less frequent expenses like annual insurance premiums or that dentist appointment you’ve been putting off.
Once you have a clear picture of your income and expenses, you can start making decisions. Maybe you realize you’re spending a lot of money on takeout and decide to cook more at home.
Or maybe you find out you’re paying for a gym membership you never use. The point is, a budget helps you make informed decisions about your money.
Now, if the thought of spreadsheets makes you want to run for the hills, don’t worry. There are plenty of budgeting apps out there that can do the heavy lifting for you.
Apps like Mint, YNAB (You Need A Budget), and PocketGuard can help you track your income and expenses, set financial goals, and even give you a nudge when you’re about to overspend.
Like I said, creating a monthly budget is not the most fun thing to do, but it truly is one of the best ways to life as cheaply as possible.
2. Cost-effective Housing
Let’s talk about your castle, your sanctuary, your… wallet-drainer?
Housing is likely to be your biggest expense when living alone, especially if it’s your first time living on your own. But don’t start packing your bags for your parents’ basement just yet.
There are ways to find cost-effective housing.
First, consider the location. Living in the heart of San Francisco or New York City might be exciting, but it also comes with a hefty price tag. On the other hand, cities like St. Louis or Albuquerque offer a much lower cost of living.
If your work situation allows it, moving to a city with lower housing costs can save you a lot of money.
Next, think about the type of housing. Do you really need a two-bedroom apartment for yourself, or could you make do with a studio or a one-bedroom apartment? Smaller spaces not only come with lower rents but also with lower utility bills. Plus, they’re much easier to clean!
Another option to consider is buying a home instead of renting. While this might not be feasible for everyone, it can be a good investment in the long run.
If you’re considering this route, make sure to factor in all the costs, including mortgage payments, property taxes, and maintenance.
Here’s a list of the top 10 cities in the USA and their average rent prices:
| City | Average rent (1 bedroom) | Average rent (2 bedroom) |
|---|---|---|
| New York City, NY | $2,120 | $2239 |
| Los Angeles, CA | $1,644 | $2,171 |
| San Francisco, CA | $2,277 | $2,574 |
| San Diego, CA | $2.011 | $2.592 |
| Seattle, WA | $1.633 | $1.974 |
| Boston, MA | $2.110 | $2.199 |
| Washington, DC | $1.838 | $1.816 |
| Chicago, IL | $1.384 | $1.502 |
| Miami, FL | $1.636 | $2.168 |
If traditional housing options are still out of your budget, think outside the box. Tiny homes, mobile homes, or even houseboats offer cheaper alternatives to traditional housing. They might not offer as much space, but they come with a unique charm and a smaller price tag.
Lastly, don’t underestimate the power of negotiation. Whether you’re dealing with a landlord or a real estate agent, it never hurts to ask for a better deal. The worst they can say is no.
Finding cost-effective ways to have your own space might require some creativity and compromise, but it’s definitely possible. After all, home is where you make it, not how much it costs.
3. Saving on Utilities
Utilities are like that friend who always seems to show up uninvited. They’re a necessary part of living alone, but that doesn’t mean they have to drain your bank account.
Let’s start with energy. Did you know that simply unplugging your devices when they’re not in use can save you money? Many devices use energy even when they’re turned off, a phenomenon known as phantom or ghost power.
“The United States Department of Energy reports that homeowners can save anywhere between $100 and $200 each year by unplugging devices not in use.” – shipleyenergy.com
So, unplug that phone charger or coffee maker when you’re not using them. Better yet, use a power strip with an on/off switch to make it even easier.
Next, consider switching to energy-efficient appliances. They might cost more upfront, but they’ll save you money in the long run.
Look for appliances with the Energy Star label, which means they meet certain energy efficiency guidelines set by the U.S. Environmental Protection Agency.
When it comes to heating and cooling, a programmable thermostat can be your best friend. You can set it to automatically adjust the temperature when you’re not home or when you’re sleeping, saving you money without sacrificing comfort.
Now, let’s talk about water. Simple habits like turning off the tap while you’re brushing your teeth or shaving can save gallons of water. Also, consider installing low-flow showerheads and faucets, and make sure to fix any leaks promptly.
4. Affordable Home Decor
Decorating your home is like dressing up for a party. You want to look your best, but you don’t want to spend a fortune doing it. The good news is, you can create a beautiful and comfortable living space without breaking the bank.
First, think about thrift stores. They’re like treasure chests filled with unique and affordable items. You can find everything from furniture to artwork to decorative items. Plus, buying second-hand is a great way to reduce waste and be more sustainable.
Next, consider DIY projects. Not only can they save you money, but they also allow you to add a personal touch to your home. You could paint a piece of furniture in a bold color, create wall art from items you already have, or sew your own curtains.
The internet is full of DIY home decor tutorials for every skill level.
When it comes to buying new items, shop smart. Look for sales, compare prices, and don’t be afraid to negotiate. Also, remember that quality matters. It’s better to spend a bit more on an item that will last for years than to buy cheap items that you’ll need to replace soon.
Finally, remember that your home is a reflection of you. It doesn’t need to look like a page from a home decor magazine. As long as it makes you happy and comfortable, it’s perfect. So, go ahead and start decorating.
5. Meal Planning and Groceries
Food is one of life’s greatest pleasures, but when you’re living alone, it can also be one of the biggest expenses. But don’t worry, you won’t have to survive on instant noodles and canned soup. With a bit of planning, you can eat well and save money.
My mother always taught me that meal planning is the secret weapon of saving money. It helps you to avoid those “ ” moments and reduces the temptation to order takeout. Plus, it can save you a lot of time and stress.
Start by planning your meals for the week. Think about what you want to eat and make a list of the ingredients you need. This way, you can avoid impulse purchases and reduce food waste. Remember to plan for leftovers.
Many dishes can be easily reheated and enjoyed the next day, saving you time and money.
When it comes to shopping, there are a few tricks that can help you save money. First, buy in bulk. Items like rice, pasta, and canned goods are often cheaper when bought in larger quantities.
Just make sure you have enough storage space and that you’ll use up the items before they expire.
Next, consider store brands. They’re often just as good as name brands but come with a smaller price tag. Also, look out for sales and discounts, but be careful not to buy something just because it’s on sale.
Another tip is to shop at discount grocery stores. They offer a wide range of products at lower prices. You can also consider farmers’ markets for fresh and affordable produce.
Finally, remember that eating at home is usually cheaper and healthier than eating out. So, embrace your inner chef and start cooking. Who knows, you might discover a new passion!
6. Public Transportation
Cars are great, aren’t they? They take you from point A to point B, blasting your favorite tunes, all while keeping you warm and dry.
But they also come with costs: car payments, insurance, gas, maintenance, and let’s not forget those pesky parking tickets. So, what’s a budget-conscious solo dweller to do?
Well, if you live in an area that offers public transportation, that can be your big money saver.
Buses, trams, subways, and trains can get you where you need to go without the hassle of traffic or finding a parking spot. Plus, you can use the travel time to read, work, or just relax.
Consider getting a monthly or annual pass. They’re usually cheaper than buying individual tickets, especially if you use it regularly.
But what if you live in a place with limited public transportation? Don’t worry, you still have options. Carpooling can be a great solution. You can share the costs and the driving with others, making it cheaper and more fun.
There are also ride-sharing services like Uber and Lyft, which can be cheaper than owning a car, especially if you don’t use them every day.
Walking or cycling is another great option, especially for short distances. Not only is it free, but it’s also good for your health and the environment.
7. Health and Fitness
Staying fit and healthy is important, but gym memberships and fitness classes can be expensive. However, maintaining your health doesn’t have to cost a fortune. With a little creativity, you can stay in shape and keep your bank account healthy too.
First, consider outdoor activities. Walking, running, cycling, or hiking are all great ways to stay fit and they’re completely free.
Plus, spending time in nature can boost your mood and reduce stress. If you live in a city, look for parks or walking trails. Many cities also have outdoor fitness equipment that you can use for free.
Next, think about home workouts. There are countless workout videos online that you can follow from the comfort of your own home. Whether you’re into yoga, HIIT, dance, or strength training, you can find a workout that suits you.
All you need is a bit of space and maybe a yoga mat or some dumbbells.
Another option is to join a sports team or club. It’s a great way to stay fit, meet new people, and have fun. Many clubs offer discounted memberships for new members or have ‘pay as you go’ options.
Finally, remember that health isn’t just about physical fitness. Mental health is equally important. Activities like meditation, journaling, or simply taking time for yourself can improve your mental health and they’re completely free.
8. Entertainment
Living alone doesn’t mean you have to give up on fun. In fact, it can open up a whole new world of entertainment options. The trick is finding activities that bring you joy without emptying your wallet.
Going out with friends can be expensive, but there are plenty of ways to socialize on a budget.
Host a potluck dinner or a movie night at your place. Or, explore free or low-cost activities in your city, like free concerts, art exhibits, or community events.
Next, consider your hobbies. Do you love reading? Libraries are a treasure trove of free books, movies, and music.
When it comes to digital entertainment, there are plenty of affordable options. Streaming services like Netflix, Hulu, or Amazon Prime offer a wide range of movies and TV shows for a monthly fee. Or, you can check out free platforms like YouTube, Freevee, Tubi or Crackle.
Another great source of entertainment is learning something new. There are countless free or low-cost resources online where you can learn anything from coding to cooking. Websites like Udemy, Khan Academy, or Duolingo offer free courses on a wide range of topics.
Finally, don’t underestimate the power of relaxation. Sometimes, the best entertainment is a quiet evening at home with a good book or a relaxing bath.
9. Clothing and Personal Care
Looking good and feeling good are important, but they don’t have to come with a hefty price tag. With a bit of savvy shopping and some DIY magic, you can take care of your clothing and personal care needs on a budget.
When it comes to clothing, quality is more important than quantity. Invest in versatile pieces that you can mix and match, and that will last for years. Look for sales, shop at outlet stores, or consider buying second-hand.
Thrift stores and online platforms like eBay or Poshmark offer a wide range of pre-loved clothing at a fraction of the original price.
Another tip is to take good care of your clothes. Learn how to do basic repairs like sewing a button or fixing a hem.
Wash your clothes according to the care instructions and avoid using the dryer when possible. This will help your clothes last longer and save you money on energy bills.
Now, let’s talk about personal care. Drugstore brands often offer the same quality as high-end brands but at a much lower price. Also, look for sales and discounts, or consider buying in bulk.
Another option is to make your own personal care products. There are countless recipes online for homemade face masks, body scrubs, or hair treatments. Not only can this save you money, but it also allows you to control what goes on your skin.
When it comes to services like haircuts or manicures, consider DIY options. With a bit of practice, you can learn to do these things at home. Or, look for beauty schools in your area. They often offer services at a reduced price.
10. Emergency Fund
Life is full of surprises, and while some are welcome, others, like unexpected expenses, are not. That’s where an emergency fund comes in. It’s like a financial safety net, ready to catch you when life throws you a curveball.
An emergency fund is money set aside to cover unexpected expenses, like a car repair, a medical bill, or living expenses if you lose your job. Having an emergency fund can give you peace of mind and prevent you from going into debt when unexpected costs arise.
So, how much should you save? A good rule of thumb is to aim for three to six months’ worth of living expenses.
This might sound like a lot, but remember, you don’t have to save it all at once. Start small and make regular contributions to your emergency fund. Even a small amount, like $20 a week, can add up over time.
The best place to keep your emergency fund is in a separate, easily accessible savings account. This way, you won’t be tempted to dip into it for everyday expenses, but you can still access it quickly in case of an emergency.
11. Debt Management
Debt. It’s a four-letter word that can cause a lot of stress. But with a solid plan and some discipline, you can manage your debt and work towards financial freedom.
It’s important to understand your debt. Make a list of all your debts, including credit cards, student loans, car loans, or any other debt you might have. Write down the total amount you owe, the interest rate, and the minimum monthly payment for each debt.
Once you have a clear picture of your debt, you can start making a plan. There are several strategies you can use to pay off your debt, but two of the most popular ones are the snowball method and the avalanche method.
The snowball method involves paying off your smallest debt first while making the minimum payments on your other debts. Once the smallest debt is paid off, you move on to the next smallest, and so on.
The idea is that paying off small debts gives you a sense of achievement and motivates you to keep going.
The avalanche method, on the other hand, involves paying off the debt with the highest interest rate first. This can save you money in the long run, but it might take longer to pay off individual debts.
Whichever method you choose, the key is to make regular payments and avoid adding new debt. Also, remember to keep some money for savings and emergencies. It might be tempting to put all your money towards your debt, but having a safety net is important.
Also, don’t hesitate to seek help if you need it. There are many resources available, from credit counseling services to financial advisors, that can help you manage your debt and create a financial plan.
12. Income Diversification
In today’s dynamic world, relying on a single source of income can be risky. That’s where income diversification comes in. It’s like having multiple safety nets, ensuring that if one income stream dries up, you have others to fall back on.
One of the most common ways to diversify your income and collect extra money is to have a side hustle. This could be anything from freelance work to selling handmade items online. The key is to find something you enjoy and that fits your skills and schedule.
Plus, a side hustle can not only provide extra income but also allow you to pursue a passion.
Another good idea is to invest. This could be in the stock market, real estate, or even starting your own business. Investing can provide passive income, but it also comes with risks. So, make sure to do your research and consider seeking advice from a financial advisor.
If you have a spare room in your home, consider renting it out. Platforms like Airbnb make it easy to rent out a room or your entire home to travelers. Or, if you live in a city with a high demand for housing, you could rent out a room on a long-term basis.
Finally, consider upskilling. Learning a new skill can open up new job opportunities and increase your earning potential. There are many online courses available, many of which are free or low-cost.
13. DIY Skills
Do-it-yourself, or DIY, is more than just a trend. It’s a way of life that can save you money, give you a sense of accomplishment, and even become a fun hobby. From home repairs to personal care, there’s a DIY solution for almost everything.
Let’s start with home repairs. Basic skills like unclogging a drain, fixing a leaky faucet, or patching a hole in the wall can save you the cost of hiring a professional.
There are plenty of tutorials online that can guide you through these tasks. Just make sure to take safety precautions and don’t tackle jobs that are beyond your skill level.
Next, consider DIY home decor. As we discussed earlier, making your own decorations can save you money and allow you to add a personal touch to your home. Plus, it can be a fun and creative activity.
When it comes to personal care, DIY can also come in handy. From homemade face masks to DIY hair treatments, you can pamper yourself without the spa price tag. Plus, making your own products allows you to control what goes on your skin.
Cooking is another area where DIY can save you money. Eating out or ordering takeout can be expensive and unhealthy. Cooking at home is usually cheaper, healthier, and can even be a fun and relaxing activity.
14. Minimalist Lifestyle
In a world where more often seems to be better, choosing to live with less can be a breath of fresh air. Welcome to minimalism, a lifestyle that’s all about living with less clutter, less stress, and more freedom.
Minimalism is not about depriving yourself or living in an empty room. It’s about making conscious decisions about what you bring into your life and what you choose to let go. It’s about valuing experiences over things and finding joy in simplicity.
One of the biggest benefits of minimalism is that it can save you money. By choosing to buy fewer things, you can save money for other goals, like paying off debt, traveling, or building an emergency fund.
Minimalism can also save you time. Less stuff means less cleaning, less organizing, and less maintenance. This can free up time for things that truly matter to you, like spending time with loved ones or pursuing a hobby.
When it comes to adopting a minimalist lifestyle, start small. Choose one area of your life, like your wardrobe or your kitchen, and start decluttering. Ask yourself if each item brings you joy or adds value to your life. If it doesn’t, consider letting it go.
15. Travel and Vacations
Traveling and taking vacations are some of life’s greatest pleasures. But they can also be expensive. However, with some planning and savvy strategies, you can satisfy your wanderlust without emptying your bank account.
First, consider your destination. Some places are more affordable than others. Countries with a lower cost of living can offer a great travel experience for a fraction of the price of more popular destinations.
Also, consider traveling in the off-season when prices for flights and accommodations are often lower.
Next, look for deals. There are many websites and apps that offer discounted flights, accommodations, and travel packages.
Sign up for email alerts to get notified of sales and last-minute deals. Just make sure to read the fine print and check for any additional fees or restrictions.
When it comes to accommodations, consider alternatives to hotels. Platforms like Airbnb or Booking.com offer a wide range of accommodations, from private rooms to entire homes, often at a lower price than hotels. Or, consider staying in a hostel or a guesthouse.
Eating out can be a big expense when traveling. To save money, consider self-catering accommodations with a kitchen. Shopping at local markets and cooking your own meals can save you money and give you a taste of the local cuisine.
Finally, look for free or low-cost activities. Many cities offer free walking tours, museums, and attractions. Or, spend the day exploring a local park or beach. The best travel experiences often come from simply soaking in the local culture and scenery.
16. Taxes and Insurance
Taxes and insurance are two unavoidable aspects of adult life. While they can be complex and sometimes costly, understanding them and planning accordingly can save you money and give you peace of mind.
When it comes to taxes, the key is to plan ahead. Understand your tax obligations and take advantage of any deductions or credits you’re eligible for.
If your tax situation is complex, consider hiring a tax professional. The cost can often be offset by the savings from their expertise.
Another way to save on taxes is to contribute to a retirement account. Contributions to accounts like a 401(k) or an IRA are often tax-deductible, reducing your taxable income. Plus, you’re saving for your future, which is always a smart move.
Insurance is another area where smart planning can save you money. Whether it’s health insurance, car insurance, or renter’s insurance, it’s important to understand what’s covered and what’s not.
Shop around for the best rates and consider raising your deductible to lower your premiums.
Also, take advantage of preventive care covered by your health insurance. Regular check-ups and screenings can catch health issues early, saving you money on medical costs in the long run.
17. Retirement Planning
Retirement might seem like a distant reality, especially when you’re young and just starting out. But the sooner you start planning for retirement, the better off you’ll be. It’s never too early to start saving for your golden years.
First, understand your retirement needs. Most experts suggest that you’ll need about 70-80% of your pre-retirement income to maintain your standard of living when you stop working.
Take into account your current expenses, any debts you may have, and consider potential future expenses like healthcare.
Next, take advantage of retirement savings plans. If your employer offers a 401(k) or similar plan, make sure to contribute, especially if they match your contributions.
If you don’t have access to an employer-sponsored plan, consider opening an Individual Retirement Account (IRA). Contributions to these accounts are often tax-deductible, and the earnings grow tax-deferred until you withdraw them in retirement.
Don’t forget about Social Security. While it shouldn’t be your only source of retirement income, it can provide a base of income. You can estimate your future benefits by using the Social Security Administration’s online calculators.
Finally, consider seeking advice from a financial planner. They can help you create a comprehensive retirement plan that takes into account your income, expenses, savings, and investments.
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