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How to Save Money—4 Tips for Single Men

How to Save Money—4 Tips for Single Men

Saving money is a difficult task for most people, especially for single men—the overall social structure of almost every man is closely related with spending money. A report by Experian that published in the USA today reveals the fact that as of the year 2006, the average debt load of a young man is around $16,000—that is more than enough to live a high quality life for a young man! There are tons of ways for a single man to save a lot more money than a couple, but some single men just don’t know how to save effectively. Here we list four most important tips for single men to save more.

1. Cut the cost for housing.

The expense on housing is probably the largest share of your fixed expenditure each month. If a single young man could live with his family or find a roommate to share the apartment, then at least thousands of dollars can be saved per year, especially in large cities like New York. Of course, if you choose to live with your family, it’s you responsibility to kick in some money and contribute for the food and utilities.

2. Lower the expenses that are discretionary.

Another way to save money is to try to lower your discretionary expenses each month. Such expenses include but are not limited to your utility bills, phone bills, cable bills, Internet bills, etc. Change your smart phone with unlimited data plan to a prepaid phone with forgoing data service can save you substantial amount of money—at least $100 per month! If you can find other habits and disconnect your cable TV service, then another $30 to $50 is saved! Also, try to share the Internet connection and split the bills with your roommate and you can save another $20 or so.

3. Learn to cook and save on food and drinks.

Learning how to cook is a must-have course for a single man and also one of the best way to save as well. By comparing the price of meals in restaurants and the raw materials in market you can figure out that by cooking meals yourself you can at least save half the money that you spend on the cooked meals. It is also another wise way to save that you avoid alcoholic drinks since the price will be several times higher than that you buy outside the bar or restaurant. Hence, if you want to get some fun with your friends, hold your party at home instead—it is always more economical than going out.

4. Reduce your debt by paying off quickly.

Another large monthly cost for single men is the interests for your loan or credit cards. If you can pay down the debts and pay off credit cards as quickly as you can, you don’t have to spend that much on the interest payments. Paying off debts quickly can not only cut your stress level, but also improve your budget flexibility.

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