Everyone wants to save money, even a bachelor. A bachelor is someone who lives alone or in simple terms, you can say, who is unmarried.
A bachelor lifestyle is perhaps the happiest, some say. You get to live alone, enjoy things with your money, there are no dependencies, you can do and buy whatever you wish to.
You are earning good and spending endlessly. You think you won’t get this life again, so let’s be happy and fulfil the maximum wishes you have.
Now, imagine there comes a situation in your life when you need to have a lump sum of money. Although you earn a decent figure but you have a little savings. Suddenly, you are struggling financially to accumulate money for the emergency purpose.
This wouldn’t be the case if you have enough savings, even as a bachelor.
We all were bachelor once, and we all had our share of stories. Usually when you are a bachelor, you love to live by your rules. Whatever you are earning, you wish to spend on yourself, in purchasing latest technology gadgets, travel and so on.
Saving money for a bachelor can be challenging and fruitful. If you save money as a bachelor, imagine how much can you save when you will reach the mid-age.
You won’t have any debt later if you save smartly now.
This article is for all the bachelors who are looking for an answer to how to save money as a bachelor. If you are earning, you must learn the ways to save money too.
How to save money as a bachelor –
Set a monthly budget
The first step to living on a budget as a bachelor is to stay within your budget. Set a monthly budget right after you get your salary in hand. Differentiate and learn what are your wants and needs.
Budgeting is important, whether you are a bachelor or a family person. Your monthly expanses vary if you are living in a city or suburb.
Create categories for what you spend your money on, like monthly groceries, utility bills, entertainment, medical, and so on.
Track your spending. See where you have spent more and if it is unnecessary, then stop spending there from the next month.
People use different tools for budgeting. Some use dairy or some use apps. These days, there are several budgeting apps that are easier to track the money.
I am an old-fashioned person. I like old ways, so still using dairy and pen for my monthly budgeting.
Stop ordering food
Mostly bachelors don’t know how to cook good food and that’s the reason why they keep ordering food from outside. Many don’t realize how much one can save by just cooking at home themselves.
It is understandable after working for 9-10 hours and then commuting 1-2 hours, when you are back at home, you hardly have the energy left to cook.
But also, you are spending way too much on takeout food. Even if you go cheap.
If you are sharing your room with a roommate, you can share the cooking duties. Or, if you are a privileged bachelor earning a decent figure to stay alone at an apartment, you can plan your meals for the week.
Either way, cooking your meals can help you save more and you can use the money somewhere you need.
If you don’t know how to cook, no worries. The internet is filled with delicious and easy cooking recipes. Try them out and see how in a month or so you will love cooking for yourself.
Do Mindful Spending
Financial stress can affect your bachelor lifestyle. Don’t disrupt your livelihood, keeping in mind about budgeting all the time.
You must take a proactive initiation towards an efficient money management.
If you become overly conscious about money and spending, budgeting won’t do any good.
Follow mindful spending to take control of your money issues. Recognise and understand what are your needs and wants. For example, buying groceries is a need, but buying a 50USD imported cheese is a want.
Bachelors usually don’t think much before spending. They buy what pleases them. But when you are on a mission to save money, you have to spend wisely.
Avoid any addictions
Addictions are harmful for health and for your money management, too. Addictions to alcohol, cigarettes, gambling and drugs can cost you heavily on your finances.
Bachelors love to party, drink with their friends and love to have fun in a grand way. They don’t think twice before spending all the money in the useless entertainment.
Do you know you can save at least a 700 dollars in alcohol monthly? Some prefer to purchase high quality and branded liquor to please themselves.
Yes, it’s your money and you are purchasing with your money. But what’s the use of it? It is not healthy for you, neither purchasing such an expensive alcohol is giving you any additional benefit.
Likewise, tobacco products, which are highly taxed in most of the countries, everyone knows it is associated with health risks. Then why to spend money on this?
Instead, you can quit smoking, start following a healthy lifestyle and save more money.
It will save you on health insurance premium too.
Save on dates
When you are a bachelor and have a partner, going on dates are normal. Include them in your budgeting too.
You have spending on food, gifts, nice outfits, occasional special date and so on.
It’s no crime to spend money on the person you love. But keeping in mind about your budget, you can certainly control your expanses on a date.
Although it is said that a date can be expensive, but it doesn’t have to be if you have clever ideas to impress your love without spending much.
I have had articles written in budget-friendly dating ideas, you can check them out.
But there are a few things you can do on a date that can save you a lot. You can save money in restaurants by cooking and arranging dinner date at home.
Replacing expensive gifts with thoughtful gifts is not a bad idea.
If you have written a song or poem, you can surprise your partner with a backyard picnic.
There is so much you can do to save money on dates.
Avoid Purchasing Latest Tech Gadgets
Most bachelors like to keep up with the latest tech trends and possibly buy every new gadget that comes out. You can buy whatever you want to when you are a rich kid. But when you are a middle-class bachelor, you can’t think of purchasing every new gadget that’s available in the market.
Yet, some fell into the trap of impulsive buying and end up becoming financially dried up by the end of the month.
I know it’s hard to resist buying when you see a brand new iPhone or a new MacBook Pro right around the corner of the store. But keep in mind the purchase price.
Think before buying and ask yourself, ‘do I need this now?’
It is wise to spend some money on things that are essential for your daily life, rather than investing in things that are unlikely to last long and that are expensive.
Buy a used car
When you are a bachelor, you can opt for purchasing a used car rather than a new car as it will save you money. People usually have a misconception that purchasing an older vehicle means lower the quality and it won’t run longer.
Before you consider purchasing a previously owned car, you have to check the miles and the maintenance of the car.
I know it won’t be as exciting like purchasing a new one. But based on your needs, you can buy an older one now and later purchase a new car when you have enough savings.
Say No to Loans
Loans are evil. You may feel that getting a loan makes it easier for you to buy a home or car or anything, but it’s the reverse.
I am paying the EMI for my home loan and unfortunately; I am feeling the burden. Whether a bachelor, you should always avoid taking loans.
Use your credit cards wisely. If you need an extensive amount soon, say for buying a home or education. You better start planning your savings from now.
Save at least 20% from your salary
If you are earning a decent figure, save at least 20% from your salary. Either you put that amount in a savings account or invest where you can grow your money.
The purpose is to not spend all your salary. Save a little every month from your salary will help you build up some funds in a few years.
If you maintain a discipline of saving 20% every month from your salary, this will ensure you in the long run that you have enough funds to live a comfortable life.
To save more, you have to look for opportunities where you can grow your money. There are several ways to do that.
You can start a side hustle to double your income. You can do some investment in mutual funds, stock and businesses.
Look which is the safe source where you can invest your money and earn some extra interest.
When your money gets double, you can save more and reinvest them to grow even more.
Cut back unnecessary monthly expenses
It is important to trim your monthly expenses to save money. Things that are unnecessary don’t include them in your list of purchase.
For example, you have a pair of two shoes, even if you love and want to buy another for yourself, consider that purchase as unnecessary. You can save at least 50-60 dollars extra.
If you don’t use all the streaming channels, cancel the subscriptions.
If you can stick to the grocery list only, you can save more.
The sooner you trim down your monthly expanses, the sooner and better you save.
Save maximum on grocery shopping
I have listed out the ways in an article ‘How to save more on groceries.’ The article covers every possible way to save more on groceries.
As a bachelor, you can save even more. To make it simpler, make a list of your daily needs, stick to the list, use coupons, look for discounts, support local and carry cash.
Follow these simple tricks and see how much you can save.
When you have a family, it becomes a little more challenging to save on grocery shopping as compared to a bachelor.
Share house rent
Shared living spaces are common when it comes to bachelor. It is also a sustainable option for any bachelor.
When I was a bachelor, I used to earn 30k-40k (INR) monthly, and it was almost impossible to pay the rent alone for an apartment.
Sharing an apartment with a friend or colleague is logical if you want to save money at the end of the month. Both can share the payment for the utility bills, rent, food and so on.
Do a side hustle
There are so many side hustle jobs you can do to earn a little extra. Mostly bachelors are flexible with their timings. They usually don’t have added responsibilities apart from their work life.
Instead of hanging around with friends and partying, you can use your time to add value to your life. You can do jobs as per your interests.
For example, if you are fond of photography and have in-depth knowledge, you can turn your passion into an earning source.
You can start freelancing and get clients.
If you are good at logo designing, use your creativity and be available to be hired.
Side hustles helps save more money.
Enjoy your bachelor’s livelihood, but be responsible and wise when it comes to spending.