So much of the money-saving advice on the internet is targeted towards women, but the simple reality is that everyone (even us guys) needs to know how to save money. Whether you’re an entrepreneur with a booming business or a college grad just entering the workforce, knowing where to put your money is a must.
Of course, saving and spending are both unisex activities, but there is actually an observable difference in how men and women spend their money. While women are more conscious about price in their regular expenses, men have shown more interest in taking risks in investing.
Men are also shown to usually spend more on food and cars than women, but hey, knowing your pitfalls is a step towards using your money wisely.
How to Save Money When You’re Single
Keeping in mind the tendencies of men when it comes to using money, these are some saving tips for the go-getting guy.
1. Learn how to service your car.
We all understand the need to keep our cars in their best shape as much as possible. This often means frequent trips to the auto shop to get some maintenance done or even install a couple of upgrades here and there. When your car’s warranty is up, this can mean racking up quite a few expenses.
Learn how to do your own car maintenance, such as changing the oil, pumping tires, and even washing your car on your own. Seek help from a friend or even watch some tutorial videos online to improve your skills!
These wise practices don’t just apply to your personal car, either. If you run a business that requires you to use a service or even heavy-duty vehicles, you can save up on costs from wise maintenance practices. For instance, choose to get aftermarket diesel engine components instead of OEM parts that can cost more.
2. Cook more meals at home.
All those nights out and takeout orders are draining your monthly budget more than you think they are. Learning how to cook your own meals does not just save you money. It also lets you gain a new life skill. Your meals can even become healthier if you start taking charge in the kitchen!
You don’t have to start fancy. Just a few beginner meals can help you save on expenses and slowly hone your skills to accommodate more dishes. If you’re busy during the weekdays, you can cook a larger volume of food on the weekend and reheat it as needed during the workweek.
If you tend to be a snacker, expand to healthy snacks that you can make and consume at home instead of going out for a burger.
3. Use more coupons.
You have no idea how much money you can spend on your necessities by using grocery coupons and watching out for special discounts and sales.
To make sure you don’t miss out on any good deals, sign up for email alerts to your favorite stores and download coupon apps that provide discounts for different establishments. Some apps even allow you to compare the prices of items in different stores to make sure you get products for the best price.
Take advantage of loyalty programs, too, for special member rates and freebies. When shopping online, watch out for website-exclusive promotions and flash sales on things you need (not just things you want!) to maximize savings.
4. Consider alternative modes of transportation.
Your car is one of your most prized possessions. Not only do you want to take care of it, but you also want to keep using it. However, think about all the money you throw into filling your gas tank.
You don’t have to stop using your car entirely! Alternate between different modes of transportation to cut down on fuel costs.
For example, choose days in which you will walk to the grocery store to run errands. On other days, you can ride your bicycle instead. These other transport options also keep you fit and healthy!
Still unconvinced? Use a gas calculator to check how much you really spend on fuel for your travels.
5. Fight the temptation to buy the latest stuff.
It can be hard to fight the desire to own the newest “in” gadgets, clothes, and the like. But you know what they say, if it ain’t broke, don’t fix it!
Sometimes, you have to learn to live with what you have! You don’t need all that new stuff if you already have what you need.
Habit changes are not the only things that help you save money. A change in mindset also guides you towards better financial decisions.