Tips on How to Save Money for Single Men

Tips on How to Save Money for Single Men
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Saving money as a single man is easier said than done. The overall social structure for most men emphasizes spending money. There are many methods for saving money that single people can choose that couples and families can't, but many young men reach adulthood without the habits in place necessary to form fiscal discipline. According to a study performed by Experian and published in the USA Today, the average debt load of people aged 22-29 is $16,121 as of 2006. That's more than enough to put a damper on a young man's quality of life.

Frugal Housing

One of the largest fixed costs of living is housing. Before you establish a career, it can be a serious mistake to take on a mortgage. Two better options for young, single men are living with family or living with roommates. Even in urban areas with otherwise high rents, it's possible to share apartments or houses for significantly less than renting yourself. Rents in New York City, for example, can range between approximately $1,000 per month in select neighborhoods in the outer boroughs to $4,000 per month and above in wealthier neighborhoods. Splitting those apartments between two or three people can save thousands of dollars per year. Living at home, of course, can save a young man well over $10,000 per year even if he kicks in some money for food and utilities.

Lower Discretionary Expenses

Consider cutting down on monthly discretionary expenses, such as phone bills, cable bills and Internet bills. Instead of using an unlimited phone plan, you can save substantial amounts of money - at least $100 per month depending on how heavily you use those services - by switching to a prepaid plan and forgoing data services. You can cancel your cable television subscription and either find new hobbies or rent DVDs of television shows later on, saving you anywhere between $30 to $50 per month. If you live with roommates or at home, you can share a broadband Internet connection, cutting monthly bills to $20 or less.

Meals and Snacks

Learning to cook is one of the best money-saving skills you can learn. Meals at restaurants usually cost at least $10. Most cooked meals cost well under $5, especially if you purchase the raw ingredients and prepare it yourself. It's also wise to avoid spending money at bars and other similar venues. Alcoholic drinks are usually marked up at least several times when served at a bar or restaurant. For example, you can buy a six pack of high quality domestic bear for $12. The same beer will usually cost $5 to $6 for one serving at a bar. Entertainment at home is almost always more economical than going out.

Debt Reduction

Paying down debt as quickly as possible and paying off credit cards in full every month reduces the amount of money that you need to spend on interest payments. Debts add up quickly. Student loans in particular can eat away at your ability to save. Paying those off more quickly than required can cut down on your stress level and improve your budget flexibility.