How to Afford Living Alone As A Single Mom
Last Updated on May 7, 2024 by Kathy
It can be difficult to live alone, especially if you’re a single woman who has no other choice than to do so. You might not have to live with roommates anymore, there are some habits you can adopt to make your life more financially secure and being able to afford living alone while saving for the future.
Below are tips of how to afford living alone as single
To Afford Living Alone, You Must Know Your Net Income
To establish a budget and to start learning about finances, it is important to know what your annual earnings are. This figure will give you an idea of what you can and cannot spend.
First, take a look at your monthly salary. If you earn it monthly, multiply that number by 12 or 52, if it is weekly. When calculating your income, subtract taxes – this will ensure that you do not get the exact amount each year.
Once you have the figure, write it on a piece or Excel sheet. This figure will be used in all your calculations, so it is important to know what amount you have.
Reduce Your Utility And Rent Spending By 50-60%
Rent and utilities should not exceed 50-60% of your income. Utilities can include electricity, water, and gas. You should rent a place that costs between 20-30% of your monthly income. Keep track of your fixed expenses and understand what they are. This will allow you to analyze the money remaining each month and help you plan your budget.
Make Your Own Meals Help You Afford Living Alone
It is difficult to live within your means when food is added to the mix. We all long to eat out, order gourmet food or take-out pizza and Chinese almost every day. However, eating outside can be very costly.
It’s going to be very hard to save if you do it every single day. You can learn how to prepare your meals at home, and meal prepping for a whole week so that you not only save money but also time. You can save time by doing your grocery shopping on the weekends.
Make sure you have a list of grocery items so you don’t overbuy. If you really crave something special, allow yourself to have 1-2 cheat meals throughout the week. Don’t spend too much on fancy kitchen equipment.
Quality is more important than quantity. You will be able to cook healthy meals for a long period of time if you invest in sturdy pots and saucepans.
Adopt Minimalism Helps You Afford Living Alone
Avoid buying unnecessary things. Everyone should practice minimalism. I spent a lot on stationery, books, and cups. All of this was changed by minimalism. Even how I maintain a capsule wardrobe was something I learned.
This has allowed me to not only save so much money but also helped me clear my home and given me so much space. Learn to understand minimalism.
Minimalism will allow you to live a more social life. It will teach you to place more value on relationships and hobbies than you do on items. After I started minimalism, my entire outlook on happiness and life changed. It was just another outcome that I got.
You can make a shift towards sustainable living. Glass storage containers are healthier than plastic and can last for a lot longer. This is also a one-time expense.
Make A Personal Budget
All my expenses are recorded on the Pocket Expense App. It is a great tool that allows me to see where my money is going. Once you write down your expenses, you can also select a category like (medicine/groceries/eating out/pets/etc. This will allow you to see how much money is going into which category each month.
After you have determined your spending, you can create a budget to help you live within your means. Also, you can look at your expenses to determine which costs you would like to eliminate so you can live a better life.
It will take some time to set up and optimize. However, this one habit of tracking your expenses can help you save money and make it possible to live comfortably.
Digitalize As Much As You Can
My life was shaped by books, paper, stationery, and other stationery. This was my weakness, and I realized that it was a huge space hogger in my home. I began to focus on getting rid of paper and sketchbooks that were no longer needed. I then switched to using my Notes app rather than physical planners.
My Notes app is simple and allows me to write all the things I need. It has made my life so much easier. Because I have my Notes app, it is very difficult to forget anything. It is both for personal and professional use.
Make Sure You Invest In A Quality Mattress
You can also find your mattress at your local thrift shop or buy your furniture online second hand. You can make a list of all the furniture that you need.
It’s not necessary to have everything at once. Set up expenses for your first move are low so you can use the money to pay rent or food. If you are really tight on your budget, don’t compromise on a mattress.
Because sleep is so important. Your work will be affected by how well you sleep. A good mattress is essential.
Find A Roommate To Reduce Budget Helps You Afford Living Alone
You can share your living expenses with a roommate and reduce your monthly spending. There are many benefits to having a roommate. While it might take time to find someone who fits your lifestyle, it is worth considering if you are looking to cut down on your living expenses.
If you feel uncomfortable sharing your home, you can look at your income to determine a better place to live. This will require a lot more house hunting and moving.
Use Public Transportation As Often As You Can
Look for work-from-home opportunities or live closer to your workplace to avoid having to commute as much. It will save you time and money by staying close to your workplace. Even if you commute 30 to 60 minutes, you can still cook and have everything ready for the next morning.
When looking for a place to call home, consider your time and money. Cars can be expensive. There are taxes, maintenance and services. Use public transport whenever possible and only purchase a car if you feel the benefits outweigh any cons.
Limit Your Social Life
While it is fun to socialize every day, if you only live to party with your friends then it will drain you financially, mentally, and physically. You don’t have to be alone in order to live well. Socializing can be expensive, especially if you go to bars, restaurants, and pubs every day.
There are many ways to have fun, socialize and spend almost nothing. You might consider making friends with people who enjoy talking and communicating about the same interests. You might think about playing board games. Most importantly, however, it is possible to live alone in a large city while still enjoying your company.
Socializing can be done on a weekend or on a weekday. Because it’s nice to have a break in the middle of the work week, my friends and I meet up every Wednesday.
Learn How Money Works
To live in modern society, it is essential to understand how money works. Unfortunately, colleges and schools don’t always teach this to our children. We need this information more than ever. No matter where in the world you live, learn how to earn, spend, and save money.
Also, once you have learned about money, keep excel sheets in your computer to track how much you earn and how much that you put back into your savings accounts. It is important that you have a reserve fund in case of an emergency.
You might get hurt, and you will need to pay out of your pocket. You might have to pay for repairs or your car may fail. There are many possibilities. It is important that you save money for these occasions.
You can’t get back the time you put in now to work. Spend time increasing your savings. One concept that is often overlooked is the fact that you must earn more than what you spend to increase your savings. If you continue to accumulate debt, your credit cards will not save you.
It is crucial to save as much money as you can and build your nest egg. Clear your student loans as soon as possible to build your nest egg. It is important to save more money to be able to live independently. You never know when you will need it. Knowing more about money can help you live independently.
More On The Experiences
Focusing on the experiences and not the things is the best way to live your life. This is the opinion of someone who has spent her entire life trying to buy things. These are temporary joys, not experiences. It was a great decision to shift from the physical world to make memories with family and friends from day one.
It’s easy to purchase and acquire new stuff, but it can be difficult to sell it or find buyers for it. To be happy, you don’t need much. Focus on hobbies that bring you joy and make you happy when you’re free. You can also find fun ways to spend your money without wasting it.
Finding A Freelance Job Helps You Afford Living Alone Style
Freedom is possible through freelancing. Single moms can make a lot of money by working online and taking on clients. It is important to improve your skills so you can make extra money.
You can continue to freelance and make money from the side. This will allow you to be more focused on your side-hustle. Side hustles can be a great way for you to try the waters and make a living doing what interests you.
When your side hustle is generating enough income to sustain you, you might consider quitting your job to work full-time with your side-hustle. It is possible to make a living by starting a side business.
