As a bachelor, my short-time financial goals revolve around getting a better house or buying my dream car or perhaps settling down with my significant other. Regardless of which goal I want to achieve first, I can only achieve it by starting to save. This is a difficult task because I have close friends who would do anything to persuade me to go out on the weekends. However, there are tips that I can adhere to if I want to achieve my goals.
Emergency savings fund
One of the mistakes that I’m bound to make as a bachelor is not to allot money in my emergency savings kitty. This is because I can lose a job any time and get evicted from my apartment, or get a problem that would need a lot of money to solve. But by making savings in my emergency kit, I will be best placed to handle the situation should I lose my job.
Paying down my debts
Although it might sound counterintuitive to saving funds, clearing my debts is a sure way of freeing up space in my budget. This comes in handy particularly in instances where I rely on my credit card to sustain myself while paying off the minimum amount monthly. Slowly but surely, paying off my credit card will increase the funds available for my main projects.
Tracking my budget expenses
Like most bachelors, creating a budget and tracking my expenses could be tricky. However, with a clearly defined goal like buying a car, I can motivate myself to track my expenses. One way to achieve this is by doing away with foregoing items that I consider not necessary in my budget. The closer I get to the amount I need, the more I save so that I buy that fancy car. I can also look at how an invoice price on a certain car I’ve picked out can help me, as it’ll show me how much it actually is and what the dealer paid for it so I do not pay over the odds and can get it for a reasonable price.
Desist from ordering takeout
Being single doesn’t mean I have to rely solely on takeout food. This habit not only strains my budget but also impacts my health negatively. Instead, I’ll choose to prepare food and beverages at home.
For instance, I’ll be mindful not to overspend on fancy coffee. While the coffee shop may seem convenient after work, the cumulative expenses can become overwhelming. To curb this, I’ll invest in a decent coffee maker like the latest machine by Breville (since I can’t go without my morning cup of Joe). This way, I can enjoy my favorite coffee without breaking the bank, promoting both financial and health-conscious choices.
Not keeping up with the trend
Some things can make a bachelor go crazy like tablet computers, mobile phones, and gaming consoles, and I’m not an exception. While there is no harm in buying these fancy gadgets, making it a regular habit can inflict a huge deficit on my budget. Technology evolves fast and keeping up could be costly.
For instance, a gaming console that cost me thousands of dollars to purchase could probably be obsolete after a year or depreciate due to the newer models in the market. Based on experts’ reviews, I’ll wait for about four months after the release of a new gadget before I buy it when the prices are lower.
Saving on online stores
When shopping online, there are tips that I always consider to make some savings. Firstly, I always compare the price of the item that I want to buy from different merchants. Secondly, I go for voucher codes or online coupon codes which offer discounts, or in some instances, free delivery. Before paying, I make sure that the payment method has military-grade security to ensure that no data is stolen from my credit card.
Securing assets
Getting a car or health insurance is critical in the event of an accident or sickness. This is also a must-do thing even if I’m staying in a rented apartment as disaster can strike any time.
