Frugal YouTuber Kate Kaden has tons of ideas when it comes to saving money, and in a June 7 video, she offered tips on how to save when you live alone.
If you want to live frugally — in other words, living modestly, saving money and making very conscious financial decisions — there are some steps you can take that Kaden deemed “realistic.”
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Kaden laid out seven specific ways single people can save and stop losing money.
Stock up on essential items
First, according to Kaden, you should try to stock up on the essentials — think things like toothpaste, soap and detergent — when you see them on sale.
“It’s gotten really crazy in the food world, hasn’t it? People say that when you get a cart full of groceries, it’s like a luxury these days, so at a time when groceries are so expensive, and we have to be very intentional about our spending, intentional when we buy food , she said in the video.
For example, she said that when she shops online, she buys items that are on sale.
“If you have toilet paper for sale, take it; if you see coffee and you make coffee at home, take it,” she added.
It’s a strategy other financial experts have promoted, including entrepreneur Mark Cuban, who recommends buying everyday items — like toothpaste — in bulk or when they’re on sale.
“You’re better off buying toothpaste for two years when it’s at 50%; that’s an instant return on your money,” he said in a 2023 video. “When you see a sale on any of your must-have reusables, when they’re on a big sale on Amazon, buy them , because chances are their prices will go up, but that’s a real savings you put in your pocket.”
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Make simple meals
According to Kaden, that’s one advantage of living alone: You can eat what you want and you don’t have to cater to other people’s tastes — and, as she put it, “not every meal has to be perfect.”
If you live alone, take advantage of the situation and simplify your life.
“You can only eat a simple meal, eggs and toast. You can make a sandwich for lunch,” she said.
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Make the most of your leftovers
Another tip if you live alone is to make the most of your leftovers, Kaden said. For example, she said you can repurpose proteins for a “fresh new meal” by putting them on a pizza.
Be relentless about saying ‘Yes’
As Kaden pointed out, if you’re trying to save money and be frugal, you’ll need to make conscious decisions to go out and try not to say yes to every invitation.
“When they invite you to things, you have to think, ‘OK, how much is this going to cost? Am I really that interested?’” she said. “When you’re trying to save money, I would limit it to only doing the things that really spark a yes.”
And as she argued further: “It’s important to reduce your commitments in order to really get what you really want.”
Build a budget buffer
According to Kaden, the so-called “budget buffer” represents a month’s worth of spending in your checking account.
“It’s a setback when things get messed up for whatever reason,” she said. “This will prevent you from throwing your budget out the window when you make a mistake or something unexpected happens.”
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Try a ‘No Extras’ Week
In other words, she said, try not to spend your money on anything other than bills and groceries for a week.
“Do your normal things, but just don’t buy anything extra. You don’t need shoes this week, you don’t need an extra outfit, you don’t need to go out — keep it simple,” she said. “See how it feels. You might find you can do it for another week. .”
Plan for guilt-free spending
While this advice may sound surprising at first, Kaden argued, “Sometimes, if we’re feeling stuck, we want to spend — we want to spend for revenge. We want to rebel against being on a budget.”
She suggested choosing a small amount of money each month to spend on something you want guilt-free.
“It helps loosen the reins and helps bring the idea that nothing has to be so restrictive and narrow,” she added.
pour in
Last but not least, Kaden emphasized the importance of investing “so that while you’re working back at your 9-to-5 or whatever your work situation is, your money is making money.” .
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This article originally appeared on GOBankingRates.com: 8 ways to save money if you live alone, according to Frugal Living YouTuber Kate Kaden
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