According to a population survey there are 8.2 million single people living in UK. Another survey on economics says that single people spend more money, almost an average of 92% of their disposable income as compared to couples that spend almost 83% of their disposable income. In order to save money nowadays one of the best ways is to avail the single person’s council tax discount which can help you in saving you up to £ 6.13 every week. You may also apply for one person household benefits through which you can save up to £ 95.77 each week. This is all the money you get paid for being alone. But you also need to figure out how much does it cost to live on your own, in order to determine the cheapest way how to live on your own. There will be a lot of content on this matter such as meal planning for one, etc. But here we are trying to establish the cheapest way by which you can afford to live while living in a rented accommodation, since the house rent takes a bigger chunk of your income.
- Saving Money
It will be difficult, in fact an almost impossible task to save any money from your disposable income. Once you are done with your house rent and utility bills you will barely have enough to spent on your daily expenses such as traveling, grocery, and leisure activities. Therefore, it is wise to save money on the things you buy. If you are living single and do not have a fortune to spend then you should save money on your outfit, a second-hand outfit can save you £ 26 every week. Installing a water meter is also going to contribute towards this cause as it can help you save almost £ 2 each week. You can also save up to £ 6 on electric and gas supplies, if you change your energy suppliers. You can also do without a new iPhone by keeping instead your old phone. This way, you can save an aggregate of £ 8,500 in a year.
- Shared accommodation
While you are living alone it is easy to save a lot of money on shared accommodation. However, you need to be a little bit more flexible regarding the standards of living. You have to control your temptation of having an attached bathroom. Which can save you almost £ 20 by having a shared bathroom. Also you can share meals and cooking if all your room mates are willing to contribute. Your budgeting can also become a very easy task if you sign up for shared accommodation in a place where your bills are added in the cost of rent. At times even your insurance is also covered in the accommodation rent, but this needs to be confirmed with the landlord. There’s absolutely no use of things like expensive video game consoles and Netflix if you are going to be in university or going to social occasions with your new flat mates. But if it is that important to you then you can have shared Netflix accounts. Sometimes, the furnished apartments also come with a number of house items which you do not have to shop for if they are already available in the accommodation.
- Bulk purchasing
Buying in bulk is the main thing that can cut costs for a major portion of your expenses. This is how you will be able to split the bills for everything you buy. It includes the daily grocery and even down to the toilet roll. Buying food in bulk is the cheapest way of food purchase as well as cooking in bulk, since cooking for the whole house is eventually going to cut costs and save money. You can do this a few times a week and it only costs up to £ 5 to feed six people. Moreover, if you cook at home, it is much cheaper as compared to ordering fast food. Another way of cutting down on your grocery expenses is to get loyalty cards which can gradually decrease your expenses. Also, it would be very wise to start buying local brands which are cheaper as compared to expensive brands. It is best to switch to packed lunches instead of paying £ 6 on your meal. It is going to make a huge difference in your budget.
- Managing your bills
Nowadays several people are using the options such as students’ package etc which groups together all your utility bills such as electricity, gas, and internet. This is how you can avail all these services and still be able to save some of your cash. Many places offer you free Amazon prime or any other facility such as free internet, which is available at Cromwell Court. You can manage your travelling expenses if you carpool or go to university on a bus. You can save a lot through conserving energy, water and using the air conditioning moderately. There’s another very simple way to save money and that is to go home on summer vacations so that you don’t have to pay rent for summertime.
Living as a single person whether you work or are away from home as a student can be an exciting time for you and you can save a lot of money instead of spending way too much. These tips are going to help you a lot in managing your finances and making most out of your time and money. Plus, the money you saved can be used some where more important, it can even help you find financial stability in your life if you live like this for a long period of time. At Cromwell Court we offer shared accommodation which can be helpful to you as we have a lot of the above-mentioned facilities that will contribute towards your savings while you are in the city as a student or a worker.