A Single-Minded Savings Plan

By Paula Santonocito

lanyandpiggybankSingle women are generally at a disadvantage when it comes to savings, mainly because there’s often no one with whom to share living and other expenses.

In fact, for single women it can be difficult to make ends meet, never mind save money.

But there are ways to cut back on expenses so you have more to sock away.

Here are a few ideas:

Take more trips to the supermarket and buy less each time. Why? If you’re like a lot of single women, especially single women who live alone, you tend to overbuy fresh produce, baked goods, and other items that spoil. As a result, you end up throwing away a lot of food. By buying only what you’ll eat, you won’t waste food and money.

Avoid being taken in by sales. If you’re a single woman on a budget, you’re probably also a bargain hunter. After all, what single gal doesn’t love a sale, especially a clothing sale? Trouble is, when you find a great deal you sometimes talk yourself into buying an item you wouldn’t otherwise purchase. Think not? Look in your closet. How many sale items do you have that you’ve only worn once? How many items still have tags on them? Remind yourself: It’s only a deal if you will really use the item.

Know your shopping weaknesses and do your best to avoid temptation. Every single woman has a shopping weakness. A lot of women cite shoes as their obsession. But would-be savers can be defeated by more than their feet. One woman tells of an addiction to handbags even though she never uses them. Another single woman is lured by dresses, even though her closet boasts plenty of them and her lifestyle rarely calls for wearing a dress. How do you avoid temptation? Ask yourself if you will really use the item, and ask yourself if the money could be put to better use…like say toward a vacation.

Stock up on essentials when items you use regularly are on sale. Items you always use, like deodorant, vitamins, toothpaste, and other essentials, as well as lingerie, towels, and sheets, frequently go on sale. And when they do, the savings can be significant. That’s the time to buy, in quantity.

Other savings tricks have to do with setting aside money. To this end, why not consider an automatic savings plan?

By committing to a checking account deduction of even $200 per month, you can accumulate a respectable chunk of change in no time, especially if you invest through a company like TD Ameritrade, which allows for stock trading. One single woman who signed up to supplement her savings two years ago now has $6,500, and it’s money she wouldn’t have otherwise saved.

Isn’t it time to start your single-minded savings plan?

Other SMW Money Channel Articles

Why Single Women Need Life Insurance

The New Realities of the Housing Market

The Grass May Be Greener A Thousand Miles Away

Saving Made Simple