Written by Emiley Phillips
Image via Pinterest
Living alone has its perks and benefits when it comes to money. On one side, you have less mouths to feed and less people to keep warm, but on the flip side, you are on your own with covering all the costs.
We hear ya! It isn’t an easy world. But here we have some top tips to help you with saving money:
1) Take advantage of the government and council support
If you didn’t know if already, when you live by yourself you can benefit from 25% off your council tax bill. You could save a lot from doing this. Be sure to get in touch with your council to inform them of your living situation and ask them to accordingly arrange the deduction.
For some background information; the reason this occurs is that council tax is calculated on the view that there are two or more people living in the property, hence if you are living alone you do not have to pay as much.
40,000 people challenged their council’s tax band in the period of 2020-21, and two in five saw their band change as a result – this could be you!
2) Install a water meter
Water companies operate in certain areas of the UK so switching suppliers is not so simple. However, if you ask to have a water meter installed this can help reduce your bill dramatically – and the installation of one is free! Who doesn’t love a freebie?
Ultimately, how water companies estimate your usage is based on assumptions from how many people live in the property and the size of it. So, if you have more bedrooms than people living in the house then switching is going to be worthwhile. If you have a meter, then this will keep a more realistic usage amount.
3) Second hand shopping
Second hand shopping can be done in the form of charity shops, or online by sites such as eBay and Vinted. With a variety of goods available and most being top quality, you have nothing to lose. Plus you can reduce your environmental impact in the meantime!
On the flip side…start selling some of your goods. For example, old clothes you do not wear, or your old book collection – people are out there searching all sorts on Facebook Marketplace these days – could your belongings go to a better home, whilst you reap the benefits of some income?
4) Be energy efficient
As mentioned above, there are less bodies to warm up when living alone, so you can be more in control of your energy. Simple tips are:
– Try not to leave electrical items on standby
– Reduce the running cost of your fridge and freezer by keeping them stocked up
– Turning your heating on when you are in the room/house only and not when you are out
– Ensure your property is insulated to its maximum
– Block drafts where possible
In addition to this you can do your research and switch providers. There are various out there, all with different tariffs, so find the one that is right for you. Compare the deals! Moneysupermarket.com is always a good place to start for help here.
5) Cut food costs
Cutting food costs does not mean cutting food intake! You can be clever about it, save money and still have delicious meals.
Firstly, consider planning ahead your meals for the week. Having a food plan allows you to know what to buy when you go shopping, and not buy things that will go to waste. Shopping lists should be your best friend! It also brings benefits of better organisation for the week and even creativity from finding new recipes.
You can also compare shops and see where you can get the best discounts. Aldi and Lidl are doing well for cost saving if you can compromise on brand loyalty of products. (top tip…avoid being a brand snob!)
Stock up on food that can be kept in the cupboard or freezer. This allows you to save any leftovers for a later date so you haven’t got to throw remains away – and it still will taste as good!
Go shopping after you have eaten…it may sound silly BUT if you go shopping when you are hungry you are more likely to splash out on convenience foods and snacks, just for the sake of it. No joke – a 2019 study found this!
So now you have a handful of hacks to help you save money if you are living alone! Do put these in place and reflect on the benefits after. Be amazed!
In respect of the information above, this content is only for informational purposes and does not constitute any kind of financial advice.