Living alone can be super cool if you follow these 5 money-saving tips

If you're considering living alone, then you need to be prepared for what lies ahead.

Privacy is one of the aspect of life that everyone desires which comes with alone. Living alone means taking sole responsibility for your life and whatever you need. In other words, you'll be solely responsible for your expenses and bills. From paying your house rents to other household necessities, these expenses don't come cheap. How prepared are you?

Managing your finances is another huge part of being an adult and it sure needs a lot of attention if you plan to live alone. How do you merge these two necessities so you don't go broke easily?

Today's article will show you how to manage your finances and if you're already living alone, it would help you make the necessary changes.

1. Go for any free items available

There are always free items flying around you. If you're planning to stay alone or you already stay alone, you need to save enough money. To do this, you should get some free items available that would be needed in your house. Try ask your family members if they have any spare items you could use. Do not hesitate to take them if they are in good condition. Some of those items are bed, sofa, kitchen utensils and any other ones you find available.

2. Save, invest, send and spend

Saving and investing prevents you from going broke [Credit: Fab Woman] Fab Woman

Going broke is one thing you should avoid while living alone! The only way to overcome that is by saving first. As soon you receive any pay, you immediately deduct your savings. There are bills to pay! It's advisable to create a separate bank account for your savings. Get a budget and ensure you stick to it.

Saving is great but not always enough. To stay on the safer side, invest! Get a legitimate platform where you can invest your money. The investment should yield weekly, monthly or yearly profit. Do not also forget to send some cash back home to your parents.

After all these important moves, then you can spend what's left of the money.

ALSO READ: 11 Tips on how to save money you might not have thought of

3. Cut down on eating out

Curb eating out if you want to save money while living alone [Credit: Miami New Times] Miami New Times

It's essential you cut down on the amount you spend in restaurants if you manage your finances while living alone. To achieve this, you need to learn how to cook. Even if you can't cook all the food recipes, you can still learn some basic cooking and prepare food yourself. This will significantly reduce the cash flow towards eating.

4. Save on your daily transportation

Take affordable public transports so you can spend less [Credit: Pulse Live Kenya] Pulse Live Kenya

When your apartment is closer to your workplace, you'll spend less on daily transportation. Also, consider taking shorter routes and public transports. This will save a great deal on your day to day expenses and leave you feeling less broke.

5. Take affordable tariff plans

Most young folks enjoy spending time on social media. For you to be able to save, you need to get affordable plans that works with your expenses. See if you really need 3G in your Smartphone or 2G plans will suffice.

Also if you have multiple devices at home opt for a Wi-Fi internet as you would then be able to use one connection to all devices, however, if you travel a lot get a USB internet dongle. You can have one of them and not all, it’s either Wi-Fi, USB dongle or 3G.