Tips on How to Save Money for Single Men

our ability to save money has less to do with your paycheck than your desire to save. Even people with small incomes can conserve money. Look at two people with the exact same incomes, and you'll most likely see two very unique financial histories. The difference in finances often comes down to choice. If you're willing to adjust your lifestyle and manage your spending habits, it's possible to save money as a single man.

Step 1

Assess your finances. Take an afternoon or evening to sit down and look at your income versus your expenses. Figure out how much you actually earn, how much it costs to live and how much money is left over.

Step 2

Define "want" and "need" in relation to your spending. Wanting something and needing something are two different motivations. Once you recognize this difference, it can help you save money. You need to eat, but you don't need to eat out. You need to work, but you don't need to drive to work.

Step 3

Create a budget to give you the big picture of your income and expenses. A budget can also help you control spending while providing a framework for short term and long term saving.

Step 4

Balance your checkbook regularly. Besides ensuring you don't overdraw your account, balancing your checkbook can track spending habits, which can give you an idea of where your can make cuts. Most software suites contain a money management tool for this purpose, and often include spending reports.

Step 5

Pay in cash. Putting purchases on credit card only serves to accumulate interest, so pay in cash--or debit--whenever possible. If you do charge an item, pay the bill as soon as it arrives.

Step 6

Talk to your bank about automatic deductions to move a certain amount of money out of your checking and into a savings account each month. Not having the money available keeps you from spending it.

Step 7

Renegotiate your rent, suggests Bank of America. If property values and rental price are dropping in your city, you may be able to convince your landlord to lower your rent.

Step 8

Pack a lunch. Eating out when noon rolls around can add up fast. Instead, bring your own lunch to save money. Do the same in the evening. Groceries cost much less than dining out. If you do want to enjoy an evening with friends, take advantage of local happy hours.

Step 9

Fill a thermos. Ordering specialty coffees costs $3 to $5 a cup. Bringing coffee from home can help save cash.

Step 10

Carpool to work. Carpooling not only saves money on gas, but it's also lighter on the pocketbook when it comes to parking.

Step 11

Eliminate non-essentials. Smoking, eating out, buying cable TV or sprucing up your car are expenses you can reduce. Put the money you would have spent into savings.

Tips and Warnings

·         Invest and expect some earnings in the long-run. Talk to an investment planner for the best options for your age and income.