Save more, worry less when it’s just you

SALT LAKE CITY — One of the biggest advantages to being single is you only have your own financial situation to worry about, but that can also be a double-edged sword.

The plus side is you can do what you want with your finances. There’s no one else to consider.

On the other hand, you take sole responsibility for all the bills.

Here are a few ways to save, even if you’re single.

Shop around for a cheaper apartment.

If you’re single, you’re likely spending a lot of your money on housing.

According to Gobankingrate.com, the average person spends 33% of their income on housing.

Check for a basement or studio apartment in your area. You can spend less each month and put that savings towards a future downpayment on a home.

If you have an extra room, take advantage of that space and rent it out. It can help cut your rent payment in half and help save on utilities too.

This one is a big trend right now, we’ve talked about it before – get a side hustle. Many people turn to side gigs — like freelance work or ride-share — to make some extra money.

This can be a great way to build your skills while supplementing your regular income.

Depending on how you go about it, you could even end up replacing your current job with a side hustle.

And finally, when it comes to money it’s easy to overspend on things like brands, memberships, or even hobbies.

For example, you may be paying for a gym membership and live in an apartment complex with a gym.

Cancel the membership and take advantage of the free facilities.

Or, if you typically buy name-brand clothes, consider switching to off-the-rack clothes instead. They tend to be less expensive.

To make this all work and stay on top of your finances, make a realistic budget. Whether you’re single or not, it’s a good idea to have one. It gives give you a better idea of how much money you’re taking home vs. how much you’re spending.