Frugal living YouTuber Kate Kaden has a slew of ideas when it comes to saving money, and in a June 7 video, she offered tips on how to save when you live alone.
If you want to live in a frugal manner — in other words, living modestly, saving money and making very conscious financial decisions — there are some steps you can take that Kaden deemed “realistic.”
Learn More: 6 Valuable Everyday Items You Should Never Throw Away
Find Out: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
Kaden laid out seven specific ways that can enable individuals who live alone to save and stop wasting money.
Stock Up on Essentials
First, according to Kaden, you should try to stock up on essentials — think things like toothpaste, soap and detergent — when you see them on sale.
“It has gotten really crazy in the grocery world, right? People are saying that when you just get a full cart of groceries, it’s like a luxury these days, so in a time when groceries are so expensive, and we’ve really got to be very intentional for our spending, intentional when buying food,” she said in the video.
For instance, she said that when she shops online, she buys items that are on sale.
“If you have toilet paper on sale, get it; if you see coffee and you make your coffee at home, get it,” she added.
This is a strategy that other financial experts have touted, including entrepreneur Mark Cuban, who recommends buying daily use items — such as toothpaste — in bulk or when they are on sale.
“You’re better off buying two years’ worth of toothpaste when it’s on 50%; that’s an immediate return on your money,” he said in a 2023 video. “When you see a sale of any of your reusable consumables that you have to have, when they’re on a huge sale on Amazon, buy them, because chances are their prices are going to go up, but that’s a real savings that you get to put in your pocket.”
Check Out: 5 Frugal Habits of Mark Cuban
Read Next: I’m a Self-Made Millionaire, but I Still Opt For the Budget Versions of These 6 Items
Make Simple Meals
According to Kaden, this is an advantage of living alone: You can eat what you want and don’t need to cater to other people’s tastes — and, as she put it, “not every meal has to be picture perfect.”
If you live alone, take advantage of the situation and simplify your life.
“You can just have a simple meal, eggs and toast. You can make a sandwich for lunch,” she said.
For You: I’m a Chef: Here Are 6 Kitchen Gadgets I’d Never Waste Money On
Make the Most of Your Leftovers
Another tip if you are living alone is to make the most of your leftovers, said Kaden. For instance, she said you can repurpose proteins for a “fresh new meal” by putting them on a pizza.
Be Ruthless About Saying ‘Yes’
As Kaden noted, if you’re trying to save money and be frugal, you will have to make conscious decisions about going out, and try to not say “yes” to every invitation.
“When you get invited to things, you’ve got to think, ‘OK, what’s this going to cost? Am I really that interested?’” she said. “When you’re trying to save money, I would narrow down just doing the things that really spark a yes.”
And as she further argued: “It’s important to reduce your commitments in order to really get what you really want.”
Build a Budget Buffer
According to Kaden, a so-called “budget buffer” represents one month worth of expenses that you have in your checking account.
“It is a catchall for when things get messed up for whatever reason,” she said. “This is going to prevent you from throwing your budget out the window when you make a mistake or something unexpected happens.”
Be Aware: Nearly Half of Americans Struggle To Pay Their Utility Bills: 5 Ways To Save
Try a ‘No Extras’ Week
In other words, she said, try to not spend your money on anything other than bills and groceries for a week.
“Do your normal thing, but just don’t buy anything extra. You don’t need shoes this week, you don’t need an extra piece of clothing, you don’t need to do takeout — keep it simple,” she said. “See how it feels. You might just find that you could do it for another week.”
Plan for Guilt-Free Spending
While this piece of advice might initially sound surprising, Kaden argued, “Sometimes, if we feel boxed in, we want to spend — we want to revenge spend. We want to revolt against having a budget.”
She suggested picking a small amount of money each month to spend on something you want without guilt.
“This helps loosen the reins, and it helps kind of bring into the picture that idea that nothing has to be so restrictive and tight,” she added.
Invest
Last but not least, Kaden stressed the importance of investing “so that, while you are working your butt off at your 9-to-5 or whatever your job situation is, your money is making money.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 8 Ways To Save Money If You Live Alone, According to Frugal Living YouTuber Kate Kaden
