Living on your own gives you freedom, flexibility and the power to manage your life exactly how you want it.
But it also means every bill, grocery run and emergency cost is yours to handle alone. That’s where smart budgeting comes in.
With the right habits and tools, you can keep your money working for you and enjoy the solo renter life without financial stress.
Before you can make a solid budget, you need to understand what’s really going on with your money.
Start by looking at your monthly income, then list out all your expenses:
Add it up honestly. Many solo renters underestimate how much those “small” purchases add up.
Once you’ve got the full picture, divide your income into three buckets:
From here, you can set limits that reflect your actual habits.
Top tip: Try the Australian Government’s MoneySmart Budget Planner to map your income and expenses in one place.
Groceries are one of the easiest places to overspend, especially when you’re only shopping for one.
Plan your meals weekly, write a shopping list based on what you already have at home, and avoid shopping when you’re hungry. Cook meals that stretch across a few days, like pasta, curry or roast veggies.
Also, don’t underestimate your freezer. Freezing leftovers or bulk ingredients can save you time and money later in the week.
Top tip: Use RentPay’s Paylab to earn rewards every time you shop at Coles, Woolworths, Uber Eats and more. You can save between 3% to 15% on the money you already spend weekly!
Nothing wrecks a budget faster than a surprise bill. Even if you’re careful with your usage, the size and timing of bills can be hard to manage.
One solution is bill smoothing.
This lets you pay smaller amounts towards your utilities each time you pay rent, instead of dealing with one huge payment every few months.
It’s easier on your weekly budget and helps prevent bill shock, especially if you’re managing everything on one income.
Top tip: RentPay’s bill smoothing feature works with any electricity or gas provider in Australia. You set the amount based on your energy use, and the payments are automatically made alongside your rent.
Saving is hard when you leave it until the end of the pay cycle. Most of us spend what we see and then wonder why there’s nothing left.
Set up an automatic transfer to a separate savings account as soon as your pay hits. This way, your savings grow in the background without you having to think about it. Even small amounts build up fast when they’re consistent.
Streaming services, apps, memberships and digital tools are easy to forget about. But they can quietly drain your budget if you’re not using them often.
Every three months, review what you’re subscribed to.
Cancel anything you haven’t used recently, and look for shared plans with friends to split the cost of services you want to keep.
Living solo means you’re the backup plan. If your car needs servicing, your phone breaks or you get sick, there’s no one else to split the cost.
That’s why an emergency fund is so important.
You don’t need to save thousands straight away. Even a few hundred dollars can take the stress out of an unexpected expense.
Budgets only work if they stay relevant. Your income, bills and lifestyle can change, and your budget should shift too.
At the end of each month, look at your spending:
Adjust where needed and set goals for the next month.
You might also like:
> 10 ways to save money at Woolies or Coles
> Creating a financial plan while renting
> Habits for effective money management
