Why you should live with roommates
It would be best if you shared the responsibilities of being in your home with a roommate.
1. ABLE TO AFFORD A NICER PLACE
Financial benefits of having a roommate include the chance to afford a more excellent place. When living alone, you might be unable to live in your preferred neighborhood. However, if you get a roommate and share the rent cost, you can move up and settle in a desired community.
2. SPLIT UTILITIES
Not only is there the benefit of splitting rent, but you can also split household expenses, such as power, water, cable, or gas. This can take a considerable burden off your shoulders. And if you’re still living at home with mom or dad, getting a #roommate can help you move out sooner and become independent of your folks.
3. CREATE AN AMAZING BACHELORETTE PAD
If you’re moving into your first place, you probably know how you want to decorate the home. But unfortunately, decorating and furnishing an apartment or house on one income can be challenging. However, if you move in with a friend, you can combine funds and create the living space of your dreams. This can make for a fabulous bachelorette or bachelor pad.
4. BUILD A CASH CUSHION
Financial experts recommend a savings account with at least 3 to 8 months’ income. Unfortunately, saving this can be challenging, especially if you live by yourself. With a #roommate, your disposable income might increase, making saving up for a rainy day and planning for retirement easier.
5. PAY OFF DEBT
Whether it’s student loan debt, credit card debt, or an auto loan, getting out of debt can be hard when you have several monthly expenses. Getting a roommate can speed up your debt-elimination goals. Rather than all your cash going to bills, your disposable income can go toward paying off your consumer debt. This can free up money in the long haul and improve your credit score.
6. REDUCE MONEY-RELATED STRESS
Do you lie awake at night worrying about money? Is there never enough to cover your monthly expenses? Chances are that you’re living beyond your means, and your income is insufficient to support your lifestyle. However, getting a roommate can allow breathing room in your budget, reducing money-related stress.
Maybe you haven’t considered a roommate. But if you’re living alone and want to improve your finances, getting a roommate and sharing household expenses can put you on the right track. What are other financial benefits of a roommate?
