If you’re trying to cut down on living expenses, getting a roommate can be a great option. Because your rent will usually get split in half with a roommate (or more if you’re living with multiple roommates), you may be able to afford to live in a bigger place or otherwise unaffordable area. Aside from saving on rent and utilities, here are some other ways you can save money by living with someone:
Split the cost of furnishings
If you and your roommate are both getting your first place at the same time, it’s unlikely that you both already have furniture. Coordinate purchases ahead of time so that you both don’t accidentally buy two of the same thing, and instead, come up with a plan to split the cost of the household essentials.
If driving is part of your daily commute and you both have a similar schedule, consider carpooling. Splitting gas and transportation costs with others can drastically cut down on monthly expenses, especially if you have to drive far for work or school.
Decide ahead of time how the housekeeping will work. Perhaps one of you can be the designated housekeeper, and to make up for this, the other roommate will take on an extra monthly bill. Or you can alternate housekeeping duties and equally split the cost of cleaning supplies. If neither one of you have the time to take on the cleaning duties, hiring a housekeeper can be much more affordable when there’s someone to split the cost with you.
Schedule payment reminders
Whether each roommate has been designated certain bill responsibilities, or everyone has agreed to evenly split the cost of all expenses, it’s important to set payment reminders. If someone forgets to come up with their share of the rent, for example, it can mean late fees and other financial troubles. Save money (and frustration) by ensuring that everyone is prepared ahead of time each month to kick in his or her share.
Are everyday expenses adding up, and you need extra cash to take care of mounting bills? If you’ve been receiving structured settlement or annuity payments, you no longer have to wait for your money to arrive periodically. Peachtree Financial Solutions can purchase some or all of your future payments, and by doing so, can you offer you that money sooner in one lump sum. Contact us today and we will be happy to answer any questions you may have about the process, as well as provide you with your free, customized quote.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.