Living with a roommate is not easy although it can whittle down your living cost. You and your roommate can decide to split everything evenly from utilities to groceries, but it might not be an effective way to save money. It is only a matter of time before the problems will begin. Having a roommate can undoubtedly save your money in living expenses, but you need to split your cost smartly.
Before you move in, make sure that your roommate is financially responsible. You cannot reap the benefit of living with someone who has a reckless attitude toward spending. If you do not want to get into financial trouble down the road, you should ask a few questions, for instance, how long have they been into their jobs and how do they feel about splitting the living cost? These questions will help you get an idea of their perspective towards money management. Here is how a roommate can help you save money.
Split your bills
Bearing all household expenses can be very difficult when you are on low wages. You are likely to bear penalties in case of a default. In fact, your landlord can throw you out of the house if you miss your rent payment. If you get a roommate, you will have to pay half. It ensures that you will save half of the money that you can use to meet unforeseen expenses.
Buy in bulk
Having a roommate can help you buy groceries, fruits in bulk. It seems awkward to stock up on goods, but this approach can save you a lot of money. Things bought at wholesale prices can be very affordable, but make sure that you do not stock up on more than you need. Note that this approach is good if you and your roommate have the same food preference.
It is likely that your roommate prefers buying expensive restaurant food and you prefer having home-cooked meals. In this situation, splitting the cost is not a good idea and therefore both of you meet their food expenses separately. Try going halves for essentials like toilet paper, cheese, butter, coffee and the like.
Save in entertainment
Regular nights out and theatres may seem to be expensive if you have taken on a short-term debt like payday loans in Ireland. These loans need to be paid back within a period of 14 days and hence you cannot afford to spend money in expensive entertainment methods. Hanging out with friends seems exciting, but you can hang out with your roommates too. You can plan your trip. You do not need to go abroad to break your monotony. A trip to another city can also help you get some fresh air. You can have some fun at home when you are getting bored. Find out engaging and affordable entertainment ways.
Follow DIY technique
The best way to save your money is to stop being dependent on others to get things done. Though there are certain things you cannot do yourself because you have no idea about it, the majority of tasks you can learn by doing. Laundry, cooking and doing up your furniture can cost you a lot of money. If you do not know cooking, try to learn it from online videos.
In the beginning, it will be very boring and time-consuming, but you will gradually take it in your stride. If you want to refurbish your house, you do not need to hire a professional painter as it will cost you an arm and a leg. Repaint your bookshelf, add lighting fixtures and use creative techniques to change the look of your house. DIY techniques can really help you save a lot of money.
Save in subscriptions
Subscriptions can take a large chunk of money out of your pocket. Gym subscriptions, Netflix subscriptions and magazine subscriptions can prevent your savings account from growing. Gym and magazines are not worth investing in. If you have got a few roommates, you can play several sports such as basketball, swimming, running and cycling. These activities will help you stay healthy without shelling out a penny. However, cutting Netflix subscription is not possible, but as per your liking, you can either share the cost or pay it separately.
The bottom line
Living with a roommate can help you save your money on several expenses. Even if you bear most of the expenses separately, you will split the rent. It is a big opportunity for you to save money. However, you will have to find a compatible roommate. Make sure that your roommates have money management skills and they have the potential to pay half the living cost. Make sure that you stay with someone you can comfortably live with. Otherwise, you will never be able to reap the benefits of living with a roommate.