4 Financial Benefits to Living with a Roommate
As the cost of living continues to rise, more and more people are finding that they can’t afford to live on their own. Sharing a home is an increasingly popular option, as it allows roommates to split the cost of rent, utilities, and other expenses. For many, sharing a home is also a way to build community and create lasting friendships. In Canada, 30% of people rent their homes, and most share their home with their roommates. This trend is likely to continue as people look for ways to save money and live in closer proximity to one another.
Here are a couple ways you’ll save money by living with a roommate:
- Saving on Rent
For many people, rent payments take up a large chunk of their monthly income. In fact, according to a recent study, almost half of Canadians spend over 30% of their monthly income on rent. This can make it difficult to save money or afford other necessities. However, sharing the price of rent with a roommate can help to alleviate this financial burden.
2. Splitting the Bills
Electricity, water, internet, heat, cable. They’re one of the most constant things in life: every month, like clockwork, the utility bills arrive. Often, it feels like we’ve only just finished paying them off before it’s time to pay them again. One of the best things about having a roommate is the ability to split bills evenly. Living with someone else means that you’re never stuck footing the entire bill by yourself. Not only does this take away the financial stress of being a single person, but it also opens up your budget for other areas in your life.
3. Sharing Household Essentials
When we think about saving money, we usually don’t think about the essential household items that we need to purchase on a regular basis. However, these items can really start to add up over time, and they can put a significant dent in our budget. Imagine how much you’d save if toilet paper, detergent, and trash bags were always 50% off. When you live with a roomie, that’s how it’ll feel shopping for essentials together. Splitting these costs in half will save both of you a considerable amount of money.
4. Enjoying Time at Home
If you’re somebody who tends to spend a lot of money on nights out or weekends away, you may want to consider getting a roommate. With a roomie, you’ll have someone to talk to, watch movies with, and generally enjoy your time at home with. Plus think about all the money you’d save from ordering take out when you have a cooking buddy to share a meal with. Home doesn’t have to feel lonely or boring when you’re sharing your space. Aside from having a roommate, you will also have a friend.
Written by Yasmine Haik
