Follow Us: Google+
 
Bankrate.com

smart spending

Save on singles' housing costs

Staring down the singles' penalty
Staring down the singles' penalty

As a percentage of their income, "single people pay much more for their basic living expenses than couples," says Matt Kelly, owner of Momentum Personal Finance Coaching in Durango, Colo. "The biggest difference, by far, is housing."

Weiss recommends spending no more than 25 percent of your annual pretax income on housing costs, which may require some planning. Getting a roommate or housemate is "a classic way to reduce living expenses by simulating a two-income household," Kelly says. A two-bedroom apartment may cost more than a one-bedroom, but it won't cost twice as much, and the utilities won't be doubled.

Kelly also recommends the following ideas to cut housing costs.

  • Find a unique efficiency apartment or guest house that is part of someone else's home.
  • Buy a yurt, recreational vehicle or camper, and rent space on someone else's land.
  • Become a caretaker of a property or house sitter.
  • Combine your work and living space, particularly if you are self-employed.

Consider experimenting with small or unique living situations to save money. "Start with a budget, and be realistic about what you can afford," says Deana Arnett, senior planning consultant at Financial Planning Services in northern Virginia. "If what you can afford is less than you want, relax. It doesn't have to be this way forever."


 

 

 

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare Rates
advertisement
Most Read
  1. 6 tips for successful yard sale
  2. Nick Nolte's house for sale
  3. Social Security traps to avoid
  4. 7 sedans for the young at heart
  5. 8 eerie ghost towns
  6. 10 cars for a midlife crisis
  7. 5 car models that lose value
  8. Headlight requirements by state
  9. Ali Landry's house for sale
  10. 9 gas-only, fuel-efficient cars
advertisement
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.