Single Living on a Shoestring
Going through a breakup or looking to ditch the roommates for your very own place? Living alone is an exciting adventure, but it certainly is not the most wallet friendly living situation. However, even in these trying economic times, more singles are opting to live by themselves than ever before…
According to Eric Klinenberg’s book, Going Solo: The Extraordinary Rise and Surprising Appeal of Living Alone, only 22 percent of adults were single in 1950, and only 9 percent of those single lived alone. But today… almost half of the country’s adults are single, and one in seven households are occupied by solo dwellers! So if you want your independence, how do you prepare financially to be live solo in the city?
Most experts say that your monthly rent or mortgage should never exceed twenty-five percent of your monthly paycheck. If you are savvy enough find an apartment that meets this criteria, and budget your other expenses well, you should be able to live quite comfortably while having the funds to steadily increase your savings account too. Clearly the 25% rule is tougher to stick to in a major city like New York or LA!
The Singles’ Penalty
You don’t need to be a rocket scientist to know that your household expenses will increase when you move out on your own. When you’re planning out your monthly budget, remember to consider all the bills that you are used to splitting – or not paying at all. Many of these expenses are optional, so tally it all up and cut the amenities you can live without. And if you’re renting… Try to get your landlord to include utilities like: gas, electric, water, and cable!
- Electricity (don’t forget the big AC bump in the summer)
- Phone & Internet
- Renter’s or Home Owner’s Insurance
- Condo, Co-op or Association Fees
- Property Tax & City Fees
- Groceries -(The price per person is higher when your just buying for one).
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