The Hidden Costs of Living Alone
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Living alone can be amazing. It can instill a form of independence that isn't easily achieved elsewhere. Plus, you have no one else to worry about but yourself and your own set of rules and expectations. However, living alone comes with many hidden costs.
Many individuals considering this lifestyle often overlook the hidden costs of living alone, which can increase over time and cause significant stress.
Key Takeaways:
- Living alone can lead to higher rent, utilities, groceries, and membership expenses.
- To manage costs, consider getting a roommate, asking for a raise, taking on extra work, or even selling old items.
- Exploring options like personal loans or government assistance can help alleviate financial strain.
The Cost of Living Alone
While living alone may seem like a great idea, there's no one to bother you and no rules to follow except your own. But it can be pretty stressful after some time. Not only can it feel isolating, but it can also be taxing on your bank account.
Still, despite the stresses of solo living, an estimated 37 million Americans live alone. As a result, many Americans will continue to pursue a solo-living lifestyle despite the odds stacked against them.
The average cost to rent an apartment is $1,713. This price is for rent only and may not include utilities.
Undoubtedly, living in America is much easier with a partner or two. Living with a significant other, roommates, or even your parents can help alleviate rent costs, house insurance, utility bills, upkeep and maintenance, and more.
They have a partner to share the responsibilities with, and any expensive costs can significantly reduce stress. However, living with someone else is not always attainable, and some still prefer a life of solitude rather than sharing a home with two or three people.
Here is a monthly breakdown of common spending when living alone:
| Expense Category | Monthly Cost (Estimate) |
|---|---|
| Rent | $880 - $4,300 (varies by location) |
| Heating | Up to $100 |
| Water | Approx. $10 |
| Electricity | $40 - $100+ |
| Gas (for stove) | Approx. $15 |
| Laundry | $25 - $50 |
| Renter’s Insurance | $15 - $30 |
| Furniture | Varies (one-time cost) |
| Cookware/Appliances | Approx. $60 (one-time cost) |
| Food | $250 - $450 |
| Toiletries & Cleaning | Approx. $50 |
| Internet | $50 |
| Transportation | $60+ (public transit/car costs) |
Hidden Costs
Aside from the typical costs of rent, mortgages, insurance, and utility bills, many people are unaware of several hidden costs.
For example, people who live with their significant other or family can often benefit from a discounted membership to gyms, entertainment centers, and wholesale organizations. However, people who live alone often can’t benefit from these discounts.
Plus, living with someone can make overhead costs of daily living more affordable, such as food and gas. In this scenario, shopping for food can also be cheaper when shared with another individual. Not only are you less likely to waste food since there will be two people to share, but the cost of the grocery bill can be split down the middle.
Mortgages and rent are typically less expensive when done with another person, such as a significant other. Not just because you have someone to split the cost with but because you're applying in a joint application, which can affect the overall cost depending on things like credit scores.
People also need to consider the cost of student loans, health insurance, and other monthly bills they may have floating around. While having a partner will not guarantee that they split these costs with you, the fact that they are splitting other expenses such as the mortgage, rent, or utility bills will free up more money to take care of other things.
Avoiding These Costs
To avoid these costs, there are specific steps that you can take:
Get a Roommate
Having a roommate will allow you to put some of the cost on their shoulders. You can split expenses like groceries, electricity, water, propane, cable, and internet bills.
Plus, having a roommate, living with family, or a significant other can help get discounts on gyms, entertainment centers, and wholesale warehouses.
Ask for a Raise
If you've been at your job for a while and have proven yourself to be an excellent and proficient worker, you could try asking your employer for a raise. Asking for a raise, especially when you deserve one, can help you manage some of the extra costs of living alone.
Pick Up More Hours at Work
Alternatively, if you do not feel comfortable asking for a raise or have been refused one, you could pick up more hours at work as long as your employer allows you to. While not ideal for most, it's a great way to make extra money to help with living alone.
Switch Jobs
If you feel you truly deserve a raise but cannot convince your boss to give you one, it may be time to look for another job with a higher salary and maybe even more benefits.
Do Some Side Gigs
Although it may seem daunting to pick up some extra side gigs, doing some small work around your community can be a great way to socialize and bring in some extra pocket money for your daily living expenses.
A few side gigs to consider are:
- Mowing lawns
- Gardening
- Cleaning pools
- House cleaning
- Housework, such as repairing leaks or fixing cupboards
- Babysitting
- Pet sitting
- Dog Walking
- Food or grocery delivery services
Turn to Your Savings
Of course, not everyone is lucky enough to have built up savings during their lifetime. Especially for single people, it's hard to put money into a savings account when there are so many living expenses to deal with.
However, if you have a savings account, you may need to consider relying on it a little more, especially in times of crisis.
Ask for Help
It can be embarrassing to ask for help, but there's no shame in asking. If you have family or close friends, you should ask them for help. For example, you can ask them to be added to their gym membership, ask them for rides to save you gas money, or ask them to borrow some cash.
Sell Old Items
If you have collected items over the years, now may be a good time to sell some of them. Old dinnerware, knickknacks, old clothes, and other items could be great for a yard or garage sale.
It may not make you the most money, but it'll give you a little extra spending money for a rainy day.
Seek out Further Assistance
You may qualify for assistance, such as grants or SNAP benefits, from the government.
Alternatively, you can seek out food pantries if you struggle to keep food on the table.
Take Out a Personal Loan
A personal loan is only one type of loan that is offered. For example, with a personal loan from Simple Fast Loans, you can get same-day approval and same or next-day funding online.
You may be eligible for up to $3,000, and the application process is fast, easy, and secure.
These personal loans can be used for:
- Medical emergencies
- Home improvements
- Purchasing home appliances
- Car repairs
- Utility bills
- Urgent financial needs
These loans are outstanding for people with good and bad credit who need cash quickly. No collateral is required, and the repayment periods are flexible.
With a personal loan, you can relieve the stress of any unexpected costs that come up.
Final Thoughts
Many people like the idea of living alone and choose to pursue a solitary lifestyle. With millions of Americans living independently, it seems to be a popular choice. But many Americans who live alone or think about living alone don't know about the hidden costs of doing it.
These hidden costs don't have to deter you from living on your own if that's genuinely the lifestyle you want. Instead, you can avoid these costs or, at the very least, help fight against them, such as asking for a raise, doing some side gigs, or getting a line of credit.
If you're still struggling with the costs of living on your own, though, it may be time to get a roommate.
