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.
The hidden costs of living alone are often overlooked and are not considered by many individuals looking into the living alone lifestyle. However, these costs can increase over time and cause significant stress.
This article will highlight what some of these hidden costs are and how homeowners or renters can find relief from these costs when 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 that come with solo living, there's an estimate of 37 million Americans who live by themselves. As a result, many Americans will continue to pursue a solo-living lifestyle despite the odds stacked against them.
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.
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.
There are also single supplements, where hotels and travel operators will sometimes charge those traveling solo an additional fee for staying solo in a room.
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.
When you think about travel costs, whether by bus, taxi, or by your own vehicle's gas, and all of the expenses above, these costs can quickly add up for a person living alone.
To avoid these costs, there are specific steps that you can take.
The most obvious step is to get a roommate. Having a roommate will allow you to put some of the cost on their shoulders. You'll be able to split expenses such as groceries, the electric bill, the water bill, the propane bill, and the cable and internet bill.
Plus, having a roommate or living with family or a significant other can help get discounts on gyms, entertainment centers, and wholesale warehouses.
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're deserving of one, can help you manage some of the extra costs of living alone.
Alternatively, if you do not feel comfortable asking for a raise or if you've 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 of making some extra money to help with the costs of living alone.
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.
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.
Some side gigs to consider are:
Of course, not everyone is lucky enough to have built up savings during their lifetime. Especially for single-living people, it's hard to be able to stick money into a savings account when there are so many living expenses you have to deal with on your own.
However, if you have a savings account, you may need to consider relying on it a little more, especially in times of crisis.
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 on gas money or ask them to borrow some cash.
If you're someone who has collected items over the years, now may be a good time to sell some of those possessions. For example, old dinnerware, knickknacks, old clothes, and other items could be great to put out at 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.
You may qualify for assistance, such as grants or SNAP benefits, from the government.
Alternatively, you can seek out food pantries if you're struggling to keep food on the table.
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 a 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:
These loans are outstanding for people with good and bad credit who need cash quickly. There's no collateral required, and the repayment periods are flexible.
With a personal loan, you can relieve the stress of any unexpected costs that come up.
A line of credit is different from a loan. Instead of getting a large sum of cash for emergencies, you'll receive a credit limit in which you can borrow what you need at any given time as long as it is within your credit limit.
Getting a line of credit through Simple Fast Loans is easy. All you need is a valid driver's license or state-issued photo ID and an active checking account.
With the online process from Simple Fast Loans, you can get a decision on your line of credit application immediately.
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 are thinking about living alone don't know about the hidden costs of being on their own.
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.