February 11, 2021
Finding affordable accommodation is always a challenging task when you move out of your parents’ house. When you are a teenager, you do not have much income to meet significant expenses. This is why you think of moving in with others. Whether you should live alone or live with your roommates depends on your individual circumstances.
At the outset of your career, you will not be earning a good amount of money to cover all your expenses, and this is why you may find it extremely hard to live alone, but a rule of thumb says that you need to track your expenses to find out if you can live alone. Do not rely on conjectures because it will drag you down. You should have a solid reason that helps you arrive at a decision.
You should create a budget, and if that allows for some money left after meeting all of your regular expenses, you can consider living alone. However, make sure that you have a plan for building an emergency cushion and repayment of taking payday loans in Ireland if you borrow money. However, if you are considering living with your roommate, you should consider the following factors:
Living with roommates can help save money.
When you share your accommodation with others, you can save some money. You can split the rent, and if you are sharing a space with someone in your own house, you can collect rent.
Further, you can save half of the money on cable and energy bills because your roommate will pay the rest of the money.
You can also split the cost into groceries and other household supplies. Undoubtedly, you can save money when you are not earning enough to live alone in a house.
Sharing can increase your spending too.
You have got to know how a roommate can help you save money, but you may have ignored to take into account those areas that can set you back. For instance, if you are like-minded, you can get engaged in activities that can cost you a fortune. This is why it is crucial to set a spending limit.
If you roam around, go to the cinema and restaurant, you should set a budget for such expenses beforehand. Make sure that you do not go beyond that limit. Further, sometimes your habits increase your spending.
For instance, just because you are frugal does not mean that your roommate will be too. They can keep lights and fans on behind them. This can add up the energy bill. Your roommate can ask over their friends and finish leftovers or use the money you have set aside for a rainy day. Living with such a roommate can be a bit stressful. It can often cause conflicts and arguments in you.
Your personal debts
Do not arrive at a decision without evaluating your financial condition. If you have some debts like student loans and credit card bills, living with a roommate may not be an ideal option unless you settle all your dues or get a hike in your pay.
Further, you will have to ensure your roommate will not mind giving some flexibility when you are out of work. This is because loans in Ireland for the unemployed will eat into your savings. It can be hard to contribute an equal share to household expenses.
Perhaps you may not find it worth considering, but it will throw light on whether or not you should share accommodation. Your earnings depend on the type of job.
If you are a part-time worker, you will get a fixed remuneration, but you can increase your income by getting more projects if you are a freelancer. You will have to find out whether your income allows and how you can make it happen.
Your comfort matters a lot when it comes to sharing a room with someone else. Are you an extrovert or introvert? Are you moving out to a new city and you need a companion? Could you spend the whole day with your roommate, or are you the sort of person that requires some personal space? Have answers to these questions to make the right decision.
When you have to decide whether you should share your accommodation or not, you will have to look over your finances. However, this is not enough to make the right decision. You will have to think about your personality and know what kind of roommate you are. Make sure that you have considered each aspect. Otherwise, you will end up ruing the day. If you do not earn much money to pay all your expenses and cannot share your accommodation with anyone, you should drop the idea of moving out of your parents’ house. Plan to stay with them unless your pay increases.