6 ways to save money with a roommate

6 ways to save money with a roommate

6 ways to save money with a roommate

Housing is one of life’s largest expenses. Mortgage payments or rent takes a heavy toll and requires a lot of your hard earned money. We may find ourselves in a home that is beyond our current needs however we do not want to downsize in anticipation of needing the space in the future. To save money in the meanwhile finding a roommate is an excellent idea! Here are 6 ways to save money with a roommate:

  1. Saving on rent

A two bedroom apartment is a great dwelling to split the rent cost in two! You occupy one room while your roommate occupies the other. Rent is shared (perhaps 50/50 or 60/40, depending on the size of each room) between the two of you.

  1. Saving on your mortgage

Just bought a house and have a few rooms available? Find a roommate or two and charge them rent! The rent you earn will decrease your net cash outflow.

  1. Saving on your mortgage 2.0

In larger and more expensive real-estate markets such as Toronto and Vancouver, many people cannot qualify to purchase a home because of how high the housing prices are. It is becoming more common for people to buy houses together, two incomes combined yield more purchasing power and qualifies the people to purchase these homes. The dual incomes also work together to make the mortgage payments affordable.

  1. Buy in bulk

Now there are two mouths to feed and now is a great time to make bulk purchases! Buying in bulk can save you money and the food won’t go bad because there are you and your roommate chowing down. Bulk Barn and Costco are two great places to buy your favourite foods and household items in bulk!

  1. Carpooling

Going somewhere? Your roommate and yourself may be heading to the same place (i.e. school, work) or at least the same area (i.e. entertainment district, business district). Take turns driving to and from these places to balance out the savings on gas.

  1. Things you never thought of

There are a number of other things to split on including: furnishing common spaces (best to have a written agreement on who gets what when you go your separate ways), sharing an unlimited metro pass when the other person is out of the city, borrowing clothes is another possibility for one off occasions (ladies: this saves you from buying a dress, men: it saves you from buying a sports’ jacket).

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