Sharing Saves - Having a Roommate

When you want to save money, having a roommate can be a big money saver. Count the ways:

✪ Money - The rent money is additional money you can use to pay down debt or increase savings. This is making the difference in enabling me to pay extra on my mortgage without having to eat ramen. Ramen is yucky.

✪ Shared costs are less for all - the fridge has to be on all the time no matter if it is holding food for one, two or ten. The electricity and water bills will be more expensive but the average cost per person is still less for utilities.

✪ Less is better - the more space you have to put things, the more you will buy. Having a roommate means one less room to fill with extra junk. Reducing your possessions means living more simply which makes it easier to spend less. I had to get rid of a lot of stuff and found that I was happier when I did. I have to be careful when I shop because if I buy something there has to be a place in the house to put it.

✪ Many hands make light work - Ideally, all members of a household contribute to keeping it clean. There are more dishes to wash and the bathroom gets dirty faster but if everyone is helping it is easier. No housekeeper or gardener needed! My roommate cleans the shower, I do the rest of the bathroom. One of us always remembers to get the bins out on trash day. We all work in the yard. I like to clean the kitchen, she likes to clean the floors. It's great to not have to be the only one cleaning the litterbox!

How I ended up with a roommate

If someone had asked me to consider having a roommate I would have said "No, way!" I paid extra in college to have a single dorm room, then got an apartment by myself. I have always been shy, private, and found pleasure in solitude. Why would I ever agree to have a roommate, stranger or friend? Never!

A few years ago my BF and I decided to live in the same city again which meant we had to find a place to live. The small, dark, unheated "hobbit hole" I was living in at the time was totally unsuitable for the both of us (or even me for that matter). We lucked into a great rental: a 3 bedroom 2 1/2 bath house in a decent neighborhood for only $2000/month, a fantastic deal in the Bay Area.

After we signed the lease, however, my BF was offered a six month tour in Kuwait. He was going to have to look for work when he moved to live with me so it was a great opportunity for him to make a nice chunk of money to pay off his debt and pay the bills while he looked for work. Six months alone with three bedrooms seemed silly to me. A friend I have known since high school was looking for a new living situation at the time so we decided that she would stay with me. She and my BF got along really well so when he came back she stayed. The house was plenty big enough for all of us.

Then I bought my own house. We went from three bedrooms to two, 2 1/2 baths to one, and less storage. But by this time I had adjusted to having people around and knew I could tolerate it. In fact, I actually like it a lot. I also liked the money. With the gigantic mortgage I was taking on having some extra money seemed like a good thing. So my roommate came along. (BTW, my roommate is the one who gave me the nickname "K-money" because she knows how much I like to save money. Even my BF calls me K-money sometimes. Sheesh!)

How my sister ended up with a roommate

My sister was renting a tiny two bedroom house (about 700 sq ft) and had credit card debt. She didn't want the long term roommate situation I had but was willing to part with some of her space and privacy in exchange for cash. We lived not too far from a major university at the time. Lots of students go to this university for internships, etc that are only a semester or less. My sister rented out her second bedroom to a student for a couple months, then to another student for a few more months. The extra money helped her aggressively pay down her debt and the short term rental meant that she wasn't locked into having a roommate indefinitely. If my roommate ever left I would consider this option, definitely.

My sister and I both work in health care so we know that there a lot of travel nurses who need a place to live. Their employers provide an apartment or stipend but some of them would rather take the housing stipend and find someplace cheaper to live so they can make even more money. It is another short term opportunity to make some extra money.

Not everyone has enough space that they are able to get a roommate. Not everyone will luck into finding a person to live with who they completely get along with, either. But the idea has potential and is worth considering if you need/want extra money.