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How to Budget when Living Alone

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dog welcome homeIf you are living alone for the first time, whether you have just moved out of your parent’s house or you have gotten home or apartment for the first time without roommates, budgeting for living by yourself can be very different from budgeting for living with family or roommates. While it can be nice to have a space all to yourself, there is no one else to split the costs of food, rent, internet, activities, and utilities. It is definitely a transition. Here’s what you need to know:

Don’t Worry

Living alone might be perceived as more expensive than living with another person or multiple people, but because it is just you, you generally do not need as large of a space nor do you usually have to pay as high utilities. There are lots of options for smaller homes and apartments, whether you are renting the guesthouse behind someone’s home or living in an efficiency or studio apartment, instead of in a one or two bedroom space. You can cut your living costs and still have plenty of money left over to continue living your life.

Don’t Wait

Many people will search desperately for roommates, simply because they do not want to live alone. Why not live alone, though? You can still have your friends over, with the added benefit of not actually having to live with them. When the night is over, you can send them home. Stop waiting for roommates or a partner in order to look for the perfect home for your needs. This will just lead to you waiting around forever to start your life. Start figuring out now how you can afford it, without roommates or family.

Cook Instead of Going Out

One of the biggest mistakes many people who live alone make is to continually go out to eat, instead of making their own food. It can actually be more difficult to figure out how to cook for one than it is to cook for a group. A solution might be to buy a cookbook that is designed to help you make meals for one or to start a dinner club with your friends, where you all chip in money or ingredients to make a dish.

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