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A friend and I keep talking about moving in together to save money. Is this really a way to be able to save some money?
There are a lot of reasons to move in with someone. This doesn’t even have to be a partner. You may have a group of friends that you want to live with, especially when you’re in college. Once you decide to move in with someone, you should consider hiring a professional moving company like https://threemovers.com/cheap-moving-companies/san-jose-ca-3/ to make your move a lot more manageable.
For a lot of people, moving in with someone is a way to save money. You can split rent and bills. However, you need to make sure that it’s actually going to save you money in the long run. You’ll also need to make sure you get on with people, especially if these are friends and not a partner.
You will need first and last when it comes to moving into somewhere new. You could look at moving everyone into a place you already have. However, is this really a good option? Will moving in with someone actually help you save some money?
You will split rent and bills to save money
Moving in with someone else is going to help reduce your outgoings. You split the rent and the bills, right? If you’re moving in with one friend, you split the bills in half. If you move in with more, then you can split rent and bills into smaller chunks.
You will need to talk about how you’re splitting everything, though. When it comes to friends, there’s usually either an equal split or one based on the size of the rooms that everyone will get. After all, someone who gets the master bedroom with their own bathroom is going to have more space than the person with a smaller room and a shared bathroom with someone else.
You’ll also want to look at the cost of the rent. If I moved into my place now, I’d have to increase my rent by about an extra $1,000. Splitting with a friend would still mean I spend less, but my place isn’t big enough for the two of us and our three kids. We need a bigger space, and that means spending more money on rent. Once we portion it all out, we’re not necessarily saving any money*.
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Your bills can go up in price
Something else to consider is the way the bills can go up. We’re not just talking about rent going up because you have to move from where you’ve been the last five years. We’re talking about the extra energy usage.
Remember there are more people using water and heat. You and your friend or partner may have different needs when it comes to temperatures. That could mean a space heater or a single air con unit being used in a single room. How do you manage the bills when it comes to one person adding more?
If you don’t work from home but your friend does (or vice versa), there will be extra costs there. You’ll need to discuss this and consider whether you are actually going to save money.
Consider the food costs for the house
How are you going to cook meals? Will you do meals all together, or will you still all buy separately? When it comes to moving in with a partner, you’ll likely cook together. I know if I do move in with my friend, we’ll do a lot of meals together, although we have different dietary requirements so there will be some differences.
However, I remember being in a houseshare where we didn’t make meals together. We didn’t end up saving money* on our grocery bills, whereas you could pool your money together if you opted to eat together. You’d then just need to decide on some sort of schedule.
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It’s not all about how you do or don’t save money
Living with someone else is a big step. It doesn’t matter if it’s a partner or a friend. You need to make sure that you get along. This is a relatively permanent thing, and it can end up costing a lot more if you realize after a few months that you can’t live together.
Do some trial first. Spend weeks with each other where you see each other all the time. Work around each other during the day and figure out who you are when behind closed doors. This will help you get to the bottom of whether you can even live together.
There are a lot of financial benefits to moving in with someone else. However, look at the rental or owner market right now to make sure this is something that will save you money.
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What are you doing to save money right now? Are you considering moving in with someone? Share your thoughts in the comments below.
