Do you live in New York? Boston? San Francisco? Maybe Miami? If you live in a high cost-of-living area, getting by can seem tough, let alone paying down debt or getting ahead financially (like I always harp on you to do).
If you’re struggling to pay the rent and can’t possibly comprehend saving money at the end of each month, maybe it’s time to take a different approach.
How to Survive in High Rent Areas
What if, instead of living in a miniature 350 square foot, one bedroom apartment, you rented a bigger place and shared it with a few other folks?
I know, I know. At first it doesn’t sound ideal at all, but what if I told you that you could save nearly a thousand bucks a month on rent? Do you realize the impact that this could have on your debt snowball? It’s at least worth taking a look at right?
Check out the stats, compliments of Trulia.com:
In San Francisco, rent for a small 1 bedroom apartment is $3,000 (gulp) a month! Split a 2 bedroom home with a buddy and you could save $1,027 a month. Share a 3-bedroom home with two other people and you could save even more: $1,184 each month. That’s a savings of $14,208 a year! Talk about a game changer!
Boston, New York, Washington D.C., Miami, and Los Angeles – same story. Rent a larger place, share it with some buds and save more money that you thought possible! Sure, they might steal your Cheerios or blast the tunes at all hours of the night, but for $1,000 a month….it might just be worth it. After all, with these savings you might be able to buy a place of your own pretty soon.
Have you had to survive in high rent areas before? Did you share a home with someone to reduce the rent?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.