8 Signs Your Wallet Needs You To Get a Roommate
Written by
Cindy Lamothe
Edited by
Rebekah Evans
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Living alone is the dream — until that dream means not being able to cover rent or being stuck eating Ramen noodles for a month. But even if you’re relatively okay footing all the bills — living alone may not be your best option for your personal finances, according to experts.
“Counterintuitive as it might be, even when you have enough to cover your living expenses, it might be a good idea to look for a roommate,” said Kevin Huffman, owner of Kriminil Trading.
He said there are several red flags in your financial situation that could indicate this is a good idea. For example, if you are consistently paying your credit cards to the limit or allocating a lot of overdraft protection, you might be in a situation that will require breaking the cycle of debt.
“You might find that your savings and investment accounts are not growing fast enough to match your goals,” Huffman explained. Having a roommate to help cover the living expenses can be a source of accountability and financial control, he added.
“It can help you be more mindful of your spending and less likely to impulse buy things you don’t really need. Deciding to get a roommate is a proactive step that will help you become more financially savvy.”
Below are some telling signs your wallet really needs you to get a roommate.
Difficulty Managing Bills and Expenses
If you find yourself struggling to keep up with your monthly bills and expenses, it may be a sign that you need a roommate.
“Splitting the costs of rent, utilities, groceries and other household items can significantly alleviate the financial burden,” said Zach Shepard, principal of Braddock Investment Group Inc.
Moreover, having a roommate means sharing responsibility for paying bills on time, which can prevent late payment fees or even potential eviction.
If You’re Living Paycheck to Paycheck
“Something needs to change,” said Melanie Musson, finance expert with Insurance Provider. “And a roommate could help you create wiggle room in your budget so you’re able to save for retirement and create an emergency savings account.”
Limited Savings or Inability To Invest
Living alone can be expensive, especially if you’re in an expensive city or have high living standards. If you find yourself barely saving any money each month or unable to invest in your future due to high living expenses, Shepard said it may be time to consider getting a roommate.
“With a roommate, you can split the costs of rent and utilities, freeing up more money to put towards savings or investments,” he said.
Limited Discretionary Funds
“If you see your discretionary budgeting category diminishing, you might want to get a roommate so you can afford to have some spending money,” Musson said.
She also said there’s a good chance your discretionary spending will continue to get smaller as other necessities take over your budget.
“You could start falling behind if you’re not proactive in finding a roommate to help with the costs of living,” Musson added.
Feeling Isolated and Lonely
Living alone can be isolating and lonely for some people. If you find yourself craving social interactions but don’t have many friends nearby, having a roommate can provide much-needed companionship.
“You’ll have someone to talk to, hang out with and share experiences with, making your living situation more enjoyable and fulfilling,” Shepard explained.
Difficulty Maintaining Work-Life Balance
Balancing work and personal life can be challenging when living alone.
“Without anyone else in the household to help with chores or errands, it’s easy to become overwhelmed and neglect self-care,” Shepard said.
By having a roommate, you can divide household responsibilities, freeing up more time for yourself to relax and recharge.
Wanting To Explore New Hobbies or Interests
“Having a roommate means having someone to share your interests with and potentially even discovering new ones together,” Shepard explained.
If you find yourself wanting to try new hobbies or activities but don’t have anyone to do them with, a roommate can be the perfect companion.
“You’ll have someone to join you for yoga classes, cooking experiments or outdoor adventures,” he said.
If You Can’t Afford To Travel
If you can’t afford to travel, you might want to get a roommate, Musson added.
“It can be hard to give up sole residence in your home or apartment, but if you’re tied to it all the time, it might be worth collecting rent from someone else so you can afford to travel occasionally,” she said.
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