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Equip yourself with all the knowledge you will need to be a fully compliant and law-abiding landlord. Just fill in your details and we'll send a compliance checklist right to your inbox for FREE!

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August 25, 2022

Living Alone: Can I Afford it? 14 Tips to Help

June 10, 2021
Written by
Laura Williams

Everything you need to know if you are thinking of living alone. We will share some great tips that will make it easier on your wallet.

Young lady with her arm outstretched in a field

Table of contents

Many people living alone have to be extra careful about their finances. There are many ways that you can save money, and we're going to go over some of them in this blog post. Whether you live alone because you're single or just prefer peace and quiet. Here are 11 tips that will help make living solo a little easier on your wallet. If you're considering a move in the near future then check out our Guide to Living in London.

1. Save money by cooking at home

Ingredients for cooking - rice, vegetables and herbs. Organic food background.

Cooking at home can save you a lot of money. It's possible to buy ingredients in bulk. So that you don't have to worry about running out and needing to drive somewhere else for them. You'll also be able to make what YOU want. When it comes time for dinner - no more arguing with your significant other or roommate! Eating healthier is another perk. Since you're making the decisions on what goes into your meal. Instead of relying on someone who doesn't care as much about nutrition or cooking skills.

If this sounds like too big an undertaking for you. There are resources online where you can find easy recipes to cook for delicious dinner or lunch. While others comment with feedback and tips if needed. So don't worry that you can't cook. You will learn and get there. It will definitely help save a lot of money.

2. Get creative with your living space and furniture arrangements

Your living space is where you'll be spending the majority of your time. So it's important that you make it as comfortable and enjoyable as possible. Especially if you are thinking of living in a studio apartment to cut the cost. You can always spice it up! With some new minimalist furniture or wall colours. You can check out the easy Ikea hacks for small spaces. There are a lot of great ideas for how to improve your living quarters on there! You don't have to live in a cramped studio apartment. If you're on a budget. There are many creative ways to rearrange what little square footage you do occupy.

3. Find a roommate that has the same schedule as you or the one who does not mind living with you

Housing prices are sky high in major cities. So it's important that you do what you can to keep your living expenses low. Sharing a home or apartment. Someone who has the same schedule as yours will help save on rent and utilities. If living with people isn't for you. Find out if there is an option of living alone in a studio - but only share it if it doesn't get too loud at night!

4. Use Sites like Spareroom to Find Roommates

If you don't know anyone in the area. Or if living with roommates doesn't sound appealing to you. Try looking for a roommate on Spareroom. This site is free and easy to use - it's even possible that you can find someone who shares your interests! A lot of people put ads up on this page. They can be as specific as "seeking girl roommate". Or just say something like "need female housemate." If you're feeling brave, go ahead and post an ad yourself. But make sure not to leave any identifying information so no one knows where (or who) will be living there.

5. Don't Buy Things that You Can Live Without

If you're living alone, it's important to remember that there are only so many things you can use. Make a list of essentials (toilet paper!) and don't buy anything else until absolutely necessary. This will not only save money. But also space and time. For example, if your house is already cluttered with junk. Then you'll need more time to clean up before company comes over!Some people might disagree with this point. They say that living alone means having freedom without consequence or responsibility. But while it may be true that living by yourself allows some freedoms. Like sleeping in as late as one wants on weekends. Or being able to eat what one pleases all the time. Others would argue that living alone actually comes with more responsibility. Since you cannot rely on anyone for anything. You can check out Marie Kondos's philosophy about minimalist living that are trending.

6. Be Honest About What You Can Afford, don't get into too much debt to live alone

Living alone also has its disadvantages. Some people might find living with other people. A way to share the cost of necessities like rent, utilities, and groceries. As well as having someone else around who can help clean or cook if they're feeling too tired, stressed, or sick. Others may say that it's more important for them to live by themselves. Because they need their space - be honest about what you feel is best at this point in your life!It would never hurt to have one roommate on top of your own place though. This could make living alone more affordable. While still keeping some company close by when needed. You can even consider Airbnb, and post your place for occasional renting.In addition, living alone also means making a lot of decisions on your own. This can be both liberating and frustrating - at least when you're first getting used to it!

7. Consider moving back in with your parents for a while

You may also want to consider moving back in with your parents for a while. So you can save up more money for rent/mortgage payments. Or at least living on your own as an interim step before making the big move away from them and onto your own place.If you're feeling lonely because of this change. Find people nearby who are going through what you are - there are bound to be other singletons around! Remember that it's okay if they don't live too close: just talk online until you feel like meeting up in person.

8. Take advantage of public transportation options when possible

A good way to save money on living costs is to take advantage of public transportation options. Whenever possible. If you live in a city and have access to any form of bus or subway system. Make sure that you don't always turn up your nose at the idea of taking it. This might be cheaper than driving yourself places all the time! For example, if you live near a bus stop and can afford not to own a car for a little while longer, try using buses instead. The cost differential could really add up over time and save you thousands in the future.If there is no such thing as public transit where you are then consider walking or cycling instead. Both these methods will require some effort but they're free so won't be a big deal.

9. Consider buying a cheaper car or saving up for an electric vehicle

Car model over a lot of money stacked coins on white background

If you cannot take public transportation. Consider buying a cheaper car or an electric vehicle so that you can save on monthly gas costs. Many people are switching to electric vehicles in United Kindom. It's important to be mindful of how much you're spending on transportation, food and housing each month. This is because these three things are the most expensive living costs that people have. So if they can cut back in any way it will make a significant difference over time. For example, living alone doesn't mean doing everything yourself. And cooking only for one person - try making large batches of meals at once or buying groceries in bulk! These two methods help save money by lowering your grocery bill per meal. While also saving time when cooking as well (which may not seem like a big deal. But lots of us don't want to spend hours every day fixing dinner).

10. Live Close to Work so that your Commute is not too long

If possible, consider moving closer to work. This could lower your monthly bus expenses. While also saving significant amounts of time on both sides. For example, imagine having an hour-long commute each way. Versus just fifteen minutes of getting home from work each night? The longer your ride takes up, the less time you have to do other things.

11. Keep track of all expenses and make sure not to spend more than necessary on things like groceries.

People living alone usually have higher living costs. Then people who share their spaces with others. This is because they don't have roommates. To split the rent, utilities, grocery costs and other living expenses with them. However, this does not mean living alone is not affordable at all! If you plan your budget and keep track of your expenses

12. Find ways to earn extra income through side jobs or freelancing opportunities

Living alone can come with many perks. But living independently does have its costs too. Especially because you don't have roommates or family members to help split the cost of living. Expenses like rent and groceries.Try to keep track of all expenditures so that there are no surprises at the end of each month! Finally, find ways to earn extra income through side jobs or freelancing opportunities. So that it's easier to save money and stay afloat while living independently. With some creativity and planning ahead for what might be a higher-than-usual expense burden. Living alone is totally affordable.

13. Try not to be afraid of being lonely

Living alone can sometimes be a scary thing, but this doesn't have to be the case. Don't overthink living by yourself and don't let fear of loneliness stop you from trying it out. If living with roommates or family members is what makes you feel safe, that's great! But if not then try to think about how much independence will improve your mental health.Maybe give living solo a shot for at least one year? You might find that you want more time on your own than imagined. Or maybe the opposite happens. But either way, there are tons of pros of living alone that are worth considering. You won't have to worry about the cost of living going up. Because you'll be the only one paying rent or mortgage; it's just a single bill to pay and that will help cut costs! Living alone needn't mean being lonely: give yourself permission to try something new! You might quickly discover how easy this could be.

14. Save money on utilities by turning off lights and appliances when not in use

Glowing retro vintage light bulb used for decoration

Using your living space more efficiently is one of the best ways to save on utility costs. But there are also other ways that you can reduce what you're paying for utilities overall. For instance, try turning off lights and appliances when they aren't in use. Unplug any electronic devices if you are not going to use them any time soon. Or invest in a window air conditioner unit. Instead of running your central air conditioning all day long.

Conclusion

Many people dream of living alone. It can be a fulfilling experience that is also very rewarding. The only thing you need to worry about is rent and bills. But if you're smart with your finances then living on your own should not be too difficult.If you're a young millennial looking to live on your own for the first time. Renting an apartment is one of the best ways to do so. Oasis Living has apartments with affordable rates and amenities. That will make living alone more enjoyable than ever before. We have everything from studio apartments to luxury townhouses. Whatever your needs are, we can help you find one!

Contact us today if you would like some assistance finding a new place. Or even if you want advice about renting an apartment near your work. Our team of experts are ready and waiting!If you are a landlord that owns a buy-to-let property in London, we can help you let and manage your property more effectively, for less! We use tech to make the property letting process smoother and more transparent. You will no longer have to wonder if your agent has updated your compliance documents or ensured that leaky tap was fixed.

Our online property management dashboard will help keep you up-to-date and in the know!We also offer low rates. Using tech to do the heavy lifting means we can keep our fees low and our efficiency high! We offer a tenant find services for only 10%. This service includes intuitive property staging and beautiful professional property photography, helping to make sure your property stands out against the rest! We also offer a premium property management service that includes free maintenance callouts as a standard!If you're looking to improve your property letting experience, contact one of our property letting experts today to find out more.

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