Do You Earn Enough To Live Alone?

budget

There are plenty of pros and cons of living on your own, not given the simple fact that you do not have to share your flat with a roommate. But the main question still is – if you can afford it?

The list below has a number of things you should ponder to understand if you have enough money to live alone.

Calculate the Spending

When you are searching for a flat to rent, you pay attention to the price. But at first you should calculate what percent of your income this price takes. After this you can simply understand if it is appropriate for you or not.

You may find a cheap flat, but it can take half of your monthly budget. In such case you should not rent it, because you have just nothing left for your own.

The research shows that the rent should take approximately 30-35% of your regular income. If you think you can spend for it more, you should prepare to reduce costs in some other spheres of your life. In such a way you can increase the percent up to 40-45. But it will be difficult, and you will probably not enjoy such life.

Try it

When you have calculated all spending and think you will be ok, you should try to live on the planned money. Then you will understand if it is enough for you or not.

The naked figures can not reflect the real situation, so it is always better to try it on your own.

It might be better to live with some friend and save some additional income. After this you may calculate your real budget. You will know how much money you spend on transport and food, on entertainment and holidays. Then it will be easier to understand what part of your income you can pay for rent.

Do Not Forget About Additional Costs

You may find a good flat with not high rent. But the hint will be in the other utilities you will have to pay: water, gas, electric and other. And this could take a significant part of your income. Of course you can always contact North’n’Loans Canadian company to get some extra money. It will help you to pay for any unplanned purchases and solve different monetary problems. Also it will not hurt your budget, because you must return money in a short period.

Also you might want Internet connection or some cable TV. In such case it is also better to live with a partner, so you can split all costs for two.

If you have never lived alone, you should take in mind different goods you will need for living. There are plenty of simple things you will not be able to live without: plates, curtains, linens and some furniture. And all these need money spendings.

As a conclusion I want to say that it is better for your budget to live with a roommate. It will be cheaper to find bigger flat for two people, and just split the rent. Without any doubt it will cost less for each of you. And you will have your own space, but also a friend near you, so you can even have some help. After all you should decide if you can afford living on your own, and if it will be comfortable for you to pay quite big money just for the opportunity to come back to the empty flat. Is it really worth it?