by 4TH&AVE Team

Coliving, TipsDecember 2, 20200 comments 0 Likes

5 Ways You Can Lower Your Monthly Expenses With Coliving

Living on your own can be expensive due to rising rents and stagnant wages. Also, there are various smaller expenses besides renting that add up, including utilities, furniture, household supplies, energy bills, and the list goes on. All of these expenses are motivating people to look for better ways to reduce their monthly expenses. Fortunately, coliving has become the answer. Thousands of renters are now trying it out.

According to a survey of 2019: The coliving movement is helping people save up to 20% more than living alone.

What is Coliving?

Well, the coliving concept is nothing new. It’s just like assisted living communities or boarding houses of the early 20th century. The significant difference between these is that coliving is being marketed as shared living spaces for young professionals to make living affordable for them in expensive urban areas. Basically, coliving is a modern shared housing form for like-minded people to work, live, and play together. The bonus of coliving is networking and connecting with fellow housemates. Coliving values community alongside individuality. Do you want to know how to save more with coliving? Let’s have a look at some practical ways below.

Here are 5 ways to save on your monthly expenses with coliving:

1. Reduced Renting Costs.

Renting a room is always expensive. However, by being a part of a coliving community, you can lower your monthly renting expenses with ease. This is done through splitting a single-family home into a multi-tenant bedroom lease. The benefit is that you get to rent a room with shared common spaces rather than paying for an entire apartment.

2. Shared Bills.

In coliving spaces, there are no unexpected and high bills because everyone has to pay the same flat rate. Therefore, you don’t have to spend a lot in terms of energy bills at all. Instead, by each person paying a flat rate, you can reduce your monthly expenses with ease.

3. Furnished Accommodations.

Another way of saving money with coliving is through furniture. Most coliving places come with fully-furnished bedrooms and shared spaces. This means you can save the money you would’ve paid for furniture, such as couches, dining room tables, beds, etc. Any other furniture essentials that are necessary for your home can be split with others. This allows you and your roommates to decide what your coliving space is missing, which can help you to build your dream home without digging deep into your pockets.

4. Save on Streaming Services.

Organizing streaming services and activities will help you to save more. Because each room doesn’t need to have a separate subscription for streaming services like Netflix, Prime Video, HBO, Hulu, and others, roommates can share these streaming services to cut down on their monthly expenses.

5. Share Basic Necessities.

Furniture and bills are not only options that you can share. You and your roommates can also split basic necessities to save even more on your monthly expenses for items like toiletries, cleaning supplies, and groceries. You can spread the wealth and share your basic needs by creating a schedule to determine who will bring what. This idea can be used on both common items and groceries with ease.

Conclusion:

As you can see, there are many ways you can save a lot of money by renting a room in a coliving space. The more you decide on a financial gameplan with others, the more money you can save. This allows you to enjoy a certain quality of living while also maintaining a certain quality of expenses. If you’re looking for ways to save on your monthly expenses, we recommend that you consider coliving.