The cost of living alone can sometimes be daunting. Especially when it comes to the big picture of your finances. There are lots of ways that the little things can add up, but that doesn’t mean it can’t be done. In order to understand the true cost of living alone, let’s breakdown some of the biggest financial burdens of being single. That way, you can handle them like a pro.
Cars
Vehicles and vehicle maintenance are a huge undertaking for one person. From monthly payments, to oil changes, having a car can cost a lot. However, that doesn’t mean you can’t be smart about your car expenses alone.
For example, if you don’t make a lot, you probably won’t be investing in a big fancy car. Sure, you can search “Are Ford 150’s expensive to insure?” Or look into nice vehicles, but you shouldn’t go out of the way to have an over the top car. That is, unless you can budget for one, or you make enough money to finance it alone.
Insurance, yearly maintenance, and fuel also make up the majority of your car costs. And unless you’re a millionaire, unlike most of us, this can be a huge undertaking for one person. Be certain to budget out your daily, monthly and yearly car expenses so you can understand the cost of living alone and having a car.
Rent and Mortgages and House Issues
Let’s face it, rent and mortgage payments are astronomical in today’s market. One of the biggest expenses you will pay for is your home. That being said, it is important that you truly grasp how much it costs to live alone in a house or apartment.
Here are just a few things you will have to pay for, apart from your monthly rent/mortgage:
- Water and Sewage
- Electricity
- Gas or Oil
- Trash
- Appliance Repairs
- Insurance
- Home repairs
- Internet
- Phone
When it comes to paying for your home, one of the true costs of living alone is that you will have to pay for all of these things on one income. Not to mention taxes if you own the property. All things considered, your independence is truly the most important thing. But just like buying no-fault insurance for your car, or making a good budget, you need to be honestly prepared.
Food and Fun
Now, living alone can have a lot of pros. You can do what you want when you want, decorate your house however you’d like, and have all the freedoms and comforts you would like. But when it comes to eating good food and having fun, those activities can actually cost a lot.
Food and entertainment can be quite a big expenditure, but when you budget, you can definitely make it work. Be certain to plan groceries for the week, as well as for food out at restaurants. That way you get food and fun all in one go.
Medical Emergencies
A huge cost of living alone is having to deal with medical emergencies on your own. Paying for ambulance rides, hospital visits, and even everyday, run-of-the-mill doctor’s appointments can really add up. Some of the true costs of living alone aren’t things you can plan for in a budget. Be certain to set aside money just in case of health emergencies.
The True Cost of Living Alone Doesn’t Have to Be Too Much
The true cost of living alone doesn’t have to be more than you can afford. There are a lot of wonderful things about being on your own, especially when you understand all of the financial responsibilities. Having a great budget for food, living arrangements, cars, and even the unplanned can be a huge help to relieving your money stressors. Get out there, and do it all on your own.
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