When searching for ways to save money finding a roommate is easy because it automatically cuts your biggest expense in half. But for some people sharing a living space isn’t always ideal, or simply doesn’t work.
If you have a family, kids, or simply prefer to live alone but need to save money here are some ideas:
Live, Work, Play Communities
In every major city you have popular walkable residential districts where you won’t even have a need for a car. Rent for a fully renovated unit will be slightly higher but there are options for getting around this. Read on.
With short commutes between home, work and the activities in your community that give you work-life balance you save by eliminating automobile and transportation costs.
Downsize your space
This works no matter what. If you want to save money you can downsize into a smaller space – even if you have kids. Consider scaling back on some of your stuff. Do you really need it all?
This is a great way for new families to save a down payment for their next home while providing the opportunity to test drive a new area before purchasing.
Read: 7 Ways to Guarantee You Get Your Apartment Deposit Back
Rent In a Building with Amenities
Most communities provide free amenities that its residents hardly ever use. Cancel the gym memberships and take advantage of the gym, tennis court, pool and business center. Some buildings offer luxury amenities, like a golf course, spa and car sharing.
Do your due diligence. It might be worth it to pay a little higher rent to live in a community with luxury amenities. Meanwhile, it’s a great way to network with your neighbors.
Don’t want to pay K-12 tuition?
Some high schools charge annual tuition for non-residents. Bronxville High School in the Village of Bronxville, Westchester, NY charges an annual tuition of $25,000 per year for any student living outside of its 1 square mile radius, although technically, it is a public school.
If you’re a parent who wants to take advantage of the Ivy League promise fine institutions like this have to offer without the hefty annual costs – relocate to live within the district and save money on early education tuition expenses.
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