Living alone is liberating, exciting, intimate, and mature.
Living alone is scary, expensive, stressful, and quiet.
Choosing to embark on a lease without roommates is a big decision. It takes a lot of careful consideration and planning; you can’t just charge into it blind. Even if it’s something you want and feel 100% prepared to do, actually paying every bill and handling every issue on your own is a little overwhelming. Honestly, living alone is similar to walking on a tightrope. One misstep or slight shift in balance and you’re (financially) dead.
Before you formally say goodbye to your roommates and sign on the dotted line, you need to be prepared for what it’s really like to live alone. And by live alone, I mean foot the bill alone.
Say Goodbye to Buffers
…between you and the landlord, between you and the cleaning, and between you and the bills. You can no longer push the scary or gross things off onto a roommate. You can’t find financial solace in splitting the utilities and rent. Those happy days are gone.
There’s no roommate to ask to pay a little more on the months when you’re just running short. You can’t be short of money to pay your bills when you live alone. Now you have to pay every single penny on your own. You also have to do the dishes every time because no one else is around to cave to your passive-aggressive avoidance.
The Bills Don’t Get Cheaper
This goes back to the fact that you have no one to split things with or to blame when the utility bill is higher than normal. The bills won’t be cheaper every now and then when your roommate is out of town. The bills will be the same—or more expensive—each month, and the responsibility will sit heavily on your shoulders.
You’ll be amazed at how much you worry whether or not the lights were turned off before you rushed out of the door for work. Those minor issues become bigger when you have no one else to blame for taking an hour-long shower, and each extra dollar you pay for that will piss you off.
You Have to Replace Everything
Broken coffee cups? You have to buy them yourself. Busted Keurig? There’s no one to split it with. Any item you replace or fix is entirely paid for by you when you ditch the roommate life. This is one of those things you don’t really anticipate before moving into a solo abode, but it is an eventuality you’ll deal with. Even if it’s something small, like a new trash can, you’ll miss the days of splitting everything like you miss your high school abs and glutes.
Oh, and you can’t avoid buying new shampoo by using your roommate’s anymore, either. If you run out of something, you’ll be forced to purchase some more because there’s no one to casually “borrow” from.
Budgeting Becomes a Daily Habit
No, really. You have to watch your money much closer when you live alone than you did living with roommates. It costs a lot just to live, and even more to live alone. Since you never know when something could break or come up, you have to keep a little cushion in the bank.
Every single cup of Starbucks or impulse sock purchase has to be budgeted for. Otherwise, you could find yourself with a whopping $20 to eat off of for a week in order to pay your bills—which is not a situation you want to find yourself in, because a) it’s stressful, and b) you’ll be hangry.
You’ll Learn How to Compromise
The chances of you being able to own everything you want is pretty slim when you live alone in your twenties. Internet, heat, and air are essentials (obviously), but they aren’t cheap. That means you’ll have to give something up, like cable or curtains—both of which I’ve foregone in order to live alone.
Living alone teaches you the difference between what you want and what you need. What you need will always win out, by the way. If you want to live solo, then go ahead and accept the fact you’ll have to give something up in some area of your life sooner or later.
Living alone is difficult on your bank account, but it’s also a very rewarding experience. Even though you’ll be stressed out about your money, you’ll be just as proud of yourself for pulling it off. As long as you prepare yourself for the financial responsibility and surprises before moving into your own place, you’ll be able to handle everything. Make sure you have a nice amount of savings just in case something major breaks, and budget diligently to keep yourself in check. It’s a nice feeling to know you’re footing your own bill and standing on your own two feet in every way.
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Last modified on July 13th, 2017
FAQs
However, those who live alone face more challenging financial situations than those who live with a partner or roommate, which can make the leap into solo living a little more daunting. Here's what you need to know about the financial aspects of living alone and how to thrive when renting solo.
Is it possible to live alone financially? ›
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.
What is the true cost of living alone? ›
There are other expenses to take into account, such as utilities, subscriptions, food, furniture, laundry, and transportation costs. For example, the total cost for the first month could be around $3,380, including rent, security deposit, electricity, subscriptions, food, and furniture.
Why is it so expensive to live alone? ›
The 2021 study mentioned above also found that, for couples, living separately costs more than living together. Because couples can split the rent, while single people have to either foot the whole bill or get roommates (read: people who can move out at any time). Buying a home can be harder when you're single, too.
Why being single is better financially? ›
When you're single, you're in full control of your financial goals and life. You don't need to worry about what someone else wants, and more importantly, you don't have to make any compromise or sacrifice. It's all about you and what you want. Sounds great, right?
What salary is enough to live on your own? ›
The data used in the study analyzed the cost of living in each city as of 2022. For California cities like Los Angeles, Berkeley and San Diego, a single person must make more than $76,000 to “live comfortably,” the data shows.
How much should a single person make to survive? ›
More On: wages
On average, single workers in the US require an annual income of $57,200 to make a living wage in America, according to the analysis by GOBankingRates. That amount is a couple thousand less than the average income of all American workers, regardless of marital status — $59,428, according to Forbes.
How can a single person be financially stable? ›
Here, experts suggest numerous tips on how to reach financial independence as a single person.
- Spend Less Than You Make. ...
- Avoid Lifestyle Inflation. ...
- Invest. ...
- Get a Roommate. ...
- Set Financial Goals. ...
- Become Financially Literate. ...
- Understand Your Employee Benefits. ...
- Be Strategic About Debt.
The average individual spends 55% of their monthly income on expenses. The average monthly personal income for Americans is $6,228, with the average personal expense being $3,405 per month.
Where is it cheapest to live alone? ›
1. Albuquerque, New Mexico. According to RentHop, Albuquerque is the most affordable “big” city in the U.S. for people who want to live alone. If you're making around $54,804 in ABQ, you can put just 15.3% of your income towards rent thanks to the median price of a studio being $700.
Over time, you may begin to enjoy living alone and appreciate a newfound sense of independence. “It doesn't mean you're not going to miss your spouse or your loved one,” says Deutsch.
How hard is it to live on your own? ›
The bottom line. Even if you prefer living on your own, it's not always easy. You might value personal space but still have moments where you long for human interaction. Times of crisis that make it difficult to connect with others can isolate you and cause further distress.
What percentage of people end up alone? ›
Even now, living alone is not quite so common in the United States as the data suggest. While nearly 30 percent of households comprise a single person, far fewer than 30 percent of Americans live in them. Roughly 13 percent of American adults live alone, research shows.
Why is living alone so stressful? ›
Living alone can be a challenge for everyone, If you're already prone to anxiety, depression, or other mental issues—or if you're feeling lonely—dealing with these problems on top of moving in can be debilitating. Loneliness, isolation, and depression are three main factors that can lead to a poor state of mind.
Is it cheaper to live alone? ›
Sharing Space, Says Zillow. Love might not cost a thing, but being single does: according to new data, renters living in a one-bedroom on their own face an annual “singles tax” of nearly $7,000. In more expensive cities, it can be as high as $19,500.
Is it harder to live by yourself? ›
Even if you prefer living on your own, it's not always easy. You might value personal space but still have moments where you long for human interaction. Times of crisis that make it difficult to connect with others can isolate you and cause further distress.
Is it harder living alone? ›
Feeling anxiety about living alone is common. Not only are you moving into a new space (or possibly a new town or even country) by yourself, but you'll likely need to build new routines, habits, and community. For certain people, being alone can cause extreme anxiety, a condition known as autophobia.
Is 50000 enough to live alone? ›
An annual income of $50,000 might be more than enough for a single person living in a mid-sized city.
