No, You Don’t Have To Live In The Back Of A Truck To Slash Your Living Costs
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Some people can take saving on their housing living costs to extremes. For example, a Google employee lived in a 120 square foot truck in his employer’s car park to save on sky-high San Francisco rents. The decision meant that he was able to save more than 90 percent of his salary, which was cool. But it’s hardly the sort of thing that’s practical, or desirable, for most people.
So what other ways are there to save on housing costs. You’d be surprised.
Use Crowd Platforms To Rent Out Space
With the price of housing in some cities so high, many people are looking for lower cost alternatives. Thus, there’s a massive opportunity for people who already own their homes to sublet bedrooms, basements, and garages to busy professionals who just want somewhere to crash during the week. If you’re lucky enough to live in a tourist hotspot, you could also offer space in your home on sites like Airbnb.
Refinance Your Mortgage
Your mortgage might have seemed like a good idea when you originally bought it. But over time you realized that there were some problems. For instance, you kept paying a higher interest rate, even when the rates on current mortgages went down. Furthermore, you might also have been sold mortgage insurance you didn’t want or need. If only there was something you could do about your living costs and your mortgage.
The good news is that there is: it’s called refinancing. And with refinance rates so low, now is actually a good time to take advantage of it. Many people find that they are able to save a lot of money on their monthly mortgage bills by simply switching their mortgage products.
Become A Lodger
People have lived in sailboats, trucks and homemade sheds to try and avoid high rental costs. But there’s usually no need to go to those extremes to slash your housing bills. If you don’t mind living with other people, why not become a lodger?
Another way to save on living costs is paying for a single room is usually much cheaper than paying for a whole house. In some cases, you might even be able to find people who are willing to put you up for free (or nearly free) so long as you provide some kind of services in kind. That could be keeping the house tidy, cooking the dinner or doing the gardening.
Move To A Cheaper Location
It’s no secret that some parts of the US are a lot more expensive than others. San Francisco, for instance, is unaffordable for most. But there are up and coming places, especially in the Southern states, where there are both jobs and cheap housing – a rare combination.
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If you don’t have a family, you can often find small studio housing in inner city areas with discounted rents. Rents are often lower in these areas because of the high crime rates, noise, and congestion. If you have a family, keep your eyes peeled for cities where the cost of living is lower, but jobs are plentiful. Midwestern cities are currently cheap relative to the rest of the country.
So in closing, don’t get overwhelmed with your living costs because there are always options!