Living alone can seem pretty expensive. Especially if it is your first time. Luckily there are a few ways you can live alone without spending much money. Below are the 8 cheapest ways to live alone that you probably never thought of!
The cheapest ways to live alone are by house hacking, living the van life, or becoming a live-in nanny. Purchasing a fixer-upper or living on a boat are other great ways to save money and live in a very cheap and affordable way.
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8 Cheapest Ways to Live Alone
Here are the 8 cheapest ways to live alone in 2021.
1. House Hack
House hacking is one of the best ways to buy a home and potentially have your rent, or mortgage paid for in full. It’s gained popularity among first-time homebuyers in particular due to all its benefits.
If you are trying to house hack, you will need to buy either a duplex, triplex, etc, and rent out the other living units that you do not occupy.
So if you purchase a duplex, you would rent out the other unit at a profitable rate. The goal is to make your tenants rent the same or more than your mortgage. If done right, it can be one of the cheapest ways to live.
2. Van Life
Are you adventure-hungry and looking for a cheap alternative way to live? Consider living in a van. Not only would it cut the cost of a mortgage, it could also be a fun learning experience.
Getting a van is significantly easier than purchasing a home. But it takes a certain type of person to live this type of lifestyle.
However, if you are looking for a cheap way to live, van life is definitely a huge money saver. The potential savings are amazing and would allow you to put money towards other expenses, investments, savings, or fun experiences.
3. Rent From a Duplex Owner
The opposite of house-hacking would be renting from a duplex owner. Rents tend to be cheaper than renting a single-family home. Now, this will depend on many different factors, including location.
So if you are considering renting from a duplex, make sure you are getting the best deal in your area.
Renting from a duplex owner can give you that sense of freedom of living alone while still getting a great deal on rent.
4. Purchase a Fixer-Upper Home
Purchasing fixer-uppers can be a good way to buy a home for an affordable price. It could end up saving you a ton of money in the long run.
However, it’s called a fixer-upper for a reason. You will need to put some work into it and fix it up a bit, preferably by yourself.
For those looking to live alone in the cheapest way possible, you will need to do the work yourself. Spending money on labor can really drive your expenses up.
But if you’re willing to do the work, purchasing a fixer-upper home is totally worth it!
5. Become a Digital Nomad
For those looking to live alone but want to travel at the same time, consider becoming a digital nomad.
As a digital nomad, you are not stuck in any particular location. You can work where you want when you want.
Do you want to live and work from your van, or car? Do you want to travel to different countries and work remotely in an affordable way? These are all options as a digital nomad.
6. Rent Affordably
A lot of people tend to look for housing that is out of their price range and end up overspending on rent. This is especially true for first-time renters looking to live alone.
One of the most popular ways to tell how much you should spend on rent is the 30% rule. Simply take 30% of your gross income and that is the maximum amount you should spend on rent.
But we are looking at the best ways to live alone as cheaply as possible. So you should try to spend closer to 20% of your gross income on rent.
Really consider what you need in a home, vs what you want in a home. For the cheapest available option, you will most likely have to make some renting sacrifices.
Instead of that two-bedroom you wanted, you might have to settle for a single room at a cheaper price.
7. Live-In Nannying
Another one of the cheapest ways to live alone is by becoming a live-in nanny. Most expenses should be paid for including any rent, travel, and food for anything related to the job.
If you are willing to take care of another family’s child and almost become part of the family yourself, it can be a very cheap way to live. It’s a great job for anyone that is good with children and is looking to save more money.
8. Set Up Home on a Boat
Living on a boat can not only be a cheap way to live, but it can also be a fun and exciting experience as well.
Owning a houseboat does involve paying for the boat’s registration every year. But you do get to skip out on paying property taxes annually.
By setting up home on a boat, you also get to avoid spending a ton of money on a house, and only need to purchase the boat.
Just like living in a van, living on a boat is not for everyone. But it is still a cheap way to live alone for those that want to.
There are a ton of different ways to save money when living alone. Literally, anyone can live alone using the 8 cheap ways listed above.
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