How to Save Money While Living with Roommates

For a number of different reasons, more Americans are renting now that at any point in the last 50 years. This comes on the heels of a 2016 Pew Research Center analysis of Census Bureau data. It found that there has been a significant rise in the renting population, even accounting for population growth we’ve seen in the last 50 years. TL;DR: As a renter, you’re in good company.

Renting comes with a cost and most of us are trying to save as much for retirement as possible. While living with roommates is a great way for renters to save money, you can also rack up the savings in other areas if your roommates work together. Here’s how living with your roommates can save you some extra cash.

Share Your Groceries

If you have a bad habit of buying too many perishables at the grocery store and letting them go bad before using them, you’re not alone. Instead of shopping solo, consider sharing your groceries with your roommate. If you think about it, there’s really no need for two heads of lettuce, two gallons of milk, and two loaves of bread. If you and your roommate both regularly use a specific grocery item, you can save money (and pantry space) by sharing these staple items. Unless one of you follows a strict diet (paleo, gluten-free, vegan, etc.), think about sharing these food items with your roommate:

• Bread
• Butter
• Milk
• Fruit
• Deli meat and cheese
• Eggs
• Condiments like ketchup, salad dressing, and mustard

Each roommate can contribute to a food fund to pitch in for shared staples. Then, one week one person buys groceries and the next week the other roommate pays. Just communicate with your roommate(s) and figure out a system that best works for everyone.

Buy in Bulk

Wholesale clubs like Sam’s, BJ’s, and Costco aren’t just where big families and companies stock up on food and household products. When you buy in bulk, you generally save money. Instead of having to pick up overpriced milk or toilet paper from the corner store, buy in bulk and save money by keeping a stash on hand at all times.

Embrace Natural Light

Embrace the savings by embracing the natural light your apartment already receives. Not only can natural light help keep your house warm and illuminated, but it is definitely helpful on the finances after a long and cold winter. Open the blinds and let the natural heat from the sunlight warm up and brighten your apartment. Turning off unnecessary lights and lamps will, in turn, lower your utility bills and save you money.

Put One Roommate in Charge of the Bills

There are several different systems that roommates use when it comes to paying the monthly bills. One common method is for roommates to alternate between who pays what bills each month. That system can cause confusion. For example, if one roommate forgets it’s their month to pay a certain bill, you risk late fees.

Instead, have one person responsible for paying the bills each month. Each roommate can pay the “finance manager” their share of the bills and that person can be in charge of making sure everything is paid in full and on time.

Eat (Together) at Home

After a long day at work, most people just want to kick their feet up and relax, not slave away in the kitchen. However, eating out on the regular can be very expensive, not to mention unhealthy. Instead, take turns cooking for one another. Talk to your roommates and devise a schedule that works best for all of you, adding in required dish duty for everyone who didn’t cook.

Buy All Your Snacks During Weekly Grocery Trips

Cravings can catch you off guard and send you running to the nearest convenience store for a quick fix of something sweet, salty, or cheesy. Like we mentioned before, having food and household items on hand for when you need them can save you lots of money. Buying snacks from a corner store or bodega is going to cost you an extra convenience fee, but you’ll get the exact same item you’d get for a smaller price tag at a regular grocery store. Arm yourself with an arsenal of your go-to munchies and grab a few snacks whenever you hit the road. That way, when hunger strikes, you won’t be caught off guard.

One of the primary reasons people move in with roommates is to save money. After you’ve found your perfect apartment, finding the perfect roommate is next. While looking for a roommate, chat with all the potentials about your financial goals and ideas on how to achieve those goals. A good roommate will have similar beliefs and goals and will work with you so that you can both save money while living together.

This article was updated on 1/17/19.