I remember the good old days when I was living rent free. Sure I was living with my parents, and there were rules, but it was rent free and came with a cook (Thanks Ma)!
Ok. So living with your parents isn’t a glamorous lifestyle for anyone past their college days. Trust me, your future girlfriend might laugh a little bit when you mention you still live above your parent’s garage.
At some point, we do have to move out and the harsh reality of responsibility and paying money to survive strikes.
My first bachelor pad I chose because I could afford it but soon realized it would have been much better to pick a cheaper place and save some extra money.
So despite it either being your first time flying solo or being a renting veteran, here are a few reasons on why you should consider finding a cheaper place to rent.
This post may contain affiliate links or sponsored content for which I may receive a commission that supports this blog. Thank you for your support!
I’m sure the last thing you want to do is move to a less expensive pad just so you can invest more, but it is a fantastic use of your money.
You young college graduates should take advantage of all the money savings you can get and dump it into investments. Want to be cool? Set yourself up for early retirement by investing early.
There are many different options to invest your newfound cash including stocks, bank CDs, and even saving up for a down payment on a house or rental property.
If my bachelor self could have a do-over, I probably would have lived with my parents for a little longer to save up enough money for a down payment on a duplex and rented one side out. Unfortunately, independence called shortly after getting my first job and I moved into a duplex I didn’t own!
While setting aside a few dollars now doesn’t seem like much now, it can make a significant impact later down the road.
Buy a New Car
While I would discourage you from taking on more debt, buying a new car is a fun option for your newfound cash. We spend a lot of time in our cars and having a nice one is something to appreciate.
Go out on a Date
Taking your significant other out on the town is another noteworthy way to spend your cash. Go out to dinner and a movie or bowling. You’ll both be able to enjoy life a little more and relieve some of the daily stresses.
Spending time together one of my favorite options because it’s too easy to get wound up in everyday life. We spend most of our day and energy at work, making it easier for our relationships to drift apart.Sharing is Caring!Click To Tweet
Save for a Vacation
Vacations seem always to be out of reach and expensive for many people. Traveling is a great stress reliever and setting aside your new money is a great way to get some life experiences.
I would recommend saving for many smaller trips rather than one large one. Shorter trips cost less and tend to relieve just as much if not more stress than one long trip. Also with smaller trips, you get more memories and experiences than you would with one large expensive trip.
Learn a New Skill and/or Start a Small Side Business
You can use your newfound cash to learn a new skill that interests you. If you are interested, you can take what you learn and turn it into a side business to earn even more cash.
For example, if you were interested in learning how to bartend, you could easily take a few courses and get a simple bartending kit off of the internet. Take a few pictures and advertise your services as a private bartender on craigslist where the client must provide the supplies. Not only did you learn a skill you were interested in, but now you can make some extra cash doing it.
I want to know what you would do with the extra money from paying less rent. Let me know in the comments below.