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Moving to Cheaper Rent?

January 14th, 2014 at 07:37 pm

My lease is up at the end of July and my roommate will be moving out at that time. (I'm lucky enough to have her for the end of the lease). Currently I'm paying around $1000/mo. This includes rent, water, electricity and internet. My roommate gives me $450 for her part.

I'm considering moving to a VERY CHEAP place for at least 6 months. Where I'm currently at I could get rent as low as $250/mo. I've seen places that I'd rent out that cost about $300/mo. With the cost of utilities I could pay approximately $500/mo. This would save me about $500/mo and $3,000 for 6 months. Or I could rent this low for a year and save about $6,000.

With this money I'd like to pay stuff off. At this point I'm just "making payments" and that's no conducive to being debt free.

What are ya'lls thoughts?

7 Responses to “Moving to Cheaper Rent?”

  1. creditcardfree Says:

    I'd go for it if you feel comfortable with the housing. The lower you can get all expenses the more money you will have to pay off debt.

  2. MonkeyMama Says:

    What's the catch?

    I am personally a big believer in getting rents down as low as possible in a situation like yours. I would think outside the box and live with roommates. I would not live in an unsafe neighborhood. Just that kind of thinking. (This is what I did when I was younger, until we saved up enough to manage the high cost of living, where I am from. Small space, roommates, whatever. Bad neighborhood, cockroaches, no thanks?).

  3. Sian Says:

    Overall it's close to my job so i'd save money on gas. I REALLY dislike cockroaches... but I've already thought about that as well (bad neighborhood, cockroaches, etc.) the only thing about roommates is that they eventually leave. not something that I can rely on all the time. Frown
    so i'm looking for someplace that I can live myself for a good minute. if I do this then I can possibly pay off 2 "small" things during that time or one "large" thing.

    it's something to consider. maybe i'll try to find someone that is already looking for a roommate. then my expenses would be fixed...

  4. snafu Says:

    What are the expenses involved in moving? Would you need to rent a truck? Would you need to cancel and re-start utilities? Are there fees?

    Moving is a lot of work and you need to factor in any costs like rent a truck, change utilities etc. Once established, cockroaches and vermin are truly invasive and if you add in safety factor, option one sounds awful. I guess your last solution sounds best, someone who needs a room mate. Take a flashlight and look for evidence of bugs under the sink or in a dark corner. You could throw up a 'wanted' ad on Craigslist to see what comes up.

  5. MonkeyMama Says:

    Well if the place is liveable without roommates, it might be a better option? Removing the uncertainty? I just wanted to clarify that I don't know if roommates are the be-all, end-all. Everyone's give and takes will be different. & the value you will get from a roommate will depend on the region.

  6. ThriftoRama Says:

    I'd go for it. At one point in my early 20s I lived in a beautiful rental with two roommates who were total flakes. It was very stressful and expensive. I eventually moved to a one bedroom just for me that was tony by comparison, but so cheap. It was the best thing I ever did. I loved it there,the money stress was gone, and it saved me a ton of money, which I was able to use to pay cash for some of my college classes instead of taking out loans.

  7. Sian Says:

    i'd pay for a moving company but overall with cheaper rent that cost would be recovered. I'm looking online for reviews of places, that way I can figure out if there are pest issues.

    I also have to think if I move in with someone do I sell the couch or store it and some of my other furniture.

    there are some mobile neighborhoods that i'd be willing to move to (manufactured double-wide homes) that are pretty nice and my expenses would come up to $500 minimum which is exactly what I would want.

    Although with a roommate it could come up with less than that inclusive. I hate living paycheck to paycheck. I want to pay things off instead of waiting 2.5 years when I stop paying alimony...

    no fees involved in changing utility services btw.

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