This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Be financially prepared with or without someone by your side
If you’re dating, in a relationship, married, or even have a roommate, how would your lifestyle change if you were to be on your own? Would you be okay, or would you be in danger?
Some people are lucky, and they would be 100% fine because they are living below their means and taking advantage of the 50% discount, but many people would be deep underwater unsure of what they should do because they didn’t plan life without someone else to pay for half the bills financially.
The trouble with relationships (platonic or romantic) is that when they become financially entangled, they become more complicated. People often find themselves getting extra comfortable with how money flows, and they start to think only of their lifestyle based on the added income. Essentially, they forget about their unique financial status and only think in joint terms.
Of course, the hope is that everything works out within a partnership without a hitch, but sometimes things go in different directions – completely unplanned.
5 Things You Should Do Now
Create a one-year emergency fund to cover your monthly expenses for at least one year. If your roommate ever moved out or ditched you, you could afford the rent for several months.
Have a backup plan. If you lose a roommate, you can always get a new one to help cover the rent, or you can utilize air BnB.
Live below your means. If you’re living with a roommate, there is a high chance that you’re living above your means and spending more than you earn. If you’re lucky and still have a roommate, this is the perfect time to get your financial situation together.
Be able to afford both portions of the rent. You’re in trouble if you can only afford your portion of the rent. Don’t move into a place unless you can afford it with your money alone. People often move into nicer places than they should because of roommates, but their finances are drastically different from the total cost of the rent.
Have open conversations. A lot of people get financially blindsided by their roommates. There have been situations where people’s roommates abruptly left them; they could no longer afford the rent and developed delinquencies on their credit. Stay in open communication with their roommate; do they have plans to stay around? Are they doing okay financially? Are they struggling to keep up with the rent payments? Do they want to continue living with you long-term? People change like the weather. Despite what your roommate says, always be prepared financially if they leave.
A roommate can be a spouse, a dating partner, a family member, a friend, a colleague, an acquaintance, or someone you barely know. No matter the relationship, still ensure you look out for yourself financially so you won’t be burned.
Would You Be Able To Afford Your Lifestyle Without Your Partner?
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.