Stephen Wright once said, “My roommate got a pet elephant. Then it got lost. It’s in the apartment somewhere.” Getting a room-mate is perhaps one of the best things that you can do if you are unmarried to save money. There are also a lot of non-monetary benefits to having a room-mate as well that you should know about.

First let’s look at the economics of having a room-mate. I live in rural South Dakota, so the numbers will probably look substantially different depending on where you live. In any case, you can save a lot of money by having a room-mate. I know a Woman in town that paid $350 for a two bedroom account. She picked up a room-mate, and her rent check was instantly cut in half.

There was about a 30% increase in the utility bill, but that was to be expected. It doesn’t cost any more to heat the place, but there is an increased demand on water and electricity, but she was paying less than she was before, so all is good. They were also able to split the cable and internet bill as well, making it a very desirable situation. Instead of paying $480 for a 2-bedroom apartment, utilities and cable, she now only has to pay about $250 a month! That’s almost a 50% savings just by letting someone move in with her!

There are also less tangible economic benefits as well. You and your room-mate can share rides to wherever, saving on gas. You can buy in bulk together, and save on groceries. You two can share a movie collection and book collection so that each of you has to buy fewer books, and the like.

Perhaps the non-economic benefits are even more valuable to you than any money that you will save. If you have a room-mate, you are practicing for marriage. You’ll know what it’s like to live with someone. You’ll learn to share responsibilities and peacefully co-exist with someone before you get married. This way when you meet that special someone and tie the knot, the transition won’t be as hard!

When you have a room-mate, you have someone else to watch over the house when you’re not there, and have someone to take phone messages for you. They’ll be someone to feed your fish when you’re out of town, and someone who might even cook for you occasionally!

All of these benefits can be over-shadowed if you get the wrong room-mate. If you get the wrong person as your room-mate, you could find yourself doing the chores of two people, busting them to try to get them to pay their portion of the rent, and having to listen to them whine about their personal issues, or putting up with their unwanted parties. Don’t let yourself get the wrong room-mate. Make sure your room-mate is morally upright before you agree to live with them. Make sure that they pay their bills on time (check their credit report), that they have a good work history, and are overall good people.

If you get the right person as your room-mate, living with someone else can be a very rewarding situation. If you get the wrong person, you’ll probably want to move out! Get the right room-mate in advance, and reap the benefits.

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