Have You Ever Considered Living in a Hotel?
Are you worried about your household budget and think that you may not be able to make ends meet over the coming year? Do you live in a suburban area and have had enough of the daily commute, as you grind your way back and forth to work? If so, maybe you should make some big changes, consider living in a different location and free up more of your time. If this sounds like a good move for you, why should you consider living in a hotel instead?
This may sound like a ridiculous suggestion as surely it's going to end up costing you more rather than helping you save. This is what most people assume until they start breaking down the numbers and bringing other factors into the picture.
Do You Need a Car?
If you work in the middle of the city but live in the suburbs, then you may spend an hour or two each day in travelling. Begin by calculating how much this is costing you in time alone before adding the actual expenses. Don't forget to include the cost of parking downtown, if necessary.
Think about your car in general. If you're honest, do you really use it a lot for anything apart from this commute? Perhaps you don't even need it. If you were to live in a hotel that is within walking distance of work, you might be able to ditch the car and this, by itself, would save you a lot of money.
All Those Costs
Even if you want to keep your car, have a good look at your monthly living expenses including mortgage or rent. Add these figures up carefully and don't forget to include the costs of cleaning and maintenance, as well as your rainy-day fund for unforeseeable expenses.
Making a Comparison
Once you have all these costs itemised in one column, calculate how much you would have to pay to stay in a cheap hotel downtown. This will be relatively easy to figure out based on a nightly rate, but you may be able to get a discount for longer term accommodation. If the property in question is part of a chain, then you may be able to get a loyalty bonus as well, which can be converted into cash or a cash equivalent.
Remember, you won't be responsible for maintenance if you live in a hotel. You will have somebody who can clean the toilet and make the beds. This will not only save you money but also a lot of time and hassle.
Getting More Details
As you can see, this solution has its merits. Take some time to think it over and look into cheap accommodation options.