For some people, sharing a home with several family generations is very common and they do not even think about having different households living separately. In other cultures, sharing a household with other generations is not commonly done, but that does not mean that it cannot work for them too. In fact, this could be the best solution for anyone that wants to save as much money as possible. But, how does adding more people to the home really help anyone save any real amount of money?
Saving on house price or mortgage
This is probably the most significant cost. My friends and their parents have recently moved in together as they realised that selling their tiny flat and a small house, they can afford to buy large house with a small annexe where all the extended family can live comfortably. It took a while to find the right house, making sure that everyone had enough room and privacy, but it was worth it in the end. Now each family unit has a separate entrance to their part of the house, so they feel they have their own house, but they share the cost and utilities and can visit as often as they like.
Saving on child care
It’s natural that grandparents will want to spend time with their grandchildren. If you are brave enough to move together as a one multi generation household, the headache of getting a baby sitter every time you need to stay late at work or your child is ill becomes much easier. I would strongly recommend to set boundaries straight from the beginning and set rules that all family members will adhere too. It’s great to have a babysitter on tap, but even your grandmother might like to go out sometimes and she probably won’t appreciate being taken for granted all the time by being the default babysiter.
saving on Elderly care
Leaving elderly loved ones in homes by themselves can be a little worrisome. This is because you may not know if or when something happens, such as a trip and fall, until it is too late. By having your parents or grandparents live in the same house with you, you will find that there will usually be someone around the house that can be there should they need assistance. Since there will be a lot of people in and out of the house, you may not have to worry as much about hiring any nursing aids. The family can take care of each other. Also, when you do have to leave the house and leave your elderly loved ones alone, you could simply give them a medical alarm device. This way, should they need prompt medical attention and they are unable to get to the phone, they can press the button on the device. Medical emergency services will soon be on their way.
By having your elderly relatives to live with you, you can save on unnecessary trips to and throw each other houses or false emergency alarms going off in the middle of the night.
Cut Down On The Cost Of Food
Instead of everyone living in their own homes and having to prepare their own meals from scratch, the extended family that lives together can pool their funds together and prepare slightly larger meals that are big enough to feed everyone. It might not seem like a lot at first, but you are bound to find that the cost of your food bill will go down substantially. All it takes is a little planning.
You can also share the workload, by taking the turns in preparing the meals. Shopping can be done online in larger orders to give you even more savings.
save money on entertainment
You can save a lot of money for everyone when you have a few streaming apps in one house that everyone can share instead of two or three houses having to pay for their own. It might not seem like a lot of money at first, but it can really add up month after month – especially after considering all of the other ways in which you can save money.
The internet cost for one household is also cheaper than paying for two or three households.
If you are lucky enough and you have a similar taste, you can also subscribe to magazines or newspapers that everyone likes and then share them around, so that everyone can read them. The same goes for books, borrowed films and other entertainment.
save money on house Utility bills
Sure, there will be a lot more people living in one house now, but with all things considered, that might actually allow you to save money on the cost of your utilities – especially if your household is considered in a lower income bracket due to the number of people that are living in the one home. Make sure that you are calling all of your utility companies for assistance in planning how you can get your utilities lowered as much as possible. They may even be able to direct you to charities that may be able to help you cut the costs down even lower.
While this is not a total list of all of the ways in which you can save money, you will want to make sure that you are considering just how much money you can save from just those suggestions. If you want to find more ways in which living with several generations of your family, you might want to take the time to talk with others how have made the changes in their living arrangements. You can learn from their experiences.