Many of us are struggling to keep up with mounting debt problems in today’s stagnating economy. Salary reductions, layoffs, and rising home and energy costs have made debt a growing problem across America. If your financial situation has changed for the worse, you might consider getting a roommate to help reduce your monthly expenses to get out of debt.

The savings you will receive by splitting mortgage or rent costs, not to mention utilities and cable/internet expenses, can add up to a substantial amount over a year’s time. And if you use this money wisely to eliminate outstanding debt problems, you can view your new roommate as your “debt solution system” rather than an inconvenience.

Perhaps you had a bad experience in college, or you are just the type of person who likes to be alone. Whatever your reason for preferring to live alone, life can sometimes throw you a curveball, and the only thing to do is step up to the plate. As a general guideline, if you are spending more than 25% of your monthly salary on your mortgage or rent, you are more likely to remain in debt and unable to save money. And even if you are still able to meet your monthly housing obligations, sometimes taking on a roommate allows you to put additional funds towards debt settlement than would otherwise be possible.

Take for example a two bedroom apartment in Boston. With housing costs nearly two and a half times the national average, a two bedroom apartment in the greater Boston area will run you about $2,000 a month. Electric, heat, water, and sewer utilities will set you back at least another $150 a month (and much more in the cold winter months). Add in cable and internet for around $70, and you have a total monthly expense of $2,220 a month. Splitting this cost with a roommate will allow you to put $1,110 a month towards your debt settlements! Just think of how quickly you could become debt free with that kind of extra money each month. Although rent in most areas is not nearly as pricey as Boston (topped only by New York City and San Francisco), you get the general idea.

Although you may value having your home all to yourself, the advantages of splitting monthly costs can sometimes far outweigh any other considerations. If you are having debt problems and have an extra room in your home, consider renting it out to relieve some of the pressure on your finances.

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