Living In A Car To Save Money – Find Out How To Do That Starting Today?

Have you thought about living in a car to save money?

Well, you are not alone

I found 3 facebook groups with minimum of 5 thousands members in each

Most importantly, 2 reddit sections for discussing this topic one called urban car living

While the other is called vandwellers

This means the concept of turning a car into a dwelling is a common idea between many groups of people

But why would anybody think to live in a car and giving up on his home?

I know it would make sense to live in a tent as tents are spacious but not in a car

That's why I am going to discuss the idea of living in a car in details below

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living in a car to save money

Would you live in a car to save money?

Actually saving money is not the only reason to live in a car

You will save a lot of money more than you have estimated

But few people pursue a moving action around US to visit all states

That would take easily around a year to move and stay in all states

While there are others who want to experience simple life and abandoning lot of items

Are living costs on housing currently exorbitant?

Without any doubt handling mortgage is exorbitant

You can pay up to 40% of your income, in other words combined family income to cover just the mortgage

In so many cities in US and Canada it is tough to pay mortgage if you are having single income

Even acquiring a mortgage in some areas requires you to pay 20% of the house price just to get the bank to approve your mortgage amount

Beside mortgage, you have property tax plus all utilities and home maintenance

Even if it is rent, it can eat up to 25% or 30% of your income

Pros of living in a car

There are 3 benefits of living in a car to save money

Cost effective

Very cheap even if you pay extra gas and insurance

There is no way you can compare what you will pay extra against house expenses

You will cut electricity and utilities

But you definitely need a GYM membership for taking showers

You can camp for free in any public parking lot near playgrounds

Definitely you wouldn't be able to cook so you will buy ready made meals

You can use microwave at work or maybe in GYM

Freedom

Those living in cars or vans decided to escape the modern society and live life on their own terms

Some do that so they can travel freely with less cost

They managed to shrink the living expenses to the bare minimum

With no rent increase and home repairs

Friendships

Do you remember about the Facebook and Reddit groups I told you about?

Those people living in cars managed to arrange to travel together across the US and arrange to have regular meetings together

They post their favorite spots and safest places to sleep over

Although there are many benefits for living in a car to save money

But you have to be aware of the cons too so you can make informative decision

Lack of security

The top cons is the lack of security

Imagine a mother and her daughter living in a car how unsecure it could be?

This is not a thought I made but there was a real life story on Reddit of a mother who had to live with her daughter in a car

So if you are living on your own or with a partner it would be OK

But don't live in a van if you have a family to care about

Cooking your food

If you are obsessed of living and eating healthy food then living in a car won't help you achieve that

There is no way you can enjoy cooking healthy food in a car or van

You have to rely on eating junky and using kitchen appliances like microwave at work

Being alone

Yes you can experience being alone as this won't be a surprise to you

Most of those who experienced living in a car to save money had their relatives cut their relationships with them

Homeless stereotype

Unfortunately if you live in a car for the sake of saving money or for any other reason

You have no way to avoid the stereotype of surroundings seeing you as homeless

Reality of living in a car to save money

In reality living in your own car is a personal decision you make that comes with disadvantages beside benefits like saving money

You make this decision easily if you have no family

Or I would say if you have a plan to save the money you would lose in housing costs

Like so many people who lived in cars managed to pay their students loan in very short time compared to those who did not


Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.