My Next Home Is Going To Be A Hotel And Save $925 Per Month

by Hank Coleman

my next home may be a hotel room to save moneyBecause of the day job that I have, I tend to bounce around from one location to another fairly quickly. There are often times when I am working or going to a class for just a couple of months at a time.

So, of course, I’m not going to put down any type of roots in that instance. I could rent an apartment on a month to month lease, but the number and quality of those types of apartments are not always the best.

So, I started thinking about hotels. I have always been fascinated by the extended stay hotels in particulars. Every time I drive by one with a sign advertising their weekly rates, I always think about how much money I could save each month by simply just living in a hotel.

I know that it is a strange thought, but bear with me for a minute. There are so many little, everyday expenses that cost both homeowners and renters. Let’s be honest, owning a home is very expensive with a lot of things other than our mortgages that we have to pay for.

The same is often true for renters but not quite to the same extent. Homeowners and even renters are nickeled and dimed every month with the upkeep, maintenance, and luxuries that fill our homes and lives and drain out budgets one monthly bill at a time.

So, just how much could you save by living in a hotel? I’ve put together a quick list of monthly expenses that you would not have to pay if you lived in a hotel.

Monthly Savings From Living In A Hotel

    1. Electricity – $150
    2. Water – $25
    3. Cable with movie channels – $125
    4. Internet – $40
    5. Maid Service – $100
    6. Lawn Care – $100
    7. Standard Phone Service – $20
    8. Gym Membership – $40
    9. Homeowners Insurance – $40
    10. Private Mortgage Insurance – $100
    11. Security Alarm Company – $35
    12. Breakfast every morning – $150 ($5 x 30)

TOTAL SAVINGS = $925

Extra Benefits From Living In A Hotel

There are a few benefits that you may find a little hard to quantify, or these added luxuries are some things that you wouldn’t normally spend your money one but they are included when living in a hotel.

  1. Swimming pool
  2. Fresh towels
  3. Clean bed sheets

Okay, I readily admit that living long-term in a hotel is not for everyone. And, the figures that I have quoted are taken out of my experiences and daily life, and I admit that everyone probably has some different numbers from their monthly budget. What type or quality of hotel room do you receive for $200 per week or less?

Many people have mortgages that far exceed $800 per month, and their homes equally as beautiful as the reflected price you pay in mortgages. But, isn’t it an interesting idea to live in a hotel room nevertheless. Many people do not consider all of the savings that can be an added bonus. Many people do not consider all of the little things that we spend our money on every month when we rent or buy a home. They are items that we tend to take for granted, but these costs can quickly add up.

Search Here for Hotels.com Best Hotel Deals!

Did I miss any savings? Do you think I’m totally out to lunch? Leave me a comment below…

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About Hank Coleman

Hank Coleman is the founder of Money Q&A, an Iraq combat veteran, a Dr. Pepper addict, and a self-proclaimed investing junkie. He has written extensively for many nationally known financial websites and publications. Hank holds a Master’s Degree in Finance and is currently pursuing his Certified Financial Planner credentials. Email him directly at Hank[at]MoneyQandA.com.


Hank Coleman has written 526 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.


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