5 tips to save while renting

 In Housing, Lifestyle, Real-Estate

Renting – we’ve all been there, and saving while renting seems to be almost impossible. With so much information out there on how to buy a home, it’s hard to find resources covering how to be a savvy renter – whether it be short or long term. Believe it or not, if you are spending too much money on your current place there are many ways to cut the fat and save those dollars. [1]

Here’s five handy tips on how to save while renting:

1. Location Location

When you start hunting for a place you should be mindful about the locations you choose. There are a few factors to keep in mind while determining the right location. For example, choosing a place close to local shopping centre, your workplace or public transport will save on travel costs. [2]

2. Negotiate

When you negotiate the lease agreement with your landlord they usually offer you to choose the length of the lease. Make sure you understand that the longer your lease, the cheaper it might turn out. When renewing a lease, this is also a good time to negotiate the rent with your landlord, and with any luck they will lower it. It also helps to have a good relationship with your landlord! [3]

3. Be Energy Conscious

One of the best ways to cut your spending is saving money on the energy consumption and ultimately lower your bills. The obvious advice will be simply trying to watch your TV less, use heating and cooling only when necessary and remember to turn off the lights when you leave.

But what you should also consider doing is switching off all the devices that can consume the energy in a passive way like your internet router, TV set or a microwave. It’s the little things that add up. [4]

4. Make your Own

This one is a no brainer, it is much more cost effective to make your own meals. But the make your own concept isn’t just limited to buying food at the supermarket vs your favourite cafe – it’s actually limitless! Think DIY furniture, gifts, veggie gardens, even beauty products (Pinterest is a wonderful place).

5. Don’t spend like your friends

Most people spend much more than they should and rarely discuss it. Instead of keeping up with the Jones’s, live within your own means and you’d be surprised how many of your friends will take a cue from you and start saving money too.

Good luck!

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[1] Forbes. 2018. How to Actually Start Saving Money While Still Paying Rent and Bills. [ONLINE] Available at: https://www.forbes.com/sites/rent/2015/05/01/how-to-actually-start-saving-money-while-still-paying-rent-and-bills/#5046f46c1888. [Accessed 16 November 2018].

[2] Rentberry. 2018. 25 Ways for Renters to Save Money. [ONLINE] Available at: https://rentberry.com/blog/save-money. [Accessed 16 November 2018].

[3] Rentberry. 2018. 25 Ways for Renters to Save Money. [ONLINE] Available at: https://rentberry.com/blog/save-money. [Accessed 16 November 2018].

[4] Rentberry. 2018. 25 Ways for Renters to Save Money. [ONLINE] Available at: https://rentberry.com/blog/save-money. [Accessed 16 November 2018].

[5] Forbes. 2018. How to Actually Start Saving Money While Still Paying Rent and Bills. [ONLINE] Available at: https://www.forbes.com/sites/rent/2015/05/01/how-to-actually-start-saving-money-while-still-paying-rent-and-bills/#5046f46c1888. [Accessed 16 November 2018].

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This blog article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

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