5 Tricks Guaranteed To Save You Money While Renting
Do you have a savings account?
Or better yet—do you actually put money into that account?
So many of us are convinced that we have the saving money thing down.
We put money in our account, let is sit for awhile and forget about it—or better yet, forget to ever add money at all.
Of course, saving money is one of the main reasons that renters in particular choose to rent.
Talk to any property manager and they’ll help point out every way you’re saving while in their care.
Though many argue that it doesn’t save you nearly as much as you might think in the long run, other, savvy spenders, learn that that’s not actually the case.
Creating a viable savings to fall back on and use to purchase a home in the future is not only entirely doable, but also downright easy when you take a look at your spending habits.
Let’s take a look at these five ways that you can begin saving money now, and look into moving into your home in the future.
Budget, Budget, Budget
If you don’t have a budget then it’s high time you got one. Budgeting is one of, if not the, most effective way to go about finding out exactly how much money you spend and where you’re spending it. Not to mention, budgeting your expenses let’s you see how much left over you have each month and therefore what could and should be going into your savings account. Start by writing out your monthly expenses on a piece of paper, beginning with the largest first. Then, find out how much you spend each month on eating, including dining out, and extra expenses. Bank accounts, such as Chase, allow you to explore where you’re spending your money each month, allowing you to see where you can cut back. Explore your budget today and see how much you could be saving.
Speaking of creating a budget and seeing where you’re spending money, pay attention to expenses that could easily be cut in half. In particular, eating out has a tendency to rack bills up each month. Eating out, while convenient, is not convenient or easy on your budget. You could easily be spending $200-$300 more than you should be each month, simply by eating out constantly or refusing to kick your Starbucks habit. Take a look at your monthly spending and see where you can cut back. Question whether spending that extra money on eating out is worth your bank account or health, and whether you might be able to cut your expenses in half by using coupons and smarter spending. Again, check with your local bank to explore what your monthly expenses look like, which will force you to gain a better perspective on your money habits.
Okay, so getting a roommate might not seem like the ideal situation for you, but consider this: a roommate can help cut your monthly home expenses in half, which translates to added savings for your bank account. Adding a roommate, whose rent can be upwards of $850, depending on the size of their room, can cut an apartment that costs $2,000 a month back by almost half. Consider taking a look at the extra bedroom in your home and seeing if it might be worth contacting Roommates.com or Craigslist to see about adding a guest to your apartment. Many property managers will also have suggestions on how and where to find roommates, or may even know of someone who is looking. Be aware, however, that a roommate will likely expect to share their portion of your home, so if you’re unwilling to open up your kitchen and bathrooms to another person, then a roommate might not be the best solution for you.
While most rentals will include some or many utilities with the cost of rent, they will not include all utilities. You will be expected to pay for one or two parts of your living expenses, and some of them may add up quickly. For those living in southern California, for example, water can be a very costly rental fee. Particularly for those
living in home rentals, water can cost a lot each month, draining your funds. Electricity, too, can add up quickly, which is why you should always ensure that lights are turned off when not needed, rather than left running in an open room. Take a look at your monthly bills, and if they seem high, discuss with your property manager some suggestions they may have for bringing the costs down. Chances are, by paying a little more attention at how you’re living, you’ll be able to bring the cost down in no time.
Strike the following notion from your head: coupons are for soccer moms, because they aren’t! In fact, many grocery stores offer coupons online, making it both convenient and time saving for you. Take a look at the grocery store you shop at the most and then download their app online. If you’re looking to save even more money, then join rewards clubs that allow you special savings that are only available to loyal customers. Likewise, buying in bulk the things that you use most often (toilet paper, paper towels, batteries, protein bars, ect…) can save you dozens in dollars at a time. Take a look at your apartment’s facilities that are available as well. Many have gyms on site that are free to renters, meaning you can easily scratch your gym membership from you monthly budget. Being smart about how you look at money will eventually save you hundreds of dollars each month.
Saving money doesn’t need to be stressful. It doesn’t even need to be a mild hassle. Instead, take a look at where you’re spending and be honest with yourself. Can you really afford to be spending $200 on eating out every week? If so, then that’s great for you and your family, but if not then perhaps it’s time to begin looking into alternatives. Even if you’re only able to cut back your spending by $500 a month that’s still $6,000 a year that can be going toward a new home in the future. Be wise, budget-friendly, and smart and you’re sure to see a return on your investment, and when in doubt discuss saving opportunities with your property manager who will be happy to help.