Rent and Save: How to Save Money While Renting - The Finance Boost

1. Rent and Save: How to Save Money While Renting Rent and Save: How to Save Money While Renting The New Meaning of Home With the current pandemic, many people are now staying at home and are looking into different ways to cut their costs. According to Apartment Guide’s 2020 Mid-Year Rent Report, national average rent prices have increased year after year across several unit types ( Studio, 1-Bedroom, 2-Bedroom ). It’s important to note how the global pandemic and emerging economic changes impact the rent prices and which part of the country or cities are becoming more expensive or more affordable for renters. Remember that despite the governing guidelines to follow regarding the new normal on renting spaces, you are in control of the controllable factors, including how to budget and save money for

2. your bills. You can still choose where to live and of course, how to live. How to Save Money while Renting on a Tight Budget Maybe you’re a student transitioning to a new dorm, a fresh grad moving out, or you’re a family looking for places near your spouse’s job or your kid’s school. Whether or not you’re one of those mentioned above, planning and budgeting for rent can be a daunting task, not to mention your other responsibilities and bills. Here are practical ways that you can take to save money while renting even on a tight budget. 1. Choose the Right Location This is one of, if not, the most important factor to consider when renting a specific place. It will be ideal to live near the school, the hospital, and any other accessible landmarks nearest.

3. From there, you can save on transportation costs, and it can also help you live a healthy lifestyle. Walking distance and a short ride from your place to your destination can truly save you time, effort, and money. 2. Negotiate with your landlord First of all, build a trusting relationship with your landlord. Review the contract terms carefully, if ever there’s one, and pay attention to the renting arrangements. Ask whether pets are allowed. Some apartment properties have their own pet policy, and you may need this to include it in your budget. How are you going to manage the maintenance, if ever you will take part in it? You can ask to fix the faucets or do any repairs required in exchange for a discount or deduction in your lease. You can also pay for an initial security deposit or upfront fee. This takes around three months of your whole monthly lease, but don’t use up your entire savings to pay for it—just the money allocated for your rent. It can save you during difficult times when you can’t pay your rent because the landlord will deduct the deposit from it. 3. Get a roommate To save up, getting a roommate is wise. Besides, being alone might be boring and lonely. Unless you’re an introvert who finds bliss in solitude, having company is a good idea. You can split up the utilities’ and monthly costs. Just make sure this person is trustworthy, and both of you can agree on payment terms. Build a house rule that is both binding and reasonable and gives an advantage to both of you.

4. 4. Settle for less space This is another great way to save money on rent. Budgeting and saving money takes a lot of self-discipline and focus. If you’re one who can sacrifice a little space or amenity for the sake of frugality, find a place that is not too fancy. Assess where you are right now, what are your actual needs are, and what your wants are. Always take into consideration your comfort level. 5. Cook your own meals Another tip is to make your own meals at home. Food can be a big money drain that tops most expenses. So even if you’re not a great cook, a simple healthy meal can still satisfy and fill your stomach. Try cooking something on a slow cooker. Besides, it can be a good skill to have. But if you’re busy, you can just use instant foods or look around at the nearest convenience store in the neighborhood. You can eat breakfast at home before heading to work, bring your own lunch to the office, and fix dinner when you get back home. You’ll save up to 50% on eating out. Added tip, you can plan your meals around grocery sales, so watch out for your nearest local grocery store’s upcoming sales or coupon promotion codes. 6. Opt for a long term lease You can also take into consideration leasing for medium to longer term, say 12 to 18 months. This way, you can get to settle in one place and get familiar with it while also saving yourself from an expensive monthly lease. Ask your landlord if this is something that can work for both of you.

5. In fact, most owners are seeking long-term renters to avoid the vacancy cost before a new renter occupies the space. 7. Cut the cable and cancel any unnecessary subscriptions More often than not, we forget about subscriptions that we hastily sign up for, which are no longer beneficial to us and worse, not even realizing we’re even subscribed to them. Technically, you can cancel or put subscriptions on hold. Gym or club memberships are the main culprits of unused subscriptions. If you can’t go and devote your time to it, just cut it out. Do some home exercise programs instead. On the other hand, according to eMarketer, a digital marketing firm specializing in consumer behavior, 19.9% of households are going without cable or satellite in 2020. It predicts the number will reach 27% by 2023. So instead of cable, consider switching to one of the major streaming services. Most of these costs between $10-$20 a month for a basic package. You can even split the cost among friends or family. Check out Hulu, Amazon, and Netflix instead of cable subscriptions that add up to your monthly bill. Or even so, you may also downgrade your package plan or switch current providers and negotiate for a lower rate. 8. Use Pre-loved Furniture Pre-loved but well-loved cheap furniture is another way to trim the fat, especially if your space is small. Consider only furniture that will fit and accommodate your needs. There are hidden gems in garage sales and even in flea markets, so you might want to check those out!

6. Ask your friends if they would like to exchange something. You can definitely save money by buying used or selling something that you don’t use anymore. 9. DIY Everything Possible You can also try DYing (Do-It-Yourself) things. Apart from saving money on many things, this is a great way to add some great life skills to your tool belt [pun intended ;)]. Instead of going out to a salon for your hair cut and colors or manicures and pedicures, why not buy from your local store, color your own hair, and get creative. In other cases, you may also ask for help from a friend. You can make your own dress if you’re good at sewing. Make your own fragrances, cleaning spray, and other things for use around the house. Anything DIY potentially saves your money. 10. Save Energy and Electricity Be mindful of how you consume energy. Check meter readings in your place, and inquire from your landlord or landlady about energy use pricing. Find out whether it’s a fixed rate included in your rent or if you have meter readings for your space. The basics of turning off the lights when not in use, fixing leaky faucets or old appliances, and upgrading to new ones can go a long way. Remember that wasted energy is wasted money.