Developing a savings plan should always be a priority when factoring in how much rent you can afford. Need a little inspiration? Check out these 7 tips and you’ll be a money-saving expert in no time.
1. Be Realistic with Your Want List
If you aren’t currently renting a place, one of the biggest money-saving tips is to pick means over want. Essentially, rent what can you actually afford rather than something you want that is simply over your budget.
If you’re already renting and you find that you can’t afford to do anything because all your money goes into your rent, then it may be time to find a new place.
2. As the Old Saying Goes…
…. Location, location, location. If you insist on living in the heart of the city, where apartments are often more expensive, consider public transportation. However, if you can live outside of the city hub, know that you will find cheaper and larger places to rent.
3. Consider Having a Roommate
Another money saving idea is to bring in a roommate or significant other to share the cost of your apartment. Even if your place is a one-bedroom, converting a small den or an alcove into a temporary bedroom for a friend in need of a cheap place can help you both save some money.
4. Make Sure You Get Your Security Deposit Back
Despite what many people think, getting your security deposit back is entirely possible. There are a number of things you can do to ensure you get your security deposit back. This money can be a big help later on when putting down a new deposit on your next apartment.
5. Save Some Space and Earn Some Money
Once you are ready to move from one place to the next, there are key ways that you can earn some money without having to do too much. Yard sales, selling stuff online, plus many more tricks can be used to make some money during your move.
6. Cut Utility Costs
If you’re responsible for your utility costs, research ways to cut back on electricity, your water bill, even your cable. Consider changing to energy efficient light bulbs (LEDs), and only keep the lights on when you are in the room. Hang clothes to dry, cut the time you spend in the shower, and choose Netflix or cheaper subscriptions over cable packages.
7. Lease Agreements
Whenever possible consider signing a longer-term lease. A landlord wants to know they will have a reliable tenant, so they’ll be more willing to give a better monthly rent price to those who are planning on sticking around for a while.
If your agreement is up, your landlord will likely want to increase your rent, try and negotiate and remind him that if the place is vacant he won’t make any money. With you staying in the unit, they can save on repainting and cleaning costs, advertisement.
This article was updated on 12/21/18.
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