Wanting to know all the best money-saving hacks as a renter? With all the monthly costs like rent, utilities, groceries, entertainment, it can be hard to put any savings aside. But with these great hacks, you’ll be able to save a little bit at a time and find that it really can add up.
Who doesn’t want to save money while renting an apartment? Let’s be honest, having extra money leftover at the end of the month is like finding a lost twenty in a jacket pocket that you had forgotten about, you almost feel as though you won the lottery.
There are some key savvy ways to save money while renting so that you will have that little bit of extra cash to treat yourself to a fun night out with friends, save up for the trip to that all-inclusive resort, or even buy that pair of shoes you’ve been eyeing for months. Here are our top money-saving hacks.
1. The Roommate
Yes, chances are you have either thought about getting a roommate or you already have one. But did you know that having a roommate means more than just splitting the cost of rent?
Ultimately, your roommate, or roommates, can also help split other costs with you, like groceries, can help entice you to share meals at home, thus saving you money, and having roommates (hopefully) persuades you to spend less time out, since your favorite peeps are already at home.
2.Know All of Your Monthly Expenses
There are those monthly expenses that always seem to creep up on you because you forget they are there (hello gym membership) or you fail to plan ahead and remember that it’s your mom’s birthday next month and that means a nice dinner out plus a present.
Knowing how to budget your money means acknowledging all the hidden expenses that we often forget. Saving money despite these extra incidentals means learning how to keep track of them all, use your calendar on your phone, or add everything up at the beginning of the month to make sure you’ve got it all covered.
3. Cut Back on Reality TV
Grab a book and cut back on your Bachelor obsession, pull out a blanket or your favorite ugly sweater when there is a chill in the air, turn off the lights when you’re not in the room. Yes, you have likely heard of these many utility-saving hacks before, but have you heard of these incredible tech tools that will help with your utility costs even more?
Great tools like a thermostat that you can control with your phone, allowing you to turn up the AC while you are at work, saving you money that will add up over the year? Yes, they do cost money to install, but every little bit helps, and in the end, your bank account will be thanking you.
4. Use Your Phone
Saving money, especially while renting, often means knowing how to budget your money and plan for saving. There are a lot of money-saving apps available (and many for free) that can help you to account for all the incidentals over the month and help you to find that little extra bit to put away each month.
Many of these apps have ways for you to organize your bills, payments, and such; help you to set up a payment schedule, so you don’t have to think about it, and even will send you reminders. You can also have them link to your account, so it will watch your activity and come up with a personalized financial plan.
5. If It Doesn’t Fit…
… get rid of it. Yes, you may have a few items that have real sentimental value, but living in an apartment often means that you can’t hold onto every keepsake you have or piece of furniture you have ever owned.
And you may want to buy that beautiful four-piece dining room set you saw, (but actually don’t have space for) but that means you will need a place to store it, and not all parents are willing to hold onto stuff for us. Storage space means a monthly bill, which means less money saved. Don’t have the room for it? Don’t buy it.
6. All the Amenities
If you are one of those people who love a pool, an outdoor entertaining space, a gym, a rooftop terrace, or even more, then look for an apartment that offers these things then be sure to take advantage of them.
If these sorts of perks are important to you, then why not save the cost of travel and a membership somewhere else by finding a place that has all that you need? Just be sure to calculate the cost to make sure it’s worth the extra fees you’ll pay.
Saving money as a renter can be tricky, it often requires some planning, budgeting, and some smart tricks of the trade. But, it can be done, so don’t give up. Just follow these best ways to save money and you’ll be finding yourself with those extra $20 dollars at the end of the month on a regular basis.
Guest Post: Author’s Bio
Danielle thrives on researching and writing on all aspects of life. Further to writing for Zumper blog and personal finance, she is an advocate of self-improvement and living a life that is both financially responsible and knowledgeable. When she is not on her computer, she can be found spending time with her husband and two sons.