8 Ways to Save Money While Renting
Set a Budget
Saving money while renting starts with creating a budget. Look for a home or apartment that fits your budget then create a visual representation to understand where your money comes from and where it is going.
Create a Savings Account
Create a savings account that makes touching the money more difficult. This will make you less likely to dip into that money and have extra cash when you need it the most. Some accounts offer high interests rate to allow you to save more effectively.
Pay Down Your Debts
It may sound off to spend money on paying your debts but interest rates can add up. Once those debts are paid down you will be able to save more than you would without.
Find a Roommate
Rent is likely your biggest expense so it only makes sense to get a roommate in order to split that expense two or even three ways. You can also split costs like utilities and groceries.
Negotiate Your Lease
You may also look into negotiating certain aspects of your lease. Be on the lookout for any discounts or specials your landlord or leasing office may be offering. Staying in the same apartment over multiple years is also cheaper than moving every year.
Stay Out of Big Cities
It almost goes without saying that larger cities will have a higher cost of living and thus a higher rent. Today, many can rely on remote work which saves on commutes and overall cost of living.
Reduce Your Expenses
Ensure that your expenses are less than your income in order to emerge with a net profit each month. Consider purchasing less expensive clothing or eating out less. These little adjustments can add to large savings.
Find a Side Hustle
If you find cutting your expenses to be difficult, seek out additional income sources. Look at your skills and schedule and decide on a new way you may go about making money with a side hustle.