Maybe you just signed a lease in your dream neighbourhood… and now you’re realizing that it’s a lot more expensive than you had imagined. If you’re already visualizing a life of financial destitution, not so fast. While you might not have much wiggle room in your rental price, there are ways to save money while renting a home. So, whether you’re pinching pennies to enjoy the life you want, or just trying to make smart financial decisions, these simple money-saving tips will help.
5 Money- Saving Tips You Can Use While You’re Renting a Home
Cut Out the Excess
No matter where you are in life, saving money involves trimming the fat and putting it towards your savings instead. For example, if you spend $5 on a latte every day, forgo the habit and put that money in your savings instead. While this is a small win, it will lead up to large gains, over time.
No matter how much fat you trim, the essentials still exist. For example, you can’t stop buying groceries but you can shop smarter. Look for on- sale items and shop for clothings and appliances used, whenever possible. Start clipping coupons (you’d be amazed how much you can save) and install browser apps like Honey, which automatically searches the web for valid coupons and applies them to your online purchases.
If you have an outstanding debt, consider consolidating it to enjoy a lower interest rate and more streamlined payments. This can save you thousands in interest and make your debt easier to pay down, over time.
Stop Eating Out
While it’s a great social opportunity, eating out can be a big drain on your budget. To save money, start eating in more. Not only will you save money, you’ll also save lots of unneeded calories, which can help you feel healthier.
Resist Social Pressure
When you’re young and renting, social pressures can really ruin your savings plan. Instead of giving in and going out, or spending excessively, just because everyone else is, work to make smarter financial decisions. Not only will you feel good about yourself, but you’ll avoid many financial pitfalls your friends are at risk of.
Saving While Renting a Home
While sometimes it seems like a long shot, saving while renting a home is possible and these 5 tips can make it accessible and simple. No matter where you’re at in life or where you want to be, a smart savings plan is one of the most effective and realistic ways to make your goals come true. Plus, saving while renting a home puts you in a great position to take the next step and purchase a home of your home in the near future.