Ways To Save Money When Renting

Homeowners have many privilege of being able to save money and receive some great tax benefits for owning a home, but what if you’re a renter, what can you do to save money? We will take a look at what a renter can do to save some hard earned money even if they do not own a home.

There are many people these days that do not have the time to own a home because they are so busy with work and their personal lives, in return many people are opting to rent either a home or an apartment instead of owning a house. In this article we will take a look at some ways renters can save money just like a home-owner does.

  • Location Is Always Important

These three words are always the most important words when it comes to real-estate. It does not matter if you are purchasing or renting location is extremely important. For a renter long commutes can eat up your finances. For example, in our nation’s capital or any big city commuting to work is a nightmare and can be very expensive. Renting an apartment close to where you work will save you both time and money.

  • Budget your housing

We all want to be able to live in a luxury apartment, but most of us cannot afford this type of lifestyle. You need to sit down and figure out what your budget is going to be for housing and then spend a little less than what you can afford. Make sure when you are looking for a place to rent do not go above what your budget is telling you what you can afford. If in the future when your income increases then it will be time to upgrade your apartment lifestyle to something more luxurious.

  • Lease Options

When dealing with leases you can save money by talking to the landlord to give you a long term lease, usually two or three year lease. The longer the lease, usually the rent will be less. This is a great option for both you and the landlord. The landlord will save money in the long run because he or she will not have to worry about cleaning and painting the property to get it ready to rent again for two or three years. This is a win win for both you the renter and the landlord.

  • Purchase Renters Insurance

This may sound like an expense, but if you have ever rented it is well worth the cost. Renters insurance will protect your personal belongings from theft, fire, and water damage. The cost of the policy is very inexpensive. Example, you live in a two story apartment building and the tenants in the upstairs unit floods their bathroom and water comes through the ceiling and floods your apartment and all your furniture is ruined. This example happens to a lot of renters, so the cost of this little insurance policy is well worth the cost and it will save you a lot of money.

  • Purchase Inexpensive Furnishings

When decorating an apartment do not spend tons of money of furniture, and whatever you do avoid rent to own stores (they are a rip off). The best thing to do is get creative, spend some evenings on Pinterest getting ideas of how to decorate on a budget. When your finances do grow or you get married and have two incomes or you purchase a permanent home, this is the time you will want to invest in good furniture. But for now, shop thrift stores and garage sales for inexpensive furniture that you can make work for you and your budget.

  • Cut Energy Cost

A lot of talk on blogs about homeowners cutting back on energy cost to save money, but renters can do the same thing. Here is a list of a few things that you can do as a renter to cut cost and save money.

  1. Turn lights out when leaving a room.
  2. Turn the A/C up when not home or have a programmable thermostat installed.
  3. Change out the lightbulbs to LED bulbs.
  4. Check the water-heater temperature setting, if to high turn down the setting.
  5. Install ceiling fans in the bedrooms to help keep the room cool.
  6. Wash dishes by hand instead of using the dishwasher, this will cut utility cost.
  7. If not using various rooms, close off the heat and A/C vents.
  8. Hang your laundry to dry instead of running the dryer, most appliances in rentals are not energy efficient.

These are just some ideas that can help you as a renter save money by cutting back on your energy cost.

  • Get Rid Of Cable

The cost of cable is going through the roof. I have basic cable and Internet and my bill is over $140.00 a month. If you’re living from paycheck to paycheck the high cost of cable is something that I would seriously look at cutting. Most of us today need to have some-sort of Internet service, shop around and try and find the best deal, cable companies are not always the cheapest way to get Internet.

  • Rent Near Public Transportation

Many renters live in big cities that offer public transportation. If you are one of these renters than you will want to make sure that you rent within walking distance of public transportation. A person can save a huge amount of money if you choose a location to rent that doesn’t require you to own an automobile. Many apartment complexes charge exuberant fees for a parking slot to park your car. And of course you will be saving money on fuel, insurance, car payments or lease payments and maintenance and repair cost for the auto.

Conclusion

Homeowners are not the only people that can save money by cutting cost of living. These few ideas that I have mentioned above can definitely help get you on the path of saving money if you are a renter. We would love to hear other ideas from renters out there that they do to save money.

Posted by Tom

I have always had an enthusiasm for homesteading and for living off the grid even though I live in a combination of country and urban setting. Living in Central Florida north of the big cities we have the best of both worlds, country and the conveniences that a person would have living in a large urban city. I personally have had a concern about our weakening economy and how it effects each and every-one of us. The second thing that I have a concern about is how most of the world view’s our country and what may happen one day here in the United States. My Life Experiences I was raised by parents that grew up during the great depression, they passed onto me what life was like and how people had to live during this time period. My family were farmers, gardeners, and homesteaders, they were raised this way and they passed onto me these qualities. I also have family members that live totally off the grid. They live in the North Woods of Minnesota which is a great location for living off the grid. The Southern Homesteader is a passion of mine, I love passing on and sharing information about cooking, news, being self-sufficient, living off the grid, canning, food storage, budgeting, and much more. Since this blog is a passion of mine I am constantly adding and tweaking this site to be a better resource for you. More About Me I grew up in Northern Illinois farm fields. After spending most of my life in large corporate business I decided to relocate to a small town on the nature coast of Central Florida. This is where I met my wife and between us we have 4 wonderful daughters. We have a small homestead where we raise our chicken and live freely. We also have a bug-out place in the mountains of North Carolina that we call our retreat. We spend time there getting things prepared for all our family members when SHTF. I am blessed with a wonderful family and the knowledge that God has given me so I can pass this along to you the readers. I will never tell what you what to do or what to purchase, I just am offering my opinion. I want to take this time to thank each and every one of you. Always feel free to contact me and drop me a note. I will do my best to respond to your emails in a timely manner. Thank you again, Tom Johnson