Top ten tips to saving money when renting
Saving money and renting can be a difficult task at the best of times, but by following a few simple guidelines, you can cut back costs and save money in the long run!
We’ve outlined our top ten tips to saving money while renting:
1. Find a rental home that you can afford
When renting, be sure to keep in mind the 30% income-to-rent rule of thumb for starters. Then, take time to figure out how much you earn and your average weekly expenses to find the ideal rent amount to suit your lifestyle.
2. Reduce maintenance costs
Look for rental properties with low maintenance costs that won’t present a risk to your bond.
Large sliding windows, gutters, patios, garages, gardens and fancy interior fittings can result in accidental damage, repair costs or time to maintain.
3. Look for a longer lease
Moving is expensive so ask the agent about the rental provider. How long have they owned the property, are they thinking of selling and how long did the last tenant stay? Moving every 12 to 18 months can waste thousands of dollars.
4. Manage money in your bank account
Create separate accounts for bills & rent, food, and general expenses to help keep track of spending and make easy-to-follow budgets for yourself. UBank is an excellent app with tools to help with budgeting.
5. Better interest savings account
Look for a higher interest savings account, so your savings are earning you money while it sits in that account!
6. Get creative when shopping for food
Shop carefully to reduce food waste (and therefore money!). Try planning meals ahead of shopping so you can purchase just what you need for the week rather than impulsively buying what’s on special (we’ve all been there…).
If you end up not using food, research ways to store foods long-term so you can eat it down the track without it going off. Check out this A- Z guide to storing food, so it lasts longer.
7. Avoid impulse spending and unnecessary expenses
For instance, review those random subscriptions you don’t use and evaluate whether you need them. Those monthly fees sneak up on you!
Second-hand charity stores can have great products for a fraction of the price you would pay if you had bought them new. If you’re after something in particular, try checking out your local charity store first to save some extra money, and give something a second life.
8. Avoid debts creeping up on you
Make sure to pay bills and loans off right away to avoid excess fees and charges.
9. Talk to your property manager
If circumstances out of your control have put you in a difficult position, and if you’re a long term tenant, try and negotiate your rent with your property manager. Even just for a short period of time, this will help with your savings.
10. Be energy & water efficient!
Keep track of your quarterly utility bills and try and manage how you can reduce these within reason.
For instance, having slightly shorter showers and increasing washing machine/dishwashing loads can help you save water. Or avoiding keeping air conditioners on for long periods, a fan is a great alternative. You can also ring your energy/water supplier and determine if you are getting the best deal. This could end up saving you hundreds of dollars each year!