A little responsible cost-saving can go a long way, especially if you’re preparing for a rainy day or maybe even saving for that car you’ve been dreaming about. This involves regularly assessing your budget to see whether you can cut or decrease certain expenses to free up more money for saving or paying off debts. When you look at your list of expenses, you might think that rent isn’t something you can save on, but that’s not usually the case. Here’s our advice for saving on rent.
Usually when people sign their lease, they’re so caught up with the excitement of moving or having found the place they were looking for that they miss their first opportunity to save. If you’re renting from a large property management firm, it might be hard to negotiate, but if you’re renting from a private landlord, you might be able to negotiate a lower price.
Finding a committed and trustworthy tenant is a time-consuming challenge for landlords, so if you can picture yourself staying there for a long time, offer to sign a 24 month contract at a reduced rate. You can also ask for a discount if you pay by the 25th of each month instead of the 1st.
If your situation allows for it, consider sharing your space with a roommate. While this is an obvious solution, people often underestimate how much sharing a living space can help. This way your rent, water, and electricity costs will be split with your roommate and, depending on what you prefer, you could even split your grocery costs. Keep in mind that renting is only temporary and saving on costs now could help you later down the line.
People are often unwilling to move out of a certain area that because it is closer to work or school and makes commuting easier. But, typically, living closer to the city costs more. You’ll find a much cheaper rent a little further away – but remember to factor in your transport costs to make sure you’re not spending all the money you save on getting around.
You can save a lot of money on clothes if you buy winter clothes when they’re on sale at the beginning of summer and summer clothes at the beginning of winter. Similarly, you can save a lot of money on rent if you shop at the right time. When you look for rentals outside the more popular rental periods, there will be more places available and less competition, meaning a greater chance of a better, more affordable deal. If the place is in a student area, bear in mind that people will be looking to rent at the beginning of the year while many places will become available in December.
Whether you rent or own, things around the house will occasionally need repairs. For landlords, repairing something means having to send a repairman out every time – costly. If you’re capable of basic DIY, you can ask for a reduction in rent in exchange for maintaining the property and paying for basic upkeep like replacing light bulbs.
Follow these tips, and you’ll save more in the long run so that one day you’ll be able to afford a place of your own. But perhaps the best advice is be willing to compromise. For example, if there’s a considerably cheaper place outside your prefered area, you’d be well advised to try securing the lease.