How To Save Money When Renting

Oct 29 • Family • 248 Views • Comments Off on How To Save Money When Renting

If you are on a shoe-string budget, the end of each month can be a scary time: make this a thing of the past by following these three great money-saving tips, which could help see you through some tough times…

Location, Location, Location
If you, like many of us around the country are fed a barrage of property-related shows on TV, you will no doubt have heard about the importance of location in choosing a place to live; this is advice which, as a tenant on a budget, you should consider taking;

If you need to save money on your rent, the most effective way of doing this is to move to a new property which sits comfortably within your monthly rental budget;

Whilst this might mean a longer bus journey each day or diminished access to handy amenities, a move could end up cutting your costs significantly.

Team Up
In the war against rental expenses, sometimes it makes sense to form a tag-team; you could ask around your friends and contacts to put word out that you are looking for a room-mate, or, in this digital age, you may find that posting a local ad could be the quickest and most effective method of attracting a suitable candidate.

Adding an extra person to the mix can create its own breed of problems, but if you choose carefully, the benefits can easily outweigh the disadvantages: put it this way, compared against living on your own, having a roommate sharing the load can half your monthly expenses on accommodation.

Be Frugal
If you pay for your utilities each month, it is remarkable how much money you could end up saving by taking care to conserve energy in any way that you can;

Some suggestions are:

  • Turn the heating down: no, we are not talking about moving the temperature to freezing levels in the winter, but by just turning the dial down by a few degrees, you can make substantial savings without even perceiving the difference in temperature.
  • Switch off equipment which is not in use: Standby modes on devices like televisions, computers, microwaves and other devices can end up slowly sapping energy and add unnecessary costs to your utility bills: do yourself a favour and switch any electrical device which is not in use off.
  • Use eco-mode: When using a washing machine, select ‘economy’ mode (if the unit has it) and avoid putting half or partial loads on: sure, it might be a pain to wash and hang everything at once, but the savings will be worth it.
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Gilbert Ryan is a landlord who currently has a number of chic flats to rent in Leeds.

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