Smart Ways to Save Money as a First-Time Renter

in Renter Life

Renting is still the preferred way of living for most millennials, especially those who are moving out to work in big cities. 

But whether you are planning to move into an apartment or a duplex for the first time, you need to make sure you have enough cash during the initial months.

It won’t be easy unless you use the right money-saving methods that can help you pull through. Here are some of them:

Talk with your landlord

When it comes to finding an apartment, you will need to look for the best places where the average rent is workable. But in most cases, you can still pay less in expensive cities if you are able to negotiate with the property owner. This could get tricky, but with the help of an experienced apartment broker, you can arrive at a win-win solution that considers your current financial situation. 

two women sitting beside table and talking

Live close to your workplace

A very basic tip when apartment hunting in a highly-urbanized area is to find ways to reduce the daily commute. The best way is to live somewhere that’s within walking distance of your workplace. This should help you save gas money and public transportation fare.

photo of people in train

Set a realistic budget for the first months

If you have just started a job and moved somewhere close to the office, it’s important to set aside some cash that should last until you get your first pay. With this savings, you can train yourself to adjust your spending habits and avoid making unnecessary purchases. For this, you can use budget apps to keep track of where your cash is going.

Get an insurance bundle

Since it’s your first time renting out, you might as well get protection for personal items you bring to your unit. With renter’s insurance, you can get compensated in case certain items get damaged or stolen. The downside, however, is that it might put more pressure on your monthly finances.

If you can, bundling renter’s insurance to save is the best way to secure your property without having to pay too much. So, if you have a current policy, you can bundle it with the auto insurance policy of a new car.

person sitting on chair holding iPad

Keep your utility consumption in check

Another way you can save as a first-time renter is to control how you use utilities such as electricity and heating. You can ask the landlord if it’s okay to switch to LED lights. You can also limit the number of gadgets you bring to the unit and cut back on subscriptions you don’t need anymore.

brown and white table lamp with light

Share your space

Probably the best way you can save on rent is to have someone you know share the apartment with you. You can share in the rent and utility payments so you won’t have to shoulder everything on your own. 

Renting for the first time can be intimidating to some, but it can also be a rewarding experience. After all, you have prepared for this inevitable point of your life, so it’s best to make the most out of it without having to pay a huge amount every month.

Read More Posts / View All