Whether saving money to buy a home in the future or responding to increased living costs, reduced housing costs should be a goal for all renting tenants.
It can seem like a daunting task, especially as you don’t have control over every aspect. Still, if you focus on the five steps below, you should find that your monthly outgoings are significantly reduced.
Find the right property
If you are a young career-driven person or student, house sharing is an option that will significantly reduce your costs. Even when renting alone (or with your partner), finding the right property is vital. Staying outside of the central locations and expensive neighbourhoods allows you to get more for your money. Meanwhile, sacrificing the spare room or other non-essential features could be a particularly wise move.
Live modestly whilst renting, and you can focus on space and location when buying a home of your own.
Learn key household skills
Landlords have a responsibility to take care of the property. Still, it will be your responsibility to correct problems that were caused by your actions. Learning how to unblock drains can save you a fortune compared to calling out plumbers. Moreover, it helps maintain a far happier and healthier home by getting rid of foul smells or air pollutants. Of course, it’s a skill that’ll serve you well as a future homeowner too.
Rewiring plugs or fixing broken curtain rails are further examples that can keep your costs down as a tenant.
Go eco-friendly
Homeowners often opt for greener living as it dramatically cuts their monthly bills. You can too. Simple switches like choosing LED lights or eco-friendly appliances make a huge difference. It is probably worth speaking to your landlord too. Aside from addressing any outdated furnishings within the home, they could look at ideas like roof solar panels. After all, the upgrades are in your best interests as well as theirs.
You’ll save money, protect the planet, and set good habits for when you eventually own a property of your own.
Speak to suppliers
The landlord may have put utilities in place for you. If you’re the one paying those bills, though, you’ll want to get the best deal. Selecting a cheaper broadband package or energy supplier can make a huge impact. Meanwhile, knowing how to apply for single person’s council tax discounts can boost your savings further. You will reap the rewards on a monthly basis, but only you can actively reach out for those offers.
It will help your money work harder without sacrificing your quality of life in any shape or form. Perfect.
Decorate consciously
Of course, you need to inject a little personality into your home, even when renting. However, it’s also important to keep an eye on your budget. Decorating with minimal fuss and overheads is the best route by far. If nothing else, you probably won’t live in this property for any longer than a few years. Maybe months. So, investing money into it seems futile. Even if you do plan to take some of the items to your next home.
After all, trends will change by the time you move again. Decorating your forever home will be mor exciting when you start from scratch.
Featured Image Credit : Pixabay CC0 Licence
