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8 Effective Tips For Renters To Save Money This Year

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Moving out for the first time from your parents’ house can be the most exhilarating and freeing moment of anyone’s life.

It is only after living by yourself for a few weeks that you realize how hard life can truly be.

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Still, it is an essential part of growing up and with it comes various responsibilities.

Whether you’re a first time renter or moving from one place to another, you know the importance of every coin.

Here are a few ways renters can ensure they maximize their savings while living comfortably.

Home-Cooked Meals

As a renter trying to save money, eating out is the last thing you want to be doing every day.

While it is relatively convenient and doesn’t consume much time, it also eats up a lot of your money. Instead, opt for home-cooked meals.

They might take up some time preparing, but at the end of the day, they save your coins.

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For grocery shopping, look for fresh groceries at your nearest farmer’s market. This way you will still save and live an even healthier life.

Avoid Cable TV

If you are trying to save money, I guarantee you your time will be better spent doing something productive rather than sitting around watching TV.

Cable TV is entertaining but with it comes a monthly bill. Considering that this is just a luxury and not a basic need, cutting off indulgence completely guarantees you have a few extra bucks in your bank account every month.

Get Your Security Deposit Back

While most people think that it is impossible, getting the security deposit is possible and very essential when moving out. This will help cover costs for the next apartment’s security deposit.

All you have to do is comply with the apartment rules and try your best not to break anything.

Roommates

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Roommates are the easiest way to save money. First and foremost, a roommate ensures that you only have to pay half the rent.

If you are three roommates in the house, the rent is split in three ways. This way, you can enjoy living in a relatively expensive and big house without necessarily incurring the cost. And that’s not it.

We all know how furnishing a house can be expensive. When you have roommates, however, everyone chips in by either bringing a different thing like a couch and fridge or contributing equally to their purchase.

Borrow Used Items Instead Of Buying

When you’re starting, the temptation to go big thanks to Youtube videos pressure is a lot. However, always opt to start small by borrowing used items.

It is not the end of your furnishing and with better opportunities, you can sell the old and get new ones. Buying new furniture, for example, can stretch out your budget leaving you in tears and debt.

Always live within and below your means, saving for the future.

Location Is Key

When looking for an apartment, location is key. It is important for renters who are trying to save cash to look for apartments that are close to the transport system like the train.

Also, try to find a place that is convenient for you in regards to your work or school situation, proximity is key. Also, as fancy as the city life sounds, look for a house that is outside the city. There you are bound to find hidden gems that are bigger and cheaper.

Long Term Lease Is Cheaper

When negotiating the rent with your landlord, always sign the long term lease. This shows the Landlord that you are a reliable renter and because he or she won’t have to spend money on renovations and painting for a while, they are more willing to let you pay less.

Also, avoid the middleman and broker at all costs. They only have their interests at heart and you will not be able to negotiate with them.

Save On Energy Consumption

When you grow up and move out, you finally understand why your parents would throw fits when you left the unused lights on, a running tap or the water heater.

The list is endless.

Bills do not come to play and as a renter, you should try your best to ensure you keep them as low as possible. Also, make use of things that will save energy in your house like energy consuming bulbs.

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