As real estate prices climb and the American dream of home ownership seems harder and harder to attain, many people turn to renting as a temporary solution while they save up towards their future and goals. Renting can be a great way to figure out which neighborhood you like, live with a little less responsibility and potentially start saving toward a future investment in your bank account. Instead of just spending the savings you will get monthly when you rent versus buy, set up an account that provides you a great rate of return, such as with CIT Bank. This way, you can save faster and help your money grow. Read on for the top six ways to save money while renting an apartment and move the financial needle forward.
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Lease in the Winter
Winter is typically the season where home buying and renting is at the slowest point. This can be a great asset if you can wait until winter to start your rental search. Since there are less interested renters, it is much easier to negotiate rent prices or discounts with the landlord. Keep in mind all of the associated costs when apartment hunting, including application fees and security deposits as well as pet fees, if applicable.
Building Amenities
If you are renting in a larger building, make sure to take full advantage of the amenities. Many buildings have exercise facilities, pools and clubhouses for tenant use. Dropping your expensive gym membership can save you hundreds a month; opt to swim laps or use the building exercise room instead.
Check out what the clubhouse has to offer—many include billiard tables, table tennis and other games. Plan a night in at the clubhouse for friends instead of going out; this will definitely help your save.
Eating In
Eating at restaurants is a huge expense. Ninety percent of Americans say they hate to cook, and statistics show that more and more people are opting for the convenience of eating out every year. You can actually save thousands of dollars by eating in.
If you are a novice in the kitchen, try downloading a recipe app that can make cooking easy and fun. Kitchen Stories is a great app for beginners that walks you through the recipe picture by picture and showcases how-to videos for basic kitchen skills.
If the time it takes to shop is a problem, have your food delivered! Farm Fresh to You and other similar services will deliver a weekly box of the freshest fruit and vegetables right to your door, often with a recipe or two on cooking the staples. Host potlucks and invite friends over for added entertainment and savings.
Get Rid of Stuff
Apartments have limited space and sometimes even less storage. When hunting for a new place, take stock of what you have and how much will fit. If all of your items won’t fit into your new apartment, it might be time to sell them.
Do not waste money on a separate storage unit, instead save money by consolidating your belongings. Donate bulky books, movies and CDs you’ve been holding onto and go digital. Stream movies and music and switch to e-books for your home entertainment needs to save on space.
Renting or borrowing items that don’t get much use is another great savings idea. Of course, everyone has borrowed books from the library, but even clothing can be rented these days. Rent the Runway allows you to borrow pricey designer clothes at a fraction of the price and no need to worry about closet space.
No matter where you live, it’s always a good idea to declutter and free up space. To make some extra cash, sell your gently used items on LetGo. This app lets you sell any item in a convenient, hassle-free way locally.
Become Energy Efficient
The most energy efficient floor of a three-story apartment building is the second floor. Hot and cold air tend to escape less at that level. If you don’t happen to live on the second floor, there are some other things you can do to save money on energy bills.
Use LED light bulbs to replace your regular bulbs, not only are these longer lasting, they will also save you a few bucks on your electricity bill.
Cool your apartment by closing your blinds when the sun is beaming. Use ceiling fans instead of air conditioning and implement ceiling fans when possible. Even setting your thermostat one degree higher can make an impact. During cool nights, open your windows and let the breeze blow through.
Basic conservation will also help with gas, water and electric bills. Turn off lights when you leave the room and unplug unnecessary appliances. Don’t waste water by letting it run when not in use. Many apartments have some utilities included in the rent, so make sure to check on every detail before signing the lease.
Renters Insurance
Although it seems like this may be an added expense, renters insurance is really a small drop in the bucket that could save you thousands in case of an emergency. Protect your personal belongings in case of fire, water damage or theft. Shop around for the best rates and policies, but Allstate is always a popular choice for renters insurance.
The most important part of saving money while renting is to come up with a concrete goal and sticking to a budget. Try the tips above to get you started moving in the right direction and check out savemoneytricks.com for more money saving tips and advice.
