How to Save Money as a Renter
You’ve probably been told many times that renting is a waste of money. “It’s like lighting your rent money on fire” some especially dramatic financial advisors may say. It’s true that renting an apartment means your rent money goes to someone else instead of a mortgage, but that doesn’t mean it’s a terrible financial decision. For many, purchasing a home is not within their financial means. There’s other reasons a person may choose to rent, even if they could buy a house. You could simply love downtown apartment living! Perhaps you’re new to the area and want to explore it before you make a long-term decision.
If you are renting, you’ll want to be careful with your finances so you’re not spending too much of your income on bills. Otherwise, you won’t have the extra funds to fully enjoy the benefits of living in the Dallas/ Fort Worth metroplex. Make staying within budget a little easier on yourself by leveraging these simple ways to save money:
#1 Reconsider Your Renter’s Insurance Policy
No, this doesn’t mean reconsider whether you should have one or not, because you definitely should. It’s a relatively small but necessary monthly expense that can help protect you financially in case of mishaps, like theft or water damage. That doesn’t mean all policies are the same, though. Can you afford a higher deductible in order to lower your monthly premiums? Perhaps it would be worth it to do some online research and switch to a different provider. Saving even $50 a month will add up!
#2 Cut Monthly Bills Where You Can
Could you save money by bundling your internet and cable services? Get quotes from competing internet providers and see if making a switch will save you money. Could you drop your gym membership and workout at the fitness center in your building? Maybe you could jog through the neighborhood and do bodyweight exercises in a nearby park instead of paying for a spin class.
#3 Find a More Affordable Apartment
It is possible that no amount and tips and tricks will help you save much money because your rent is simply too big a portion of your monthly income. It doesn’t have to be this way any longer! If this is happening to you, finding a more affordable apartment is probably the best way to save money and stay within your financial means. Reach out to our team and we will get to work searching for a new apartment that’s priced more comfortably for you.
When you save money each month, you can save up to purchase a home in the future. If you love renting and have no desire to purchase, you can use this extra money to go on trips, invest in a new business, spoil yourself, develop your hobbies, and more. The decision is yours!