7 Money Tips for Tenants

7 Money Tips for Tenants

7 Money Tips for Tenants

Renting an apartment is one of the best and worst parts of being an adult. You don’t have to pay for the upkeep of your home, but you have to pay a lot to have a roof over your head. Keeping these tenant tips in mind will help make your renting experience more enjoyable.

Research the best deal

Apartment rental prices can be steep. When looking for your next home, make sure you do your research. Not only should you look for the best price, but also look at what amenities that price tag gets you. You may be saving money with one apartment, but you could be sacrificing on space or amenities like a pool or gym. Once you figure out what is important in a home for you, your research will lead you to the best deal!

Get roommates

Roommates can end up being a love-hate relationship. However, if you choose the right roommate, sharing your home can cut down on expenses tremendously. You will not only cut down your rent, but you will also have the opportunity to place more money into your savings so you can live alone when the time comes.

Thrift for furnishes

Making your apartment a home can be exciting (and pricey). Compile a list of all your home necessities and wants, and start hunting for bargains. Consignment shops and yard sales are great options for finding gently loved furnishes for a great price. Once you are financially able, you can splurge on your more desired decorations.

Keep an eye on utilities

Conserving energy is always a good idea. Making sure all the lights are off when you aren’t using them, will greatly cut down on your monthly utilities.

Take advantage of apartment amenities

Why spend the money on a gym membership if your building has a gym? Ditch your membership and walk next door to your personal gym! Sure, most complex gyms aren’t as fancy, but they do offer privacy and savings. Who can argue with that?

Dine out less

Spend more time enjoying your home cooked meals and watch your savings grow. You save money on your meals and tipping. On top of that, you know the exact ingredients going into your food, which will help your health in the long run.

Invest in renter’s insurance

It may seem weird to spend money to save money, but renter’s insurance is a great investment. Most renter’s insurance costs less than $20 a month and can cover up to $10,000 in damages, depending on your plan. It is smart to have a blanket to catch you when you need it.

Instead of paying for upkeep on your home, renting can allow you to contribute more toward savings for travel, retirement, investments or a future down payment on a home. Contact us at Bank of the Lowcountry today for financial assistance in opening a savings account.

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