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Research the Market
If you’re living in a rental property, then it’s highly likely you have intentions to move up in the world eventually. You may be saving up for a deposit for a home of your own, or perhaps you’re trying to save some money early for retirement.
Regardless of what your plans are, it’s no secret that saving money while paying off rent every week is no easy task. However, you’ll be happy to know that there are ways to minimise the amount of rent you pay, and get a little extra going toward your savings account.
It always pays to have as a thorough knowledge of the market to avoid yourself getting swindled. Go on the numerous rental websites on the internet and look at comparable rental properties to yours. Have a chat to the local residents and find out what they’re paying. This can all give you some added bargaining power when it comes to lowering the rent.
Sacrifice on Location
A little bit of delayed gratification can go a long way. You might be comfortable where you are now, only 15 minutes away from the city centre and nice and close to where you work. But the likelihood is you’re probably paying a lot more weekly for this convenience. If you relocate to a suburb further out on the city fringe, where there’s less competition for housing, you’re likely going to find less of your pay cheque going toward the weekly rent.
Sharing is Caring
Although in this case, you’re really caring for yourself. It may hurt to lose some of that prized independence you get from living alone, but adding an extra person or people to your living space means you can share the cost of the rent around. You’ll find your costs fall in other ways, too. A split bill for utilities, as well as being able to buy food and cook together, will make things much easier on your bank account.
Don’t be Down-Hearted – Downsize
It may be a good idea to take a good hard look at where you’re living and ask yourself: “Do I really need this much space?” Sure, it’s nice to have a lot of room, but downsizing to a studio apartment could be the key to getting your finances on track. These apartments have a kitchen, lounge and bedroom all in one room, and are designed for one person – though if you’re a couple, there’s no problem with making things cosy.