Knowing how to get your credit score up, asking “How much should I budget on rent?” and knowing how to balance a checkbook are some of the most important things that renters can consider. But if this is your first time paying first-of-the-month rent, it may seem like the most important thing is facing a serious financial struggle. We have all been there: not only do you have to pay your rent, but you must also pay utility bills and other living expenses!
Not to worry: we have learned a few ways to avoid the anxiety that comes with writing a rent check. Listed below are some tips that can save you money and hopefully better prepare you for all of those other monthly expenses. In the end, maybe you’ll even save enough of your hard-earned dollars for something fun!
1. Factor in Commuting Expenses
Think about how you’re going to get around: if you live in a big city, find an apartment where street parking is easily accessible so that you don’t have to pay for a garage spot. Rent an apartment that’s close to public transportation to cut down on commuting expenses.
To save even more money, put on your tennis shoes and walk. Most apartments will be within walking distance of a grocery store. If not, get a bicycle with a basket, and put your groceries inside. You’ll be saving gas and money.
2. Talk to Your Landlord about Rent Payment Options
Some landlords are actually willing to negotiate the amount that they’re asking for their spaces. Also, talk to your landlord about the benefits of paying your rent online. You won’t have to deal with late fees, because you forgot to mail in your check on time, and it makes it easier to coordinate rent payments with your roommates.
3. Be Smart About Utilities and Energy Savings
By simply turning off lights and electronics that you are not using, you can save a hefty amount on your electricity bill each month through making your apartment more energy-efficient. Try it for one month, and compare the subsequent bill with the one before it. You may be very surprised with the results.
4. Start Budgeting
It seems self-explanatory, but budgeting is often a difficult lesson to learn…especially for people who have grown accustomed to a life of eating out and buying whatever they please.
Mint.com has a budget app for iPhone users. Downloading apps for budgeting is the most effective way to remind yourself to save money. Once it becomes part of your everyday routine, it will become second nature.
5. Purchase Renter’s Insurance
An inexpensive renter’s insurance policy will ensure that your personal property is protected on the cheap and help you to ensure that a small problem doesn’t become a huge financial crisis.
Renter’s insurance usually covers theft, fire and/or water damage and may even insure items that are outside of your apartment, like your bike. A replacement cost policy will buy you a new bike if yours gets stolen!
If you strive to follow these tips every month, you’ll be well on your way to becoming both a responsible and more organized renter and roommate.
Learn more about online rent payment options through WilliamPaid.
