Saving money is a good thing! It gives you options and frees you up from the endless cycle of living paycheck to paycheck. As an apartment renter, there are numerous easy ways to save money if you really put your mind to it. Check out these money hacks for starters.
In This Article
1. Know What You Can Afford
You might want to save money for many reasons: an emergency fund, a vacation, or a down payment for your own home. Whatever your motivation for saving, you won’t be able to achieve your goal if your apartment sucks all your money out of your pockets in rent payments and utility bills.
That’s why it’s a good idea to do your homework and search for apartments within your budget from the start. Don’t rush into renting an apartment without knowing what you can realistically afford and how much it will cost to live there.
2. Choose Your Apartment Wisely
If you have the chance to be picky, then keep these three things in mind when you’re hunting for an apartment. They’ll help narrow the search, as well as save you money in the long term.
- Only look at rentals that are within walking distance of your job or a short hop using public transport. Don’t waste your hard earned money on long commutes, put it into your savings account instead.
- Choose an apartment that’s in the center of the building, rather than on the outside or very top. Neighbors either side will insulate your apartment and help to lower heating and cooling costs.
- Steer clear of basement apartments which tend to have a higher chance of damp and mold, and require more money spent on heating and dehumidifying.
3. Buy Secondhand or Used Furniture
Moving into an apartment can be expensive, especially if you need to furnish it from scratch. But you don’t need to buy top of the line furniture, head to thrift stores, goodwill, Craigslist, Freecycle or LetGo and get some great deals.
4. Get a Roommate
You can instantly increase your savings potential if you get a roommate or two. This way you’re splitting rental and utility costs and sharing groceries. Although you may prefer living by yourself, sacrificing your personal space for a year or two of living with roommates can be well worth it to save some serious dough.
5. Save on Your Electric Bill
There are lots of ways you can save on your bills, especially on the electric bill in an apartment and make it more energy efficient in the process. It’s a win-win for you and the planet:
Switch over to LED bulbs – energy efficient LED bulbs help you save money on power as they don’t use as much of it to as traditional light bulbs. Money savings tip: remember to turn off the lights whenever you leave the house and at night.
Don’t over dry your clothes – It’s easy to forget that your clothes are in the tumble dryer and this is a surefire way to get a nasty surprise on your electric bill. Money savings tip: if you have to use the dryer, set a timer on your Smartphone or watch to remind you to check your clothes.
Use a power strip – make sure electronics are not sucking up energy, even on standby, by plugging them into a power strip as a central turn off point. Turning off one switch at night or when you leave the house is easier to remember than turning everything off.
Use the sun for heating & cooling – During cold weather, open up the curtains during the day and let the sunlight warm the rooms. Your apartment will be warmer for longer at night, so you won’t need to use the heating as much. In summer, do the opposite, close the curtains to keep out the heat, so you’re not as reliant on the air conditioner.
6. Cook More Often
Everyone knows staying in and eating a home-cooked meal is cheaper than eating out or ordering takeaways. It’s also better for your health. Make a point to do more cooking and entertaining at home, and eat out once a week, rather than three or four times a week. You’ll appreciate it more, and your body and savings account will be healthier for it.
7. Cut Back on Unnecessary Spending
We all have our vices, shopping, cafe lunches, a beer or three with friends…..but if you want to save you’ll need to keep yours in check. , but simply cut back. Eliminating one vice, like a Starbucks latte every morning before work, can save you over $700 a year!
Angela Pearse is a blogger for Zumper who frequently combines travel with freelance writing. She’s passionate about Art Deco hotels, historical novels, Netflix, hiking and healthy living.
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.