7 Money Saving Hacks for Renters

Don’t let high rent costs eat up your paycheck every month. If you’re looking for simple and practical ways to save money on a tight budget, we’ve got you covered. Check out these 7 money-saving hacks for renters.

1. Find the Right Location

Rent can be expensive these days. Not to mention, housing costs vary significantly by location. When moving into a rental property, choose a location that best fits your needs and budget. Consider important factors like travel time to and from work, neighborhood safety, and overall costs.

Photo Credit: deberarr (iStock).

2. Sign Long-Term Leases

Avoid the hassle and expense of rent increases by committing to a long-term lease. You can negotiate lower rent rates by signing an 18-month or even 24-month lease contract. In most cases, landlords or rental agencies offer discounts for signing longer leases. For tips on how to negotiate your rent and win over your landlord, click here.

3. Turn Off The Lights

Don’t forget to turn off the lights! Many of us make the costly mistake of leaving the lights on for hours at a time. Make it a habit to turn the lights off when leaving a room and you’ll be surprised how much you can save on your energy bill.

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4. Find a Roommate

Make your apartment or rental home more affordable by splitting your monthly expenses with a roommate. Living with a roommate will cut your rent expenses in half. It’s also an excellent way to start saving more money. Who knows, you might even make a new friend out of it.

5. Say Goodbye to Cable

Thanks to budget-friendly alternatives like Netflix, Hulu, and Amazon Prime Video, you can watch all the TV you want without ever exhausting your budget. By ditching cable and switching to one of these low-cost alternatives, you can easily save up to $1,000 a year.

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6. Turn Down the Heat

Turn down the heat to turn up the savings! Did you know you can actually lower your energy bill just by adjusting your thermostat? To reduce energy costs, turn down the heat at night, during work hours, or whenever you are traveling.

7. Protect Your Security Deposit

Don’t make the mistake of thinking about your security deposit when you’ve finally moved out. Before moving into a rental property, be sure to take pictures and detailed notes of any existing damage. It’s also a good idea to communicate with your landlord or rental agency through email for proper documentation.

With these 7 money-saving hacks for renters, you can save money, travel more and live out your best life.