Did you treat-yo-self a little too hard? Getting back on track after overdoing the retail therapy can be a daunting-but-necessary task! Make staying within budget a little easier on yourself by leveraging these little-known ways to save money as a renter.
1. Modify Your Renters Insurance
You do have renters insurance, right? As a renter, it’s one of the most critical items in your apartment life toolkit! It’s a relatively small but necessary (and sometimes legally required) expense that can help protect you financially in case of apartment mishaps.
However, having renter’s insurance doesn’t mean you should settle for any policy! Take some time to review your policy now, asking the following questions as you go.
- Can you afford a higher deductible (which lowers your premiums)?
- Does shopping around for the best deal uncover an equally good but less effective provider?
- Will paying annually save you money compared to paying more frequently throughout the year?
2. Meal Prep
Going out to eat is delicious and convenient, but it can also be over-indulgent in calories and costs! If your foodie ways interfere with your finances, get in touch with your inner chef, and prepare meals in the comfort of your own home. And there’s more than the financial benefit to consider: eating home-cooked meals makes people happier and healthier, says Fix.com!
Bonus foodie tip: Retain your grocery receipt, highlight perishable foods, and stick it on your fridge or in another prominent spot. This helps make sure you consume those foods before they go bad. The average American wastes about one pound of food per day; use this tip to ensure that you “waste not, want not!”
3. Sign Up for the Apartment Gym
Working out at a fancy gym is excellent. They have the latest equipment, friendly faces, and TVs you can watch while sweating your way through a treadmill workout!
Unfortunately, such gyms also come with membership fees, either monthly or annually. If your apartment complex has a small gym area, you can likely get a pretty good workout there. To supplement it, consider walking or jogging through the neighborhood and doing bodyweight exercises in a nearby park.
4. Team Up on Laundry
If you’re currently using coin-operated laundry machines, then you understand how quickly the costs add up. It’s as if the washer and dryer devour quarters! Worse yet, you pay the same for a small load as you do for a large load. However, you can overcome this particular type of money madness by teaming up with a roommate to combine hampers and get the most out of your money.
Alternatively, if your apartment has an in-unit washer and dryer — use it wisely! Combine your and your roommate’s different laundry loads — linens, lights, and darks — to get the most out of every wash.
5. Reconsider Your Internet Service
When it comes to figuring out how renters can save money, many people overlook their internet service. For a good reason: many people consider access to the internet a must. Less crucial, however, is paying more for blazing fast internet speeds and higher data limits than you need.
- Look into a cheaper internet plan and offset data caps by borrowing DVDs and Blu-rays from the local library instead of streaming.
- Listen to podcasts for any background noise you usually use the TV to provide.
- See if your employer offers a stipend for internet access.
- Get quotes from competing internet providers and ask your current provider to match them…or else!
6. Find a More Affordable Apartment
Is rent consuming a considerable portion of your monthly pay? In that case, finding a more affordable apartment can be one of the most straightforward ways to save money and stay on-budget! Start searching for a new apartment that’s priced to please!
