How to Save Money While Renting a Home

Maybe you just signed the lease in your dream neighborhood…and now you’re realizing it’s a lot more expensive than you had imagined. If you’re already visualizing a life of financial destitution, not so fast. While you might not have much wiggle room in your rental price, there are ways to save money while renting a home. So, whether you’re pinching pennies to enjoy the life you want, or just trying to make smart financial decisions, these simple money-saving tips will help.

5 Money-Saving Tips You Can Use While Renting a Home

Although saving might feel impossible when you’re renting a home, it is possible. Here’s how to do it.

1. Cut out the Excess

No matter where you are in life, saving money involves trimming the fat and putting it toward your savings instead. For example, if you spend $3 on a latte every morning, forgo the habit and put that money in your savings account, instead. While this is a small win, it will lead up to large gains, over time.

2. Shop Smarter

No matter how much fat you trim, the essentials still exist. For example, you can’t stop buying groceries but you can shop smarter. Look for on-sale items and shop for clothing and appliances used, whenever possible.

Start clipping coupons (you’d be amazed how much you can save) and install the browser app Honey, which automatically searches the web for valid coupons and applies them to your online purchases!

3. Consolidate Debt

If you have outstanding debt, consider consolidating it to enjoy a lower interest rate and more streamlined payments. This can save you thousands in interest and make your debt easier to pay down, over time.

4. Stop Eating Out

While it’s a great social opportunity, eating out can be a big drain on your budget. To save money, start eating in more. Not only will you save money, but you’ll also save lots of unneeded calories, which can help you feel healthier!

5. Resist Social Pressure

When you’re young and renting, social pressure can really ruin your savings plans. Instead of giving in and going out or spending excessively, just because everyone else is, work to make smarter financial decisions. Not only will you feel good about yourself, but you’ll avoid many of the financial pitfalls your friends are at risk of.

Saving While Renting a Home

While sometimes it seems like a long-shot, saving while renting a home is possible, and these five tips can make it accessible and simple. No matter where you’re at in life, or where you want to be, a smart savings plan is one of the most effective and realistic ways to make your goals come true. Plus, saving while renting a home puts you in a great position to take the next step and purchase a home of your own in the near future.