5 More Ways to Save Money While Renting
Recently we posted this: 5 Ways to Save for a New Home While Renting. This post is a sort of follow-up with 5 more ways to save while renting.
Saving money while renting may seems far-fetched when you're strapped monthly for extra cash, but with a little discipline and creative thinking, you can join thousands of smart renters who have figured out how to stash a little cash for major purchases.
Cutting expenses is usually the first thing that comes to mind when you're looking for ways to save. Sure, cutting expenses is key, but where do you start? Start with your highest monthly costs.
Here are 5 ways to save:
Rethink Your Insurance
Auto insurance is a major expense. With so many options, it would be wise to rethink your insurance to determine if your current insurance company is offering you the best rates as a tenured customer. New customers get the best deals. Consider being a new customer with another company to lock in savings. You can save hundreds of dollars per year in some cases.
Opt for Less Alcohol
Alcoholic beverages can cost up to $12 a glass on average. Your hard earned money can be gone in a flash. Consuming two to three beverages per week at $12 each is a whopping $1872 per year. Not only will you save money but your body will thank you.
Drop Your Gym Membership
We want you to be healthy but when was the last time you used that gym membership on a consistent basis? The average cost of a monthly gym membership is $40 to $50 per month after paying an initiation fee. That's $480 to $600 per year! You don't need a costly gym membership to stay in shape. The truth is, you can work out just about anywhere at any time for free.
Find a workout series on YouTube to follow along with at home
Go outdoors to walk, run, or hike your way to better shape
Use the gym at your office building
Purchase a couple of weights and a yoga mat to workout at home
Also, many apartment communities have a workout room for residents. Consider that when you plan your next move.
If you realize you've bitten off more than you can financially chew by moving into a luxury living space, subleasing may be an option. Subleasing your apartment and moving into a cheaper unit could save you a few hundred dollars per month.
Live on 1/2 Your Paycheck
A bit extreme but well worth it when you consider what's at stake. Purchasing a home of your own or a new automobile is a big reward and worth the short-term sacrifice. Ever heard of the saying when you earn more you spend more? Smart renters don't fall for that. Believe it or not, there are people who make half of what you do and they manage. Live frugally for one year by spending less than you earn and watch the magic happen. You'll be proud, financially smarter, and handsomely rewarded.
Taking all of these savings into consideration, how much could you save in a year?
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This has been a quick tip by LandlordBreakup.com, the website for smart renters. If you're a renter who is curious about how you can turn your rent payment into a mortgage payment, check out our home buying course and home ownership plan for renters. Check out the course.