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Renters: Follow these simple steps for a big impact on your wallet.
posted in: Financial Wellness
by Valerie Hawkins

4 tips for money-savvy renters

Between the student loan payments, cell phone bill and monthly rent, you hardly have an extra buck to enjoy a much-needed night out with friends.

These simple tips can help give your bank account, and your social calendar, some breathing room. So before you get overwhelmed, get started.

Tip 1: Location, location, location

When searching for the rental of your dreams, start by looking in the neighborhoods near your work. Not only will the extra steps give you more energy throughout the day, walking to work will also save you money in gas and car maintenance. And it’s great for the environment, too.

Talk about a win, win…win! 

Tip 2: Be energy efficient

Switch the lights off when you leave a room. Turn the water off while you brush your teeth.

We all know these tricks, and although they’re small tasks, they make a big impact on your utility bill. Be more conscious of your energy usage, and your wallet will thank you.

Tip 3: Decorate on a dime

You spend most of your day at the office – hard at work. When you come home, it should be a place of warmth and relaxation. But don’t spend your hard-earned money on swanky décor and designer furniture.

Finding hidden gems at flea markets or repurposing your current pieces are just a few tips for turning your rental into a home. 

Tip 4: Get renter’s insurance

Really quick – tally up the value of your belongings. If all of your stuff disappeared today, would you have the funds to replace it tomorrow? If the answer is no, consider renters insurance.

For less than what the average person spends on lattes this month, renters insurance can provide coverage for your furniture, electronics and other valuables in the event of theft or damage.

What are some other money-saving tips for fellow renters? Comment below to share the wealth!

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