Apartment living can be expensive. Even after you properly budgeted to determine how much you can afford to spend on rent, you might find yourself wishing you had a bit more pocket money at the end of the month.
Luckily for apartment renters, there are some tips and tricks that can help you save additional money each month.
1. Take Steps to Lower Utility Bills
Utility bills can be highly variable based on your usage, which provides residents with the opportunity to take steps to lower their usage and save money. When looking to lower your utility bills, the two things to focus on is using less electricity and becoming less dependent on your heating and cooling.
We recently wrote a post that dives into detail on lowering utility bills and provides 7 tips for cutting down the costs. Some of the tips that you can replicate include:
- Install energy efficient light bulbs.
- Regularly replace air filters.
- Power down devices when you’re away.
- Program your thermostat.
- Do large loads of laundry.
- Use power strips.
- Install a low-flow showerhead.
2. Rent and Borrow Whenever Possible
Renting and borrowing instead of purchasing is a great way to create savings. Of course, you can’t rent and buy everything. Items that you use regularly are going to require a purchase. TV, couch, bed, etc. But on more rarely-used items you can get by without spending top dollar to own them.
Items that you can rent or borrow instead of purchasing include:
- Movies: While the good ole days of renting flicks at Blockbuster are long gone, unless you live in Alaska, you can still use your local library to rent movies instead of seeing them in the theater or purchasing them.
- Books: Use your local library to check out books instead of buying them, or borrow a book from a friend of co-worker. You can start a lending club with a group of friends where you each lend and borrow each others books.
- Tools: This could be anything from a carpet cleaner to a power drill. If you can only use these items occasionally, consider borrowing or renting on demand to save some dough.
- Luggage: Going on a trip? Borrow luggage from a friend or family member instead of buying a set of bags for yourself. As an added bonus, you won’t have to store the luggage in your apartment, which will create more space for you.
3. Carpool or Utilize Public Transit
Depending on the length of your commute, car expenses can create a big strain on your budget. The more you drive the more you spend of gas, parking, oil changes, general service, and tires. One way to carve out some extra savings is to limit your car usage through carpooling and public transit.
Your commute to school and work is also causing a strain on your co-workers or fellow students. By creating a carpool system where several of you ride together, you all can benefit from using your cars less. Assign different days to different drivers, that way you all can contribute equally.
If carpooling isn’t an option, try to utilize public transit a few times a week or month. Think about your commute schedule. If you work Monday through Friday, you drive five times a week. If you were take the bus every Tuesday, you’d be cutting your driving by 20%. By effect, you’re cutting your spending gas, parking, and other car expenses by 20%. That savings will add up to more money in your pocket.
4. Cut Cable
Cable cutting is by no means a recent trend, but it does offer apartment residents with quick and easy way to cut down monthly expenses. The average cable bill in the United States is around a $100 a month. By cutting cable, residents have the chance to save quite a bit each month.
It’s never been more convenient to cut cable than it is today. For under $20 you can get a HD receiver that will provide you with free local channels and there are a litany of streaming options such as Hulu and Netflix.
Find Your Next Apartment With Elevate
By taking advantage of the tips we provided in this article you’ll be able to save money. Another way for apartment renters to save money is to find an apartment that has more value than their existing one. And the best way to find a valuable apartment is by working with an apartment management company like Elevate Living.
Ready for take your apartment search to the next level? Check out the areas that we serve and contact us today to get started!