Three Subtle Strategies to Keeping Costs Down as a First-Time Renter
by Mashum Mollah Marketing 11 March 2017
Moving out? Finally getting your own place? It’s a pretty big thrill, isn’t it?
That being said, if you’ve finally acquired the financial freedom to move out on your own, there’s a lot to consider which can quickly bog you down.
This is especially true when figuring out which apartments are within your budget across Canada. While you may be tied down to a specific province if you’re attending university or have employment opportunities, the fact remains that first-time renters are often overwhelmed with the hidden costs of living on their own.
Whether you know you’ll be living on a tight budget or you simply want to make sure that you don’t waste any money as a renter, consider the following ways to can keep your day-to-day living costs down. Despite popular belief, you can live like a king even if you’re renting: all you need to do is understand is the seemingly “small stuff” that can bloat your budget.
Don’t Restrict Yourself to the “Perfect” Apartment:
Oftentimes, the “perfect” apartment is little more than a myth. Sure, you may have preferences in terms of what you want and don’t want regarding aesthetics. However, these details are rather minute if you’re looking at the big picture.
You need to instead consider how your particular apartment will ultimately impact your budget, judging qualities such as…
- The distance of your apartment from your desired place of work
- Whether or not you can realistically rely on public transportation
- The move-in fees and cost of rent, including your security deposit, pet fees, and other hidden renting costs
For example, an apartment located in close proximity to a grocery store (think: within walking distance) is a great pick as you’ll be less tempted to eat out and can ultimately rely less on your car (think: therefore spending less money on gas).
Now, does this mean that you should live in a dump or somewhere potentially unsafe? Absolutely not. You should, though, bear in mind that nowhere is going to be absolutely ideal. While nobody wants to settle on their housing situation, sometimes it’s best to simply accept a few minor inconveniences to keep costs down in the long-run.
Cut the Cord with Cable:
This tip may seem like a no-brainer, but many new renters tall into the trap of getting stuck with needless cable and Internet services because they’re included in the rent. If you’re truly strapped for cash, you can likely get by with basic Internet and free streaming services available online. Such a sacrifice is minuscule compared to the money you could save by streaming over the course of the year.
Stay on Top of Repairs:
Perhaps the biggest beauty of renting versus owning a home is that you generally aren’t held responsible for potentially costly repairs while you’re a tenant.
That’s not to say, however, that you can afford to ignore damages as they could come back to bite you when it’s time to move out. Whenever anything in your apartment breaks or gives you trouble, report it to your landlord or complex immediately to avoid any potential headaches or liability down the road.
Renting doesn’t have to cost you an arm and a leg; likewise, there are steps you can take yourself to live well yet comfortably. By picking a smart apartment and finding subtle ways to save, you can truly enjoy your new-found freedom as a renter.