Happy Wednesday, folks!
You’ve heard of the Big 3 right?! Housing, Transportation and Food.
These are the categories we spend most of our money on, but they also seem like the hardest areas to cut costs sometimes.
BUT, if we can pull it off, saving money here can have the biggest impact on our budgets!
This week, we’re focusing on tips to save on housing as a renter.
Of course, we could just suggest the obvious: downsize, take on roommates, or move back in with your parents!
Sure, those things can work, but we have 5 more tips we think are worthwhile! 🤭
✅ 5 Tips to Save Money on Rent
1. Negotiate, negotiate, negotiate. 🤝🏼 Anytime you sign or renew a lease, negotiate the price or ask for concessions. For example, you might ask for utilities or services to be included in the rent, or additional fees (pets, parking) to be waived. Pro tip: be prepared with numbers (look at comparable properties nearby) and justifications (document the AC in the gym didn’t work for 4 months, or there’s a history of packages stolen in the building). And don’t take the first no! Come back with another offer.
2. Consider adjustments to your lease period. 🕓 Did you know a lot of places offer discounts on rental agreements longer than 12 months? Or if you prepay for some months? Don’t be afraid to ask!
3. Consider moving and time your move strategically. 📦 Moving can sometimes rack up just as much as we’ll save in lower rent, so be sure to math-it-out before making any big moves. Now could be a great time to move to a lower cost of living city or neighborhood. Research if rent prices ebb and flow in your area throughout the year. If most folks move around the same time (thinking of the dreaded Boston August 31 and September 1 city-wide flip here, IYKYK), rent prices are going to be lower another time of year.
4. Share responsibilities. 🙋🏻♀️ You can get really creative here! Some more traditional ideas include offering lawn care or general maintenance in exchange for lower rent. Less traditional ideas include offering nanny services or pet sitting in exchange for accommodations. Super unconventional, but I (Misti) have saved a TON on rent this year as an exchange-based pet sitter. And there’s great platforms like Trusted House Sitters that make it easy to find clients!
5. Use rent payments to build your credit. 💳 Use Bilt, a credit card that rewards you for paying rent! And if you live in a Bilt Alliance Property, every rent payment you make is reported to the three major credit bureaus each month; Experian™, TransUnion™, and Equifax™. If you’re not super keen on using credit, Bilt also has BiltProtect, which effectively lets you use your card as a debit card instead! **
EXTRA: Join the FREE virtual 🧹Get Organized🧹 Summit happening the week of 9/9. Jen and Jill are speaking alongside 100 others on topics of home organization, managing everyday schedules, and overall wellbeing. It’s gonna be a great way to kick off Fall!🍁
Spending is a skill and you can learn to master it. If you’ve ever struggled with being unable to stick to a budget or felt guilty about spending on something you enjoy, Jen and Jill’s upcoming book is going to be your next favorite read.
Grab your pre-order gifts. Free With EVERY pre-order. 🥳
Catch ya on Friday!
Misti
⭐️⭐️ P.S. Want to share all this goodness with your friends AND earn cool Frugal Friends merch?
**Means this is a sponsored or affiliate section. We may earn a small fee or commission when you choose to try one of our sponsor or affiliate partners. But opinions are still 1000% our own.
