4 Budgeting Tips for Tenants
4 budgeting tips for tenants
Keeping on top of your household finances as a tenant can be a challenge, but if you’re feeling the pinch, there might be some simple steps you can take to ease the pressure. Here, we take a look at four budgeting tips that could help you to stay within your budget.
- Take out tenants insurance
When money’s tight, taking out extra insurance might seem like an unnecessary expense. However, it’s important to bear in mind that not having suitable cover in place can spell disaster for your bank balance. It doesn’t matter how security and safety conscious you are, there’s always a chance that your possessions will be stolen or damaged, and if you don’t have insurance in place, you could be left counting the cost. Before you sign up to a particular policy, make sure you read the small print to see what’s included. If your tenancy agreement states that you’re liable for any accidental damage to your landlord’s fittings, fixtures and furniture, it’s a good idea to look out for policies that offer tenancy liability cover. Tenants insurance from HomeLet is one example.
- Look for easy savings
You might not want to completely change your lifestyle in order to save cash, but the chances are there are some relatively simple things you can do to cut your spending. For example, if you tend to grab a takeaway coffee on your way to work each day, why not get into the habit of satisfying your caffeine cravings at home before you leave instead? Taking packed lunches to work can help you rein in your spending too. Also, swapping socialising sessions in bars for catchups at your place could bring your expenses down.
- Be savvy with your shopping
Putting a little more thought and planning into your shopping could be an effective way to save money. For example, try to make a meal plan for the week before you do your supermarket shop so that you don’t end up buying too many things and wasting food. Meanwhile, when it comes to things like insurance policies, energy tariffs and mobile phone contracts, make sure you shop around to get the best possible deals. Simply going with the first option you find could mean you spend much more than you need to, and the same applies to renewing your contracts year after year without seeing if there are more competitive alternatives available.
- Become more energy efficient
Given that the property doesn’t belong to you, there’s no point in investing lots of your money in your house or apartment to make it more energy efficient, so things like getting a more efficient boiler or fitting water saving taps might be off the cards. However, some seemingly minor tweaks to your home could take a big chunk off your energy bills. For example, buying draft excluders to plug the gaps under doorways can help to keep your home warm in winter. Also, rather than turning your heating on and off during the chillier months, it may be cheaper to keep your thermostat on a low heat continuously. If you have wooden or tiled floors, think about getting a rug to improve insulation, and keep the curtains or blinds drawn in the evenings during winter. It’s important to make sure you switch appliances off when you’re not using them too.
They don’t have to take much time or effort, or mean you need to make big changes to your lifestyle, but these tips should help you to keep your spending under control.