One of the less exciting aspects of renting is undoubtedly the budgeting. Splitting your money adequately between all your needs is a struggle that many renters face.

Here are a few tips on how to save while renting.

Subscription services

Subscription services like Netflix, Stan and Spotify can save you money in more than one way. For one, many of these services offer family packages or group packages available for those living at the same address. The cost of these group packages are normally considerably less than the cost would be if each housemate paid for their own subscription. As well as sharing the cost, it also saves in terms of entertainment. Rather than going out to the movies, why not have a wine night with Netflix and friends. These options are also a lot cheaper than utilising Pay Television.

How to Save Money While Renting

LED Lights

Did you know lighting alone can take up between 8-15 per cent of your electricity bill according to the Government?1 Save on costs and do your bit for the environment by making the switch from your average bulb to LED lighting. LED lights are extremely cost-efficient in the long run because they have such an incredible lifespan (up to 5 times that of a normal household bulb), so as well as reducing costs, they can also reduce waste.

If you’re going to be renting the same property for a while, have a close look at this technology.

Buy in bulk

Buying in bulk is an obvious way of saving, especially when you can share the items with your housemates. Try to stick to household goods and non perishables (e.g. shampoo, paper towels etc.). Be careful not to overdo it with food – always check expiry dates to make sure you’re not buying in excess which will eventually go to waste.

Eat in

It’s time to brush up on your culinary skills. Eating at home is a great way to reduce expenses. Invite friends over for dinner parties, host a potluck night or take turns cooking with your housemates. Having a good time doesn’t always have to be expensive, and cooking at home can lead to a healthier diet.

Overall, it’s good to create a budget for yourself. Doing this will help you understand your spending habits, and you may even spot expenses that could be reduced or cut out altogether. Are you too trigger-happy when you see “SALE” signs? Do you really need the latest drop of Yeezy sneakers or a new lipstick every month? Think twice before you make rash decisions, and you’ll find yourself saving in the most unexpected of areas.

Learn more about BondSure’s rental bond loans and bond insurance and Rethink Rental Bond with BondSure.

1 http://yourenergysavings.gov.au/energy/lighting/energy-efficient-lights

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