Choosing to rent is a big decision that many are faced with, and we’re thrilled you chose an off-campus apartment in Columbia! Now that you’ve decided to rent your home, even if only temporarily, it’s a good idea to look ahead and start thinking about how to save money while you’re in a rental. Here are some of our tips!
Pay rent with a cash-back credit card
You’ve probably heard people say that credit cards are “scary” and you should avoid using them unless absolutely necessary, but this isn’t true for those who know how to use them responsibly. By paying your rent with a credit card that offers cash back on all purchases, you can truly make some of your money back on your rent payments each month, all while spending the same amount of money you’d be spending anyways.
Find a roommate
This one may seem a little on the nose, but there’s a reason why many renters choose to go in 50/50 with roommates! You’ll still be able to live in a space you love in a perfect location for your lifestyle, but at only a fraction of the cost. However, it’s important to choose your roommates wisely. Just because someone is your friend – or even family – doesn’t mean they’ll be a good fit to live with. There’s no point in choosing a roommate to split costs with if they aren’t going to stick around long enough to really make a difference.
Know how much space you need
It can seem tempting to choose an apartment that comes with extra space for storage, living, entertaining, etc., but if you’re keen on saving your money, choose a space that adequately suits your needs. In order to get more, you oftentimes have to pay more, so why pay for more than you really need? Trust us, you’re going to thank yourself in the long run.
Eliminate your debt
From credit card debt to student loans, it’s no secret that getting out of debt is one of the most common challenges that people are facing these days, especially with rising costs of living. Getting out of that hole is a great way to start seeing your savings grow each month, rather than sit in the same place month in and month out. Consider working with a free financial advisor to create a plan, both short and long term, to get your debt into a good place – or eliminated altogether.
There are so many benefits to renting your apartment, don’t sell yourself short over fear of not being able to grow your savings in the meantime. Let us know if these tips have helped you, or if you have any additional tips that have proven effective in your time as a renter!
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