The cost of living is already high, and it’s getting higher.
In the UK, people spend around 21% of their income on rent alone. For Americans, it’s higher at 30%. Many other costs can add up, too, including utilities and food.
Of course, you’ll also need to ensure your apartment is comfortable and livable.
But how can you do that without spending an arm and a leg?
In this guide, I’ll cover some tips for renters like you to save money in their apartments. At the same time, do some minor apartment upgrades and still get your deposit back.
Keep reading below.
A Renter’s Guide to Apartment Upgrades and Utility Wins
1) Find a Roommate
Finding a roommate is the easiest and fastest way to reduce housing costs. Splitting the rent in half is already a significant reduction in your expenses.
The more people you have living in the apartment, the easier it is to split utility bills and purchase other shared items.
It can be hard to live with someone else, but it is worth it if it means your monthly housing costs go down.
Think about other things you can better spend your money on instead of covering the full rent alone.
Besides, you’ll have someone to help with house chores and provide company.
2) Cut Non-essential Subscriptions
Do you need that Netflix subscription? Are you still paying for cable? Or did you pay for a gym membership that you never use?
If so, it may be time to cut those expenses. You can save money by cutting these subscriptions or finding cheaper alternatives.
An average Brit spends about £500 yearly on subscriptions.
Do you need all these services?
List all your subscriptions, and consider whether you need them. And if you don’t, cancel the service and use the money for something worth paying for.
3) Use Versatile or Multipurpose Items
You can also save money by investing in items you can use in multiple ways.
For example, an instant pot for your kitchen can cook, pressure cook, sear, and air fry.
Another example is buying multipurpose furniture for living rooms or bedrooms, like a storage bench or a sofa bed.
You can invest in one thing that can perform multiple functions rather than buying separate items.
4) Update Your Lighting
Some light bulbs, like incandescent bulbs, are inefficient and use more energy than others.
Check your lighting fixtures to see if you have inefficient bulbs. If so, replace them with energy-efficient light bulbs like the LED (Light Emitting Diode) or Fluorescent bulbs.
These bulbs use less energy and can help you save money on your electric bill.
You can also use mirrors or let natural light in to make your apartment look brighter without using electricity.
5) Check for Leaks and Other Maintenance Issues
You may be paying for water that you aren’t using. Check your plumbing, water lines, and taps for leaks.
Around 10% of homes have leaks, wasting about 90 gallons daily.
Don’t be part of that 10%. Check your apartment for leaks and fix it.
Unsealed windows can also lead to energy loss. If you do not seal your windows properly, it will let warm air out. Your heater will have to use more energy to keep your apartment warm.
6) Choose an Unfurnished or Semi Furnished Apartment
Fully furnished apartments are more expensive than unfurnished or semi-furnished ones. You can save cash monthly by choosing this option, especially if you have some stuff already to furnish your apartment.
Besides, you don’t necessarily need all the furniture in the fully furnished apartments.
Rather than spending extra cash on rent, you can furnish your new home little by little, especially if you plan to stay for long. You can also find cheaper furniture and appliances.
And when you decide to move again, you can sell some of your stuff.
See? You’ll save money on rent and get some cash back.
7) Be Smart When Doing Laundry
You may not realize it, but doing laundry can be one of the most expensive chores at home. You must pay for water, electricity, detergent, and more.
Try doing laundry once a week instead of twice or more a week. No rule says you must do laundry more than once a week, so try sticking to just one load per week. And use cold water instead of hot.
These laundry tips will save you water and electricity, and your clothes will remain clean.
8) Unplug Unused Devices and Appliances
Did you know that some electrical devices still consume electricity even when shut off?
They even have a term for this electricity loss: idle or phantom electricity.
Unplug all devices and appliances when not in use to reduce your electric consumption. Some devices have signal light features to tell you that it is still connected—and that small light uses electricity.
You don’t even use them anyway, so there’s no need to plug these devices.
9) Prep Your Meals at Home
Another way to reduce your housing costs is to prepare your meals at home.
Although it may be tempting to eat out every night, doing so can strain your budget. Plus, the delivery fee or commute to the restaurant can quickly add up.
Instead of spending money on takeout or eating out, make your meals.
Spend a few hours preparing all your meals for the week and freeze them in meal-sized portions. This way, you can thaw a bit and reheat it whenever you need to eat.
You’ll also save time since you don’t have to go out or wait for the delivery guy every time.
10) Find a Place Close to Public Transportation
While it may seem counterintuitive to live near public transportation, it can save you more money than far away.
If you are close to public transport, the place will likely be more densely populated. So, there is a higher demand for housing in the area, so the rent is higher.
However, you can get around without needing a car or paying for gas if you live near public transportation. Living far away also means changing multiple stations for the next bus or train.
Imagine the money you spend on gas or multiple trips every time you go to work or even do simple tasks like grocery shopping.
If you live close to public transportation, then the grocery shops and other necessary shops are just a few minute walk away.
11) Move During Off-season
Spring and summer are the most popular moving times, which can lead to higher prices. You may find better apartment deals if you wait until fall or winter.
Only a few people want to move during fall or winter. Due to this, unoccupied apartments during the off-season are more likely to have lower prices.
It is also easier to negotiate for a lower price to the landlords.
Frequently Asked Questions (FAQs)
How can I save money living in an apartment?
Consider looking for a roommate to share the costs. You can save money by sharing rent, utilities, and other expenses. Choosing unfurnished places and investing in multipurpose appliances and furniture is another solution.
How can I improve my apartment’s energy efficiency?
You can do this by updating your lighting, using natural lights and using cold water for laundry.. You can reduce water consumption by checking leaks and doing laundry in less batches.
What uses the most energy in an apartment?
Heating and cooling devices are the most energy-consuming appliances in an apartment. You can reduce your utility costs by sealing all your doors and windows to avoid letting the warm air from your heater escape. Ensure that your house is well-ventilated to reduce air-con or fan use.
Conclusion
If you check the tips I included here, you’ll notice that most are easy to implement. You don’t have to go through a lot of hassle and expense to save some money while living in an apartment.
It only takes a few hours to make your home more efficient and cost-effective. Those small and overlooked details add up to huge savings.
Some minor adjustments here and there can make a huge difference.
Are there any tips that you would add to this list? What are some ways you’ve found to save money in your apartment?
I’d love to know; share it in the comments!
