How to Save Money Living in an Apartment

Saving money in any living arrangement is not easy. For the budget-conscious, living in an apartment means you don’t have to worry about repairs and upkeep like you would with a mortgage. With that said, you still want to make sure you are saving a percentage of your pay cheques and not spending too much income strictly on living month-to-month.

Most likely, you want to save money with your apartment rentals. The best way to do so is to plan out a budget. In case you aren’t doing a budget, let’s be clear in saying you absolutely should. A budget is going to hold you accountable. It will also show you where you’re spending money and reinforce where to make financial improvements.

In addition, use these ten tips to help you reduce the expenses of living in an apartment:

Pay Off Your Credit Card Debt

Credit cards carry high interest rates. From the money you save on your first few months in an apartment, put that towards your credit cards. Clear away those balances. Otherwise, you’re paying interest you don’t have to. Credit card debt is a serious budget-killer. Make a serious commitment to erasing it.

Get A Roommate

If you are living alone, try to get a roommate. This will immediately split everything two ways. Your expenses will be chopped in half. Most individuals enjoy their private space and that’s very understandable. Who doesn’t? However, if you’re committed to saving as much money as possible, a temporary roommate will help massively.

Sell What You Don’t Need

You may have stuff sitting around that’s not doing much. Get rid of it. Sell it. Make a few extra bucks and put that into your bank account. This will help you get into the habit of needing less stuff. The need to buy stuff that we don’t necessarily need can kill a budget centered on saving money.

Coupons and Flyers

If you don’t already, start keeping track of coupons and grocery store flyers on a weekly basis. These can save you hundreds monthly, especially if you have a few grocery stores within a short distance. You can cut down on how much money you spend on food living in an apartment, rededicating that to savings or other accounts.

Watch Your Energy Use

If you pay your own utility bills in an apartment, be aware of how you consume what. Water, electricity, and gas all come at a cost. They are also absolutely necessary for daily living. There is not any need to deny yourself comfort. At the same time, don’t run the water excessively and minimize your electricity use depending on what you’re doing. Perhaps most importantly, be aware of how much A/C and heat you use in managing the apartment’s temperature.

Work from Home

If you can, opt to work from home instead of making the commute to work. You will save lots of time and money from staying at home instead of being out in the world and having to pay for transit, food along the way, and any other expenses that come up. If you’re looking for employment currently, prioritize the jobs that pay well and that comes with a work-from-home arrangement.

A cup of coffee and fall decorations

Make Coffee at Home

Many apartment dwellers are big coffee lovers and enjoy picking up a hot cup on their way to work or on break. As hard as it is to say, stopping going to your local Starbucks or coffee shop every morning will save you a ton. Make a cup at home. You’ll save hundreds every year on this act alone. Also, if you cannot give up buying your favourite coffee, make it a once-a-week treat like on Fridays.

Stop Ordering Delivery Food

If you don’t want to cook and order delivery, you’re overpaying on food you can make on your stove for a fraction of the cost. If food is something you deeply enjoy, start digging into homemade recipes online. Look at ways to adapt your favourite restaurant foods, salads and make them at home.

Simplify TV & Internet

A lot of us overpay on TV, internet, and phone. Most people see these as necessities. They, fortunately, aren’t. You may find you can save a lot of money by eliminating TV altogether and sticking with the Internet via Netflix, YouTube, and other online channels. Maybe you don’t need a home phone, either. Have a real look at your home media setup and how much you use the package you have.

Stop Buying Non-Essential Décor

A lot of us buy knick-knacks and home décor for our apartments. It’s fun and pretty. Plus, it’s super nice to mix things up inside an apartment, which can sometimes feel impersonal. These small purchases eventually add up. Limit any non-essential décor purchases. Cut down on those non-essential expenditures period. Instead, put that money into a savings account for future use.

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