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Money-Saving Hacks Every Renter Should Follow

Money-Saving Hacks Every Renter Should Follow

Money-Saving Hacks Every Renter Should Follow

In today’s world, it’s crucial to save money, especially when physically living somewhere is an expense on its own. When you are also living on your own in apartments for rent in Wilmington, NC, you can find that living expenses, loan payments, and other bills can add up quickly. This can leave you feeling like there is always little room left in your budget for savings or fun spending. However, with the right lifestyle, you can learn to live a financially-responsible lifestyle as a renter. There are many simple life hacks to help you save money when you live in an apartment.

Create a Realistic Budget

To set yourself up for success create a realistic budget for yourself. Use the 50-30-20 rule that many financial advisors will use when they create budgets for those living on their own. This allocates 50% of your money towards bills, expenses, and necessities, 30% of your money to discretionary expenses, and 20% to your savings.

Lower Your Energy Bills

An extra bonus goes to keeping those utility bills lower. Invest in low energy efficient light bulbs and appliances, if possible. Keeping that thermostat in eco mode or a lower temperature in the winter and higher in the summer helps with electricity costs. Checking your outlets to keep your items unplugged will help pinch those pennies and a make larger impact over time.

Dine Smarter

If you’re a foodie and have to hit your favorite local spot, opt for happy hours! There are always deals on drinks and appetizers, and you can enjoy an extra bonus if there is a nightly special. You don’t have to limit yourself if you can find a great happy hour spot with a fantastic discount.

Host Potlucks

Do you love hosting parties and friends in your apartment? Although being the host may be a part of the experience, it can lead to many extra expenses. To enjoy the perks of hosting without all the financial responsibility, consider hosting potlucks where every guest brings a dish to contribute to the evening. This can help to curb party-related expenses.

Use the Envelope Method

Swiping your credit card often can lead to overspending without even realizing it. Instead of using plastic, take time to use the envelope method. At the beginning of each month, put a set amount of cash into different envelopes labeled for each expense, like dining out, rent, utilities, entertainment, and parties. As you go through the month, take cash out of the envelope to pay for your activities. When you run out of cash for that activity, you will need to stop until next month’s money supply starts.

These are a few money-saving hacks that you can implement into your life when you want to save money while living in an apartment. Apartment life can be a great option for those looking to live independently and start the next chapter of their lives. If you are ready for this lifestyle, check out our apartments for rent in Wilmington, NC to schedule a tour of our complex today.

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