Although living in an apartment is seemingly cheaper than buying a home, the bills and expenses can add up quickly. Additionally, it’s not uncommon for apartment bills to fluctuate a bit depending on the season, utility usage, and other factors. However, renters can take several steps to save money on bills and other expenses. Keep reading to learn some of the best apartment money-saving tips for renters.
How to Save Money While Living In an Apartment
Living in an apartment, especially nowadays, isn’t necessarily “cheap”. After all, you pay a security deposit, your monthly rental rate, and sometimes utilities if they aren’t included in the monthly price. Then, you have to worry about everyday expenses like food, gas, clothes, and entertainment.
At the end of the day, all of these expenses add up quickly. As such, here are some apartment money-saving tips to help reduce your cost of living.
- Choose Your Location Wisely
- Know Your Spending Limit
- Cook Meals at Home
- Get a Roommate
- Strive for Energy Efficiency
Choose Your Location Wisely
The price you pay for an apartment will vary greatly depending on the location. For example, if you’re living in an apartment while you go to college, you’ll pay a higher price to live near your college campus.
Additionally, if you’re looking to live near the city, apartment rental prices are going to be a bit higher. As such, consider living just a few minutes outside of town or in a more low-key area to find better rental rates.
Know Your Spending Limits
If you’re living in an apartment and need to budget your money correctly, you must know your spending limits. If you’re constantly spending above your means, you will be left with little to no money at the end of the day.
That said, if you have a goal to save up or want extra money to spend on the weekends, it’s crucial to know how much you can spend on “unnecessary” items. So, each month make a priorities list and ensure those expenses are paid first.
Cook Meals at Home
Making meals at home instead of going out to eat is another way to save a ton of money while renting an apartment. Getting fast food or eating at a restaurant daily will cost you much more than buying groceries and making meals at home.
One great way to take care of a week’s worth of meals is by making large batches and freezing them. This way, you don’t have to spend the time cooking dinner every night, but you still have a home-cooked meal that you don’t have to buy.
Get a Roommate
Although it’s not the best option for everyone, if you want to significantly reduce bills in an apartment, consider getting a roommate. When you live with another person, you’ll likely split the expenses and bills for the apartment.
Remember to be extremely careful while choosing your roommate. Make sure you find someone that’s reliable, clean, and trustworthy. After all, you don’t want to be stuck paying for your roommate’s portion of rent or utilities.
Strive for Energy Efficiency
One of the best ways to save money while living in an apartment is by increasing energy efficiency. Luckily, there are several ways renters can save money and reduce energy bills with just a few minor lifestyle changes.
For example, you can turn the water off when you brush your teeth, take shorter showers, and make sure all the lights are turned off before you go to bed. Not only will these help you reduce your utility bills, but they also contribute to a healthier planet.
5 Apartment Money-Saving Tips to Help Reduce Bills
Now that we’ve gone over some basic ways to save money while living in an apartment, let’s break it down further. Most likely, one of your most significant living expenses, aside from rent, is your utility bills. That said, if you’re wondering how you can reduce your bills, here are some apartment money-saving tips to keep in mind.
- Unplug Appliances When Not In Use
- Change Your Air Filter Regularly
- Use Your Thermostat Carefully
- Report or Fix Leaks Immediately
- Use LED Lightbulbs
Unplug Appliances When Not In Use
Believe it or not, one of the simplest ways to conserve energy and lower your electric bill is by unplugging appliances when you’re not using them. After all, even if you’re not using them, your appliances still use a small amount of electricity. Consider unplugging the toaster, microwave, phone charger, gaming console, and other small devices when you aren’t using them.
Change Your Air Filter Regularly
Typically in an apartment complex, your maintenance crew will come in to change air filters and ensure everything is running smoothly in your apartment. However, if that’s not the case in your situation, you’ll need to pay attention to your air filter. A dirty air filter causes your HVAC to work twice as hard, so you may have to amplify your heat and air conditioning to feel ideal temperatures.
Use Your Thermostat Carefully
If you’re not going to be home for the day or you’re leaving for vacation, there’s no need to keep your thermostat where you usually would. Lowering or raising the temperature just a few degrees, depending on what season, can dramatically reduce your electricity costs. Some people resort to turning their HVAC off completely. However, this can actually consume more energy than simply lowering the temperature a few degrees.
Report or Fix Leaks Immediately
If you see or hear a leak at any point in your apartment, it’s crucial to contact maintenance or your rental property management company in Northern Virginia immediately. A leak unnoticed can waste hundreds of gallons of water, resulting in a large water bill for that month. For instance, if you hear your toilet running consistently or notice a drip coming from the shower when it’s turned off, repairing these issues as soon as possible can save you tons of money on your utility bills.
Use LED Lightbulbs
One of the easiest ways to reduce energy bills in your apartment is by switching old incandescent lightbulbs to LED bulbs instead. Although it’ll cost you a small amount to buy the bulbs, they can significantly help you save money in the long run. In fact, LED bulbs can help you save as much as $65 per year.
How Property Management Can Help Renters and Landlords
Now that we’ve gone over some of the best apartment money-saving tips, let’s discuss how property management can help you get the most from your renting experience. Whether you’re a landlord or tenant, professional property management can help you get the most value for your money. For landlords, you won’t have to worry about the day-to-day tasks of running a rental business. Instead, our team of professionals can assist every step of the way.
For tenants, you can find fair-priced rentals, pay rent, report maintenance concerns, and more with our comprehensive services. Contact Professional Property Management in Northern Virginia today if you’re looking for a new place to live or a professional team to manage your rental properties.