If you’re renting your accommodation, then spending might be near the top of your list of concerns. This is especially so if you’re looking to save for a place of your own. Let’s take a look at how to keep your finances in good order as a tenant.
If you have a roommate, then your monthly expenditure on rent can be effectively slashed in half. This means that you’ll have thousands of pounds in your pocket every year. Your tenancy agreement might impose strict rules against subletting, so talk to your landlord about getting someone else in on the action.
Take Stock of Your Spending
Monthly outgoings rarely take the form of a single payment. If you’ve signed up for a range of newspaper subscriptions, Patreons and gym memberships, then you might find that you’re spending hundreds of pounds every month on services that you barely use. Cut out this stuff and keep the cash instead.
Offer to repair certain faults yourself
If the property you’re renting develops a small fault, then you might attempt to fix the problem yourself, in exchange for a reduction in rent from your landlord. Patching up paintwork or adding a few extra nails might not be a huge job, but it might spell added convenience for your landlord that might make things worthwhile for them.
Negotiate on Rent
If you’re prepared to haggle on your rent, then you might be able to negotiate a monthly discount. If you’ve been a reliable tenant for years, then your landlord might value your custom enough to entertain a new rental fee – after all, getting someone new in will introduce costs that they might not want to contend with.
Similarly, if you’re moving into a property for the first time, then it’s worth negotiating from the get-go.
Pay for Utilities Separately
When you pay your landlord a single all-inclusive figure, including heating and electricity, then you’ll be paying the same amount, regardless of how much you use. Landlords may include a ‘fair usage’ stipulation to protect them against tenants who want to run the heating constantly and operate energy-intensive appliances throughout the day. And they’ll also allow themselves some significant leeway so that they can remain profitable even when energy use is lower.
As such, you might find that you’ll end up paying a lot less if you pay for gas, electricity and water separately.
There are some situations where you might find yourself exposed to considerable risk. The building you’re living in might become suddenly unsafe thanks to a pest infestation, or structural deficiency. While many of these are unlikely, they’re not impossible. Fortunately, there’s a way of protecting yourself against disaster: tenants liability insurance is a form of insurance designed with tenants in mind: it will cover accidental damage suffered by the landlord’s property (including furnishings).