If you’re a tenant in the UK, you’ll know that keeping on top of your finances can be a struggle. With the ongoing cost-of-living crisis crippling families across the country, there’s no quick fix for money worries at the moment.
However, there are a few things you can look out for to limit unnecessary or avoidable spending – so we’ve outlined a few pointers below.
Consider getting a housemate
If your house has more than one bedroom and you’re the only person living there, why not consider finding a housemate to split the rent with?
Even though sacrificing your personal space might feel like a big deal, the potential long-term savings could be hugely beneficial for your wellbeing and lifestyle. This could be particularly helpful if you need to improve your credit history to increase your chances of being accepted for a mortgage once you’ve been renting for a few years.
Spot issues before you sign
After a few disappointing house viewings, it’s easy to start feeling impatient and want to sign for the first half-decent-looking house that you see. However, don’t lose sight of the fact that you’ll need to find somewhere good enough to keep you comfortable for the foreseeable future.
As you walk around each property, make a note of any obvious issues. These might include damp walls, structural imperfections, or obvious leaks. Citizens Advice offer guidance for completing repairs if you’re renting privately, which can be tricky to navigate.
You’ll need to ensure that these are fixed before you move in – or there could be room for private negotiation with the landlord or letting agent.
Aim for part-furnished
If you haven’t moved house just yet, try to look out for furnished or part-furnished properties. Moving into any rented house when you’re short of cash is hard enough at the best of times – but when you realise you need to buy your furniture, it can rapidly get worse.
To save a bit of money, try to look out for nearby second-hand furniture shops. A bargain or two could go a long way, especially throughout the first few months of your tenancy when money is likely to be tight.
Save little and often
Lastly, even when you’re facing the pressures of renting, it’s worth trying to set aside at least a small amount each month. Dipping into savings doesn’t have to feel like the end of the world – if anything, it’s a useful safety barrier to have – because some circumstances can’t be foreseen.
If you don’t already use one, it could also be beneficial to open a separate savings account. Certain banks provide accounts that require physical deposits and withdrawals, which could help you control your spending.
