Living in a student rental does not mean you cannot save money. There are about 111 million people in the US that live in an apartment. Having a plan to save money while you live in a student rental can help you to build a nice nest egg.
Start Tracking Your Expenses
If you are like most people, you are likely spending a lot more money than you realize. Your student rental is likely to be very affordable, but you may still be having a problem making ends meet. It is not the “budgeted” expenses like rent and insurance that drain your bank account, but the everyday expenses that you are not planning that do.
Tracking your expenses is essential to saving money. Track every dime you spend for a week. Write it all down, then evaluate how much you are spending on what. Knowing where your money is going will help you to cut fat out of your budget.
Let’s say you find that you are spending five dollars a day on a coffee on your way to work. That is $25 a week. What else could you do with $25 a week or an extra $100 a month? Set a goal for that money. Instead of stopping to buy a coffee, consider making coffee at home in your student rental and paying yourself to save for a goal.
Saving money on furnishing your student rental is easy when you know where to shop. Used is a great option. Buying furniture from a thrift shop or through an online ad is an easy way to save on furnishing and décor.
Everyone needs food for their student rental, but that does not mean we have to pay full price. Cut coupons, look for coupons online to find savings. Why pay the full price when you do not have to? Using coupons and looking for sales is an easy way to save on the cost of food.
You Can Save
Make savings a priority. You can find savings in a student rental if you make it a priority to look for it. You may have to make some behavior changes when it comes to spending and looking for ways to cut out unnecessary spending. Saving is possible if you follow simple steps.