Are you anxious about ways of getting your first rental flat? Well, transitioning into getting your place for the first time can be thrilling and scary. It even gets worse if you are a student or a fresh graduate because you are often on a tight budget. You need to balance staying comfortable as you save up for this new venture. So what are the best ways to save up cash in such a situation? My Homework Done cares about students and collected some tips to help you in it.
Cash Saving Prospects for Students
Saving cash to buy and furnish your flat while living at ease is not easy. Here are ways that can help you resolve the predicament everyone faces at this stage of their life.
- Understand your bounds. You need to be genuine with your housing ambition and your prevailing circumstances before eyeing a potential flat. You can regret your efforts to manipulate things so that you pay for a posh flat. Use a 25-35% rent range formula to gauge your ability to afford a flat. You need to consider other things apart from rent like neighborhoods and proximity of utilities as well.
- Your budget balance. Tinkering with your budget classes can be endless. So start doing your budget on a 50/30/20 principle. 50% accounts for the fixed expenditure like student loan repayments and rent etc. With the rent portion having 25-35% of the budget, use the extra room to apportion for the fixed items. Save 30% either in your emergency fund or other preferred means. Use 20% for recreation, clothing, and the likes to enjoy life.
- Reduce your bills. You might be paying extra for services and utilities. Negotiate if it’s possible to pay the right amount. Use alternative platforms like Billshark if you don’t want to negotiate on the phone. You will pay a certain fee using such a platform, but you will get to save more.
- Purchase items. Shop online for items on platforms such as Earny that monitor price changes. You will save money as you will only buy items on the cheap. Also, don’t buy everything at the same time. Prioritize and buy those items that you need urgently then buy the rest slowly. Your flat is a job in progress, so buy things after careful consideration and at the right price. Inform your friends and family about the move, and some might offer items to you as well for free.
- You need to Eat. Food can drain your resources if not monitored. Invest in items such as a slow cooker. You should also consider batch cooking where you eat at home and carry lunch to work. Freeze leftover dishes to eat them at a later date if you can’t eat the same thing repeatedly. It will reduce your costs.
- Save the amount of money for doing laundry. Only launder your clothes when necessary and use the correct amount of detergent. Also, consider a drying rack instead of machine drying your clothes. It will reduce the cost and also make your clothes last longer.
- Cut on the cable company service. Use the internet to watch things that you otherwise watch on paid cable TV. If sports are integral to you, then look for an alternative way to cut on its budget.
- Be Eco-friendlier. Use natural alternatives to solve your home problems instead of buying kits from stores. Also, consider an electric blanket at night instead of turning on the thermostat to warm your room. Such options will reduce your costs.
Moving into your flat is very exciting. Plan and ensure you don’t run into financial troubles. It will be disappointing to lose your independence after enjoying it for a while.