Juggling rental payments with bills and everyday expenses can make it a challenge to save for a home deposit at the same time. However, we’ve compiled 4 simple ways to boost your savings strategies so you can accelerate your efforts towards buying your own home.
Lock in a longer lease
Rent is likely the biggest expense in your life right now, so it’s definitely worthwhile to try and negotiate a new arrangement! For example, if you’re planning to rent there for a long time, you can negotiate a lower rate in exchange for a longer lease. This saves the landlord from having to find new tenants sooner, so this benefits them too.
Split costs with housemates
If you’re sharing a rental property with friends or family, it’s a good idea to pool together some money on a regular basis to make bulk purchases like at Costco or a wholesale butcher or grocer. A fair split can lead you to spend less overall, as you’re saving on the bulk purchases.
Eat at home more
A surprisingly large expenditure for many renters, particularly those renting near city centres, is from eating out. Aim to reduce these unnecessary costs by cooking at home more often instead. It’s also a healthier alternative to eating out all the time!
Offer to make home improvements for reduced rent
Often rental properties have less love and care compared with homes the owner lives in. Offer to fix things up around the place, like giving the walls a new paint job or building a fence outside, in exchange for a lower rent. Be diplomatic and not too pushy, as it’s important to maintain a good relationship with your landlord.
Level up your savings with these 4 smart strategies. Before you know it, you’ll be well on your way to moving out of the rental property and buying your dream home instead!