When renting a property, especially for the first time, you not only want to ensure that you understand the legal process and your responsibilities as a tenant, but you also want to make sure that you are financially responsible throughout the tenancy.

With this in mind, it’s worth thinking of ways to budget effectively and cut down on costs. Here at Canopy, we provide millennial renters with four tips for budgeting before and after moving to a new rental property.

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Assess the market

It might sound tedious, but taking your time to view a few properties can improve your chances of finding the best deal and saving some money on rent.

Different areas will have different pricing scales, so it’s all about knowing what a certain amount of money can get you in a certain area. The only way you’ll find this out is by doing your research and comparing prices.

You will also need to choose your location wisely. Think of the distance from your potential home to work/school, useful transport links and other determining factors.

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Consider unfurnished/partly-furnished

Properties that are advertised with no furniture are typically cheaper than the furnished ones. Some of them may be partly-furnished, including a set of tables and chairs and a bed.

However, there is a chance that renting an unfurnished property and buying your own furniture can save you some cash. It can be simple to gather furniture, too, such as charity shops or asking a family member or friend for any used furniture.

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Monitor your energy consumption

One of the best ways to cut your spending costs is to keep track on your energy consumption in the home.

Measures like simply switching off TVs and lights once you’ve left the room can make all the difference, but turning off other devices that can consume energy in a passive way – such as the internet router and microwave – can also help. Try switching off your water heater from time to time.

Lastly, invest in LED bulbs as they are a cost-effective and more environmentally-friendly option for most general lighting requirements.

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Prepare meals at home

Although it can be quite time-consuming, reducing the number of times you go out to eat and cutting back on takeaways can save you money.

Consider looking around to find a supermarket that fits your budget. Alternatively, some markets, butchers and grocers sell fresh produce for a cheaper price.

Once you’ve done some research on culinary options in your area, you can prepare meals for cheaper and save some money for next month’s rent or utility bills.

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Renting with Canopy

Here at Canopy, we strive to make it easier for tenants to save money while renting. It’s our mission to help renters achieve greater financial resilience by improving ‘rental health’. This includes innovative methods such as our DepositFree insurance policy and RentTracking features which give renters the ability to secure the best deals on credit.

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