How to Save Money for a Flat

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Attention all renters! Are you seeking reliable ways to help you save your hard-earned money while renting? Well, consider the following options:

Purchase Multitasking Furniture

If you have a small flat, multitaskers may prove to be a better choice compared to unitaskers. For example, consider buying a sofa that features a hidden bed or even purchasing a coffee table with a storage compartment such as a wooden table with drawers. You might choose to buy a lidded ottoman or trunk to make the best use of your space. In the kitchen, you can consider buying multitaskers over single-use appliances like juicers, deep fryers, and rice cookers. Instead, go for a blender that can make a variety of things like smoothies, juice, salad dressings, and soups. You could even invest in a high-quality pot that can make both rice and deep-fried food (Pro tip: These make great holiday gifts for your friends who are renting their first flat!)

Buy What You Need Only

Smart storage is an ideal solution for dealing with the perpetual lack-of-storage issue that most apartment dwellers experience. However, buying less stuff for your house and getting rid of things that you do not need is another money-saving and smart solution. Hence, if you have a lot of things that are no longer important to you, it is time to host a yard or garage sale.

Many people have a lot of clutter or unnecessary items in their houses, with children being the primary cause. In fact, a British study revealed that an average 10-year-old has 238 toys even though he or she plays with only 12 toys. This study calls for the need to think hard before making any purchases.

Consider Borrowing or Renting Items Over Buying

This is smart advice if you are short on either money or space. Even though purchasing some stuff for your house makes perfect sense, borrowing or renting infrequently-used household items can help you save money and space. But don’t think about renting the sofa you relax on regularly, as it can be an expensive undertaking.

For example, think about borrowing or renting a carpet cleaner rather than purchasing one. Stream or rent movies as opposed to storing or buying them. You can also opt to go to a library instead of purchasing books, or borrow a suitcase from your friend if you are an irregular traveller.

Digital is the Way to Go

In case you are renting, bear in mind that you may have to move out one day. For that reason, consider digital versions of media when the need to buy them arises. Doing so will help you save both money and space, especially when you need to move.

Try to stream all your music and movies. Furthermore, consider buying MP3s and eBooks instead of CDs and physical books. Consider making digital photo albums as opposed to printing and binding them.

Keep a Keen Watch on Your Energy Consumption

If you pay for your utility bills, then ideas that can help you save on energy consumption may come in handy. You can establish certain energy saving habits that do not require you to install new windows or improve your home’s insulation.

For instance, install an improved showerhead, which you can carry when moving. Utilize energy-efficient bulbs, use a programmable thermostat, or integrate fans to assist you in reducing your A/C’s usage during summer. Furthermore, consider drawing your shades during summer and opening them when it is sunny during winter.

Avoid Eating Outside

If you no longer live in a college dormitory, then you must have a kitchen space where you currently reside. Making use of your kitchen to prepare most of your meals can help you save money as opposed to eating out.

Regardless of whether you are a great cook or not, preparing some homemade delicacies at home is not only easy but also cheap. Buying groceries at the store will prove cheaper compared to eating out in restaurants. To learn how to make some meals for yourself, borrow or purchase some easy-to-use recipe books or even visit the nearest library to read some cookbooks like America’s Test Kitchen. Also, consider following popular food blogs to help you to start cooking your meals.

Cooking will help you save about 50-75% of the money you would have spent eating out, while eating in restaurants will only increase your expenses.

Purchase your Renter’s Insurance

Avoid being foolish and overly cheap. With the risk of flooding and fire razing your flat, it is wise to get a safety net such as renter’s insurance. Aside from being inexpensive, this insurance policy covers your belongings from such hazards. Doing so will help you save a lot of money in case such risks occur since you cannot predict when a disaster will take place. Renter’s insurance deals with such eventualities.

Try some or even all of the above tips, and you will never regret it, especially when you see your bank account balance.