As a result of local and global economic and political factors, the cost of living is rising. With the COVID-19 pandemic, global supply chain issues, and the current sharp rise in energy prices, there are plenty of reasons why life is becoming more expensive day-to-day.
The Bank of England expects the rate of inflation to reach almost 10% this spring and suggests that it could go higher later in the year. If these predictions are accurate, many people will find that their overall expenditure takes up a larger portion of their salary than usual. With this in mind, many renters are struggling to enter the property ladder and now face rising rent prices as well.
As a renter, you’re likely looking for ways to cut down your living costs. Whether you lease a property or rent a room, what are some ways that you can save money?
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Take out renters’ insurance
It may sound strange but paying for renters’ insurance can actually help you save money. For an affordable price, it will protect you against your own belongings and accidental damage to your landlord’s items. The alternative is that you pay for these contingencies out of your own pocket, which is often more expensive.
Cut down on energy bills
Unlike homeowners, tenants don’t have the liberty of carrying out energy efficiency improvements on the property in which they live. Instead, they have to find ways to improve their habits in order to cut down their energy bills.
Fortunately, there are many simple switches that you can make in order to make sure that you aren’t letting any energy go to waste. Consider using whichever combinations of the following ideas work best for you.
Washing:
- Maintain your appliances to improve their effectiveness
- Dry clothing outside whenever the weather allows
- Use a clothes horse instead of a drying machine
Electricity:
- Switch unused devices off at the mains
Heat:
- Fit heavy curtains and lay rugs on the floor to prevent heat from escaping.
- Ask your landlord to fill any gaps or cracks in window frames that could be leaking heat.
Lights:
- Replace old bulbs with energy-efficient LEDs.
- Turn off lights in rooms that you’re not using
Buy wholesale
If you tend to eat variations of the same basic food types in your diet, then you may benefit from visiting a wholesaler. They offer larger quantities of foods at discounted prices, meaning that you eat the same amount while paying less money. The same goes for many household commodities such as toilet paper, soap and laundry detergent.
The cost of living is increasing but by taking the right steps you can cope with the rise. Follow our simple tips above and cut down on your renting expenses!
