Renting an Apartment? 15 Experts Share Tips to Save on Rent

When it comes to money, there is always something new to learn. Whether you're a first-time renter or getting ready to buy your first home, one of the most important things you can do is set up a budget. 

We asked 15 financial experts to share their best budgeting tips and tricks to get you on the right foot towards budgeting. Use this budgeting advice to help establish healthy financial habits — your future self will thank you. 

Decide What Kind of Renter You Are

“If you're a renter who's hoping to save to buy, it can be useful to assess how much your potential (future) home purchase will cost monthly. Maybe your rent is $1,000, but your mortgage, taxes, insurance, and maintenance would be $1,500.” 

Prioritize Savings and Debt Pay-Downs

"While there isn't a magic number to place on a healthy savings/debt paydown/investment rates, we tend to see anything north of 15 or really 20 percent tends to lead to a strong long-term financial plan,” says Levi from Millennial Wealth. 

Take Inventory of Your Life

Live a minimalist life: Minimalism is simply the act of living a life with less stuff and often times people are happier. Material items usually don't make us happier. 

Consider Living Where You Don't Need a Car

If you don't have a car payment and the insurance and fuel costs that come with it, this helps free up extra funds for rent, in which case you could bring that 25 percent target up to 30 or 35 percent. 

Automate, Automate, Automate!

Automate your saving and investing! First set up the appropriate saving and investing accounts. These might be a bank savings account, a 401k retirement account, or an investment brokerage account. 

Move to the Suburbs for More Affordability

"This allows you to have more space for a similar price as you would pay for a smaller apartment in the city, or you can be frugal and choose a smaller apartment in the suburbs and pay very little rent!” says Jonny, founder and content creator from Millennials with Money. 

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