If you’re renting and finding it a challenge to make ends meet at the moment, you’re not alone, with the cost-of-living crisis continuing to impact affordability for much of the country many people are looking for ways to cut back on their spending and perhaps even make a little extra money.
While tightening your financial belt is never easy, the good news is that as a tenant in a house of multiple occupation (HMO) sharing a property with other people means you have some extra cash-saving options available to you.
Here are our top 10 suggestions for reducing your regular monthly expenditure:
Teaming up with your housemates…
- If you’re sharing with friends, shop for groceries and other household items together so you can save money by buying in bulk and take advantage of ‘2 for 1’ deals.
- Take turns to cook for the rest of the housemates, as it’s usually more cost-effective to make larger quantities – and if you’re responsible for paying energy bills, this will mean you’re all using the oven and hob less often.
- Ask your landlord to provide a freezer that’s big enough for you all to cook in large batches and freeze food in portions. Not only should that help save money, but it means you can always have a healthy, home-cooked meal to hand.
- Can you downgrade your phone package? Check whether you’re using all the airtimes and data allowance you’re paying for and see if you can negotiate a better deal with your provider. And do the same with any other subscription services - for things like Netflix that have different membership tiers, are you on the cheapest option, could you share membership or even do without it for a while?
- If you have a gym membership, could you switch to a cheaper gym or maybe do without and simply exercise at home, walk to and from work, go running, or find other free exercise options.
- Agree with your friends either not to buy each other birthday and Christmas presents for the time being or put a very low-price limit on gifts and turn it into a game! And instead of going out for a meal to celebrate special occasions, take it in turn to host dinner parties at home.
Making extra income…
- If you enjoy socialising in your local pub or bar, or working out at the gym, could you get a part-time job there, so you still benefit from the atmosphere but make some extra money?
- Use bank and credit card services that give you cashback and other rewards – just make sure you pay off any credit balance in full every month so you don’t accrue interest.
Discounted and free items…
- If you’re employed, does your employer offer any membership schemes that give you savings on goods and services, like the ‘Blue Light Card’ that’s available to those in the emergency services, NHS, social care sector and armed forces?
- If you shop online, check out browser add-ons that will automatically check for coupons and discounts on your purchases, such as Coupert and Honey, or use Microsoft Edge, which has its own built-in version.
If you are struggling to pay your rent and would like to discuss options and help that might be available to you, our lettings management team are always here to help - just call, email or pop into your local branch.