Need To Move? Do This To Save On Rent

How much of your monthly income goes toward padding your landlord’s pockets? If you’re like 25 percent of renters, MSN Money says at least half of your income goes out the window for housing.

With such expensive rent, you’ll be hard-pressed to save for a rainy day. And when that day comes in the form of an accident or a costly car repair, you can go into debt if you have no savings. What will that result in? A financial future where you’re always playing catch up just to pay off debt and keep up with your bills.

How can you avoid this vicious cycle caused by overpriced rent? By lowering what you pay your landlord each month. Could you negotiate lower rent? Sure, but we’ll discuss how you can make rent more affordable by moving out and having a change in scenery.

Watch Other People’s Homes

Let’s start with an option that eliminates rent altogether: House sitting. It’s a big thing now, and it’s popular with people who want to essentially live for free while also getting to travel.

Here’s how a basic house sitting arrangement works:

1. A homeowner needs someone to watch their home, maintain it, and take care of their pets while going out of town.
2. A person agrees to do all of the above.
3. In exchange for the sitter’s services, the homeowner lets them stay in their house for free.

As you can imagine, house sitting isn’t for everyone. But if you don’t want to pay any rent for a while, it can help you cut your costs and save up some cash for later on.

Where can you find house sitting gigs? Here’s a good place to start: TrustedHousesitters.

Live With Friends or Family

If you have no income or limited savings, this may be a necessary move until you can get back on your feet. If you can’t pay any rent, be sure to chip in with chores so you can help around the house.

Get Roommates

Your rent may have been too high because you were the only one paying it. If you can sacrifice privacy for a bit and live with roommates, they can share the rent so you can save.

Relocate To a Cheaper City

You may have trouble affording the rent because you live in an area with high demand. You can reduce rent by branching out from a city or moving to a cheaper place.

To see what’s out there, pick some areas where you’d like to relocate. Search for properties for rent online in those areas, and see how much you can save.

Move To a Smaller Place

Are you overpaying for rent because the property you live in is larger than you need? If so, downsizing can lead to significant savings. Beyond lower rent, a smaller place can also lead to a lesser need for furniture and lower utilities.

Cut Your Commute To Work

It may not be part of your rent payment, but transportation can put a huge dent in your budget if you have a long commute. By moving closer to work, you can cut transportation costs and free up more money in your budget.