Save money as a tenant

Ways to save money as a tenant 

Although it is not your property, there are a number of ways that you can lower your bills and keep more of your hard-earned cash – which is always a good thing, especially if you are saving to buy your own place.  21% of homes in the UK are privately rented and in England, the average monthly rent is a staggering £943.00 – and even more if you live in London, so everyone needs to cut costs wherever possible!

The ideas immediately below are for those just beginning a tenancy, but even if you are in a long-term tenancy it is well worth reading through all the points and seeing if you can cut costs!

As a new tenant.

  • Have you negotiated the best deal with your landlord? Check out rental prices for similar properties in the area and if they are lower – negotiate and offer the true going rate.
  • Check that your landlord has protected your deposit. Legally, all deposits must be paid into a participant in the Protected Deposit Scheme.
  • Check what your landlord has insured – which should be the building. You will need to take out a contents insurance policy to cover your own kit.
  • Consider waiting before you rent – tenant fees of up to £500 are due to be outlawed by June 2019.

As an established tenant.

  • If you have a good relationship with your landlord you can ask them to install some money saving equipment such as a programmable thermostat.
  • If your tenancy is coming to an end, but you would like to renew the contract – you are in strong position! If you have been a good tenant. Quickly check out the current rents for similar properties in your area as they go down as well as up! If they have gone down, be honest with your landlord and suggest you would like to be the current going rate. Even if it hasn't, ask your landlord if he might consider a £25.00- £50.00 reduction to renew the contract as this is much cheaper and easier than searching for a new tenant!

Great ways to save extra money!

Have a good look at your hot water tank. Is it well insulated? Old tanks tend not to be. For under £25.00 you can buy a really good thermal jacket that will fit your hot water tank snugly and ensure that your hot water stays hot for much longer.

Organise your wash routine!

The most expensive part of a washing machine cycle is the heating of the water so unless you have a 'half load' programme it makes sense to only wash full loads. Think again about what cycle you use because all modern washing powders/liquids work well in a 30 -40ºC wash. It is worth buying the correct washing liquid for the task – white, coloureds or black – and separating the different clothes because you will get far better results.

Check out your thermostat!

Lowering your thermostat can save a significant amount of pennies, but with your landlord's blessing, installing a programmable thermostat will optimise the saving by keeping your studio /flat /house to your chosen temperature.

Check your light bulbs!

Are you using LED and CFLs? Compact fluorescent lights are perfect for hallways and LEDs for throughout your home – if you need convincing, a 7 watt LED which equates to a 50 watt halogen bulb will save you an incredible £8.00 in one year - PER BULB! Maybe your landlord will fund the changeover – even better!

Are you getting the best energy deal?

You can choose your energy supplier and you do not have to continue with your supplier if you are not getting the best deal if you are the one paying the bills – and that is even if you have a pre-paid meter. Check out that you are on a good deal with or as both will highlight the cheapest alternative. 

Whilst these are the best cash saving alternatives, there are others and these include-

  • Have you got a current TV licence? This is far cheaper than incurring a fine.
  • Have you got the best broadband and TV subscriptions? If your agreement is coming to an end, tell them you will switch to another provider unless they give you the best deal – this works like magic!
  • Have you got the best mobile package? Again, tell them you will switch to another company unless they give you the best deal.
  • If you are using public transport to get to work, could you cycle the distance? Its good for health and saving money.

All these points will definitely save you cash and a large water bottle (or similar) is the perfect way to save all small change (any coins under 10p pop them in!) and you will; be surprised how easy it is to save £££’s so you can treat yourself....