Top money saving tips for renters

Renting a home can be very expensive, with the average rent in England standing at £1,348 per month.   

If you’re feeling the financial strain, you’re not alone. Research by Zero Deposit shows that 73% of renters are struggling with bills, with a staggering two-thirds of their monthly income going towards rent. 

Here’s how you can take control of your spending and save money as a renter. 

Location, location, location 

The cost of rent can vary hugely depending on the area. City centres tend to be more expensive than the suburbs or more rural areas, so consider whether you really need to live in the city or if a more affordable suburban location might work. 

Transport links 

Many out-of-town areas offer good public transport to the city, which can help you save money while still giving you easy access to work, schools and other amenities. 

Furnished or unfurnished?  

You may think that renting a furnished property saves you money as you don’t need to buy anything when you move in. But unfurnished homes often have lower rent.  

If you buy second-hand furniture, you can furnish your home at a fraction of the cost. Plus, you can take your furniture with you when you move. 

Safer deposit 

With your own furniture, you don’t have to worry about damaging your landlord’s items and losing part - or all - of your deposit. 

Reduce your energy bills  

Energy bills are going one way only - up! Reducing your bills will mean you have more money in your pocket to spend on other things.  

Here’s some ideas on how to bring the costs down:  

Lower the thermostat  

Turning down the thermostat by just one degree can save up to 10% on your energy bills. 

Wash clothes at lower temperatures 

Washing at 30°C or below can save up to 60% on energy per wash. 

Wrap up the hot water tank 

Insulating your hot water tank prevents heat loss and can save up to £50 per year on energy bills.  

Use energy-efficient bulbs 

According to the Energy Saving Trust, changing old bulbs to energy-efficient LED lights can save you up to £4 per bulb per year. 

Check out our other tips on how to reduce your energy bill this winter without cutting back.  

Shop around for utilities  

Don’t settle for the first utility provider you find. Use comparison websites like Go.Compare to shop around and find better deals. A bit of research can make a big difference to your monthly spending.  

Get tenant’s home insurance 

Protect yourself and your deposit by taking out tenant’s insurance.  

For a low monthly fee, tenant’s insurance can cover damage to your landlord’s property, helping you protect your deposit. 

It’s also helpful if you accidentally damage any fixtures or furniture in the home. 

Again, check the likes of Compare the Market to get the best price.  

Take accurate meter readings 

Avoid overpaying for energy. Always take a meter reading when you move into a new property and when you move out. This ensures you only pay for the energy you use, avoiding surprises on your final bill. 

Find a room mate  

One of the best ways to save money on rent is to live with someone else. Not only can you split the bills, but you can also share chores like the washing up.  

That said, be mindful of how compatible you might be. Finding someone who has similar lifestyle and interests to you can make a big difference.  

Websites like IdealFlatmate and Spareroom can help make the process easier, connecting you with people looking for shared housing.  

Cancel unused subscriptions  

When was the last time you used Amazon Prime? Do you really need your gym membership if you’re moving to a new area?  

Take the time to go through your subscriptions and cancel any you no longer use. This small step can free up extra cash. 

Struggling to pay rent?  

If you’re finding it difficult to pay your rent, the first thing you should do is talk to your landlord.  

It might feel awkward, but they may be willing to work out a new payment plan if they know you’re struggling. 

Check for benefits  

Make sure you’re not missing out on money you’re entitled to by using our free benefits calculator.  

You could also contact your local council to see what support they can offer. 

Seek free debt advice 

If rent payments are becoming unmanageable, then seek advice as soon as you can. 

We offer free debt advice online and over the phone, where we can run through your finances and let you know what options are open to you. Some of our solutions are free and others are paid for.