Most young people have to rent their living space because they’re still building up their savings for a deposit on a future house. During those years, you may experience periods where you have some spending money and others when the budget is tight. People will give you all kinds of financial advice to help you out.
There’s no better time to learn new money tips than during April, which is Financial Literacy Month. Check out some of the best ways to save money as a millennial tenant right now that have nothing to do with selling your belongings or getting a second or third job. With a new perspective, you can make your financial life more comfortable and develop better money habits in the future.
1. Pause Your Subscriptions
There are monthly and yearly subscriptions for nearly everything now. You probably pay more than a few monthly bills for streaming services, plus music access and podcasts. Maybe you subscribe to Patreon services that give you access to VIP online content or merchandise.
Even the cheapest subscriptions add up quickly, so pause them to see how it transforms your budget. You could save a few hundred dollars and put that toward paying off debt or buying monthly necessities. When you see fit, you can always resume your subscriptions or cancel them indefinitely.
2. Renegotiate Credit Card Interest
Credit card interest rates are often higher than any other bill people pay. Still, you can negotiate to lower it by calling your issuer and discussing your positive credit score or reliable payment history. In most cases, people get the lower rate they request. If you don’t, you can ask if they can waive your annual fee to save you money down the road.
3. Learn How to Freeze Food
It’s frustrating to throw out spoiled food because you didn’t get around to eating it. On average, people lose $1,500 each year by doing this. Save money when you learn how to freeze food so it lasts longer and you can enjoy it when you’re ready.
4. Fill Your Refrigerator
Another way to save money instantly is to fill up your fridge. You might not have the budget to buy more food, but you can lower your energy bill by filling your refrigerator with things like towels or empty containers. It won’t need to cool itself down as frequently if there’s less empty space, and whatever’s inside will retain the fridge’s temperature even if you open it.
5. Adjust Your Thermostat
You can also save money by adjusting your thermostat during different times of the day. Set the temperature higher during daylight hours so the fan stays off for longer periods. As the outdoor weather cools down at night, you can lower your thermostat so your home does, too. It may require being a little more uncomfortable in the hotter months, but it’s worth it to watch your energy bill shrink.
Think About Your Spending
Consider what expenses you can cut back on. Lower your energy bill, freeze food and contact your credit card company to make instant progress in your financial life.
About Kacey Bradley
Kacey Bradley is the lifestyle and travel blogger for The Drifter Collective, an eclectic lifestyle blog that expresses various forms of style through the influence of culture and the world around us. Kacey graduated with a degree in Communications while working for a lifestyle magazine. She has been able to fully embrace herself with the knowledge of nature, the power of exploring other locations and cultures, all while portraying her love for the world around her through her visually pleasing, culturally embracing and inspiring posts. Along with writing for her blog, she frequently writes for sites like US Travel News, Thought Catalog, Style Me Pretty, Tripping.com and more!