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How To Save Money As A First-time Renter

posted on November 15, 2019

Cheerful and happy young couple holding the keys of their new home with moving cardbox during move into new apartment. Happy couple holding keys to new home. Couple celebrating moving to new home

Renting for the first time can be pretty scary. On top of all your standard daily expenses, you now have to worry about paying for your home as well. Panoramic Properties has some suggestions for how you can save money as a first-time renter.

Get A Roommate

If you want to save money, get a roommate! Whether this is the ideal situation for you or not, it’s the best way to save money. Split the rent between a friend or two, or find someone new. It’s a good idea to meet with your potential new roommate before you commit (if it’s not a friend) to make sure you have similar living expectations. 

Buy Second-hand Furniture 

There’s no need to splurge on expensive furniture if you’re a first-time renter. Save money with second-hand furniture which you can purchase on Facebook Marketplace or Kijiji. Start with the biggest and most expensive items such as beds, sofas and dressers, and spend your money on things like new sheets and blankets. You could also ask around to see if any of your friends or family members are willing to give you old furniture.

Skip the Landline and Cable Package 

There’s no need to have a landline these days -- especially if you’re on a tight budget. A cell phone is all you need! You should also consider forgoing cable since it can be pretty pricey. You can always watch your favourite movies and tv shows on Netflix or Amazon instead, for much less money. You can even share a Netflix account with someone to make it cheaper.

Cook More 

There’s no better way to save money than by preparing your own meals. It might not seem like a big expense, but eating out adds up quickly. If the thought of cooking is daunting for you, start off by preparing breakfast at home, then make something simple like a sandwich or salad for lunch and treat yourself for dinner. Over time, try to get to the point where you only eat out once a week -- we promise that you’ll save a lot this way.

Walk And Take Public Transit

Whenever you can, do your best to walk, cycle or take public transit. Walking won’t cost you anything but is not always an option -- especially if you have to commute to school or work. So what do you do? Avoid taxis, uber and driving as much as you can and choose public transit as often as you can. Plus, if you walk, not only are you saving money, but you’re also getting some exercise!

There's no need to stress anymore! With these tips, you’ll be able to save money and enjoy your first apartment! 

If you're on the hunt for the perfect first home in Mississauga, please visit Panoramic Properties' website to browse our vacancies.