Move to a lower cost rental
– Good point as lower cost rental means we need to get smaller house. It may have less facilities or be located in a less popular area. Maybe you think this point is rubbish but if you can save a hundred dollar per month, and you live happily without any busy people it is great.
To get lower cost rental means you need to change your life too. But avoid place that too far from your office, otherwise the cost won’t effect or maybe you will lose more..
Share a rental
– If you live alone, it means only you paid the rental cost. Why live alone if you can share with others. It could help you to paid half than before by asking the roommate to share the rental. Other than that, you also can share such as food and other expenses.
Negotiate your rental increases
– Your landlord alway increase a certain percentage. Try to negotiate if your rental market is soft or your living quarters are deteriorating. You have more leverage and power. A smart landlord doesn’t want to lose good tenants who pay rent on time. State your case that you’ve been a responsible tenant and your research shows comparable rentals going for less.
Buy rather than rent
– Purchasing your own place may seem costly but in long term, it should be cheaper than renting and you’ll have something in your end.
Okay, that’s some of point from Personal Finance for Dummies book. If you want to learn more about finance, get the book below