How can renters save money?
It stands to reason that people who rent apartments don't necessarily have the financial wherewithal to buy a home or a condo, but studies show that renters generally do have dreams of homeownership at some point in their futures. With this in mind, the ideal of saving money should be important to those consumers, and finding ways to do so that fit into the renting lifestyle may be crucial in helping them to achieve financial goals down the road.
For example, one thing that renters often need to do is buy furniture, and one great way in which they can both save some space in what's likely to be a relatively small apartment, and also reduce their expenses is to buy "multi-tasking" furniture and appliances, according to a report from Realty Today. For example, buying sofas that are also fold-away beds, tables that have shelf space underneath, and even multi-function blenders or cookware that allows for more flexibility. These items might carry a higher price than normal furniture or other home accessories, but they're still likely to be lower than the combined price of the two items they are meant to replace.
What else can people do?
Meanwhile, it's also worth noting that people tend to buy more things than they actually need, or don't re-sell things they've stopped using, the report said. For instance, a study in England found that the average 10-year-old child in that country has nearly 240 toys, but plays with only 5 percent of that number regularly. As such, parents may be able to sell a few toys without their kids even noticing. And that same principle can also be applied to other things, which can be sold on eBay or to local consignment shops, to help recover some of that cost.
In addition, if there are things that crop up as a need every once in a while but not regularly, such as luggage for the occasional trip, there's really no need to buy hundreds of dollars worth of suitcases and bags, the report said. Borrowing these kind of things from friends is likely to help reduce costs sharply.
Moreover, consumers who are thinking of moving in the relatively near future might want to consider the benefits of leaving a lot of their old media - albums, movies, books, etc. - behind, the report said. Most can be purchased digitally at this point, often for less than the cost of a physical copy, and that can also help to significantly reduce moving costs and the physical wear and tear of carrying boxed of books, CDs, and so on.
Saving a bit of money here and there can actually go a long way for most consumers. It can help them to pay down a bit of their outstanding debt, or build a savings account that can come in handy when financial emergencies arise. In either case, it will put them in a far better financial position going forward.