Saving for a deposit when renting - whether you're saving for your next rental or for a mortgage - is difficult. Even if you hold off on buying every trendy item that catches your eye, skip every social event you’re invited to or ask your boss for a raise, it's not easy.
Luckily, we have some handy tricks up our sleeves! Keep reading for our five top tips on how you can save your pennies and pounds for a deposit when renting.
Have a Clear-Out
Don’t we all have those clothes we haven’t worn in years? Or accessories we just don’t use anymore? Have a clear-out at home and see what items can be sold online for extra cash. Even if you only make a few pounds on each item, it can add up and make a huge difference to how much (and how quickly) you save.
Reduce Your Usage
One of the top ways to save for a deposit when renting is to keep an eye on your spending – including your energy usage. As well as evaluating your living costs and takeaway expenditure (we all do it), making efforts to reduce your usage can go a long way in helping you save money. While you don’t have to take cold showers every day, you can do things like installing a water saver for your toilet, switching to an eco-shower head, washing your clothes at a lower temperature or turning standby devices off overnight.
Saving for a deposit sometimes means you have to say no to things. Even if it’s just to that ‘sale’ email you get from your favourite retail outlet. Resist the temptation as much as you can – or remove it entirely. Unsubscribe from sales-related emails for a period while you save. When it comes to social events, say no more often, but try not to isolate yourself completely. Just choose the events you attend wisely.
Have a Holiday-At-Home
We all love going on holiday, but if you’re saving for a deposit when renting, sacrifices may need to be made. Skipping a holiday entirely can help you save more money, but having a holiday-at-home can be an inexpensive way to still take a break. Instead of planning a trip abroad, set a budget, take a week off work and do all the things you enjoy within your spending limit.
Switch Energy Providers
As well as keeping an eye on your usage, switching energy providers can be another great way to save money with little effort. Provided your utility bills aren’t managed by your landlord, you can compare quotes online to see if you can bag a cheaper deal. Sometimes, providers may offer discounts for things like switching to online statements, so check this out, too.
How Fronted's Lifetime Deposit Can Help
Are you struggling to fund your new tenancy deposit when moving rental? If your money is tied up in an old deposit, Fronted’s Lifetime Deposit Scheme can help make it easier and more affordable for you to move around. Check out our Lifetime Deposit to learn more about how we can help make moving rental more affordable or join our waitlist to be one of the first to use our services when they launch.