With costs on the rise, many people are struggling with their housing costs. It’s tough to save the money you need for a deposit, and rents are incredibly high too. Unfortunately, this is a situation that everybody finds themselves in and you can’t always get around it. However, there are some simple things you can do to help reduce your housing costs. This gives you more expendable income to spend on other things, or to put in savings, so you can be more financially stable in the future. These are some of the best ways to reduce spiraling housing costs.
Consider New Locations
It’s great to live right in the center of a big city with lots of bars and restaurants and great transport links. However, those good locations come at a price, and if you are trying to cut back on costs, you may need to look elsewhere. That doesn’t mean you have to live in the middle of nowhere either. If you just move a bit further out from the city center, prices will start dropping a lot. You should also look for up-and-coming areas where there are lots of exciting things going on, but property prices haven’t caught up yet. You can get a better deal on rent in these areas, and even though it might increase in the future, you can get in early when prices are affordable.
Coliving is a new concept where people who are not living with family or in relationships live together. By moving in together in groups, you can share the costs of housing. This is a good way to live in a more expensive area, which is why San Francisco coliving, for example, is so popular. However, you must go about it the right way to make it work. When choosing a group of people to live with, always make sure that you have shared values. If you’re a very neat and tidy person, you don’t want to move in with a messy group. If you’re very quiet, avoid moving in with people that are up partying every night.
Manage Your Utility Bills
As well as finding ways to reduce your rent or mortgage, you need to cut your utility bills too. Your gas and electricity will cost you a lot of money each month, especially if you are wasting energy unnecessarily.
There are all sorts of ways you can reduce your utility bills. Start by turning your thermostat down a few degrees. The change in the temperature will not be noticeable but you will save quite a lot of money on your energy bill. You can also make easy switches like putting LED light bulbs in instead of normal ones. Again, this is an easy change that doesn’t impact you, but it will save you a lot of money.
Housing costs are high for everybody at the moment and it’s a very difficult situation. However, if you start thinking differently about how you do things, you can save money.