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YOU’LL NEED A WEDGE TO HANG THAT DOOR
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YOU’LL NEED A WEDGE TO HANG THAT DOOR

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  1. Home
  2. Finance

How save money when you’re a renter

It can be done. - by Laura Barry
  • 31 Oct 2018
How save money when you’re a renter

According to recent data collected by The Australian Securities and Investments Commission, the average Australian has a savings target of $11,234. Of those savers, the top three savings goals were saving towards a holiday, saving up a rainy day fund for emergencies, or saving towards buying or renovating a home.

Further research by Suncorp also found that the average Australian is saving $427 a month, while young people aged 25 to 34 putt away $533 a month into their savings accounts.

Sadly, most Australians are having to dip into those hard-earned savings just to keep up with the cost of living. The most recent Household Financial Comfort report by ME bank found that many Australians dip into their savings accounts to pay bills and other necessary living expenses, and that around a quarter of Australians have less than $1000 in cash savings.

Trying to set up a budget, and stick to it, to achieve a financial goal can be tough for renters. Unlike homeowners, you aren’t paying down a mortgage on a house that will one day become your asset. In addition to that, many renters are spending more than 30 per cent of their disposable income on rent, while trying to stay on top of rising living costs in an environment where wage growth is stagnant. It’s tough going out there for everyone.

We’ve put together a list of ways you can save money while renting. Or even if you own a home.

piggy bank
Getty

1. Get a housemate

If you have a spare rom an don’t mind sharing your space, getting a housemate to help split the utility bills and rent can be a great way to get ahead. Just make sure you have a thorough interview process to ensure you get a compatible roomie.

2. Try a side hustle

Around one in four Australians have online side hustles that are bring in extra cash flow. Whether you’re ready to turn your crafty pastime into Etsy store or you’re simply interested in driving for Uber or picking up odd jobs on Airtasker, there’s a side hustle for everyone. Just think about what other skills you have, and how you can monetise them.

3. Rethink the car

If you live in a city where the public transport network is reliable and can get you everywhere you need to go, then it might be time to reconsider if you really need a car. You’ll save yourself money on registration, petrol and insurance, not to mention the upkeep in-between. Take this one step further and swap trains or buses for a bike – good for the environment your health and your wallet!

savings budget on notebook
Getty

4. Sell up

The Gumtree Secondhand Economy Report found that the average household has around $5,200 worth of unused items laying around. Spend a weekend cleaning out your entire home, and locate any items that are in good condition but you no longer need or use. You can sell these items on Gumtree or eBay and set yourself up with a little extra cash that could get you over the line to pay for flights on your next holiday.

5. Start a supper club

Catching up with friends over dinner or drinks is always fun, but the bill can quickly add up. Instead, stock your kitchen with delicious drinks and nibbles and invite everyone over for a monthly catch up. Ask everyone to bring a dish of something yummy and make a night of it.

6. Hire out your space or car

If you have an unused car or empty garage or storage unit, rent them out via platforms such as Car Next Door or Spacer to people who need a car occasionally or a place store their stuff.

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All the advice in this story is general in nature and has not taken into account your objectives, financial situation or needs. Because of this, before acting on any advice, you should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs.

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Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
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YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

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Everything you need to know about money in your 40s

Everything you need to know about money in your 40s

Everything you need to know about money in your 50s

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Finance tips for young people

Finance tips for young people

{headline}

{headline}

How to reduce your expenses without sacrificing your lifestyle

How to reduce your expenses without sacrificing your lifestyle

 This mum’s money saving hack has gone viral and will save you thousands a year

This mum’s money saving hack has gone viral and will save you thousands a year

Everything you need to know about money in your 30s

Everything you need to know about money in your 30s

{headline}

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The beginner’s guide to investing in 8 simple steps

The beginner’s guide to investing in 8 simple steps

5 finance words you need to know

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5 money-saving challenges you should try this year

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5 of the most common legal issues for renters

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5 easy ways you can be better with money

How to recover if you overspent at Christmas

How to recover if you overspent at Christmas

7 ways to save money this Christmas

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