Did you know that almost one-third of Utah households are tenants? Renting has many advantages, from flexibility to not having to worry about maintenance to more affordable options. But with prices soaring everywhere, it can be hard to make your money work.
I spoke with Jay Smack, Marketing Director of ICO Multifamily Property Management, who has apartment communities ranging from Farmington to Provo, to talk about his top tips for making the most of your income as a renter. These include saving on utilities, getting tenant insurance, setting up automatic payments, and trying cheap or free local activities. By trying some of these tips, you can help yourself be financially successful in 2022, no matter what the economy looks like.
Save on utilities
“If your rent bill doesn’t include utilities, you have a golden opportunity to save money. and help the environment while you’re at it,” Smack said. “There are lots of tenant-friendly tips for making your apartment more energy-efficient. You can use energy-saving light bulbs, a thermal blanket for the water heater, blackout curtains and even a water-saving shower head.
Get tenant insurance
Don’t have tenant insurance? You’ve probably done at least a quick cost-benefit analysis in your head: you weigh the cost of insurance and compare it with what you’d have to pay if, say, someone broke in and stole your TV, and it doesn’t work. it doesn’t seem worth it. But the cost-benefit analysis might look different if you sit down and do the math.
According to ValuePenguinthe average cost of renters insurance in Utah is $12 per month.
“If you physically go from drawer to drawer and closet to closet in your apartment, taking inventory of your belongings, you’ll see that the value of your belongings adds up quickly,” Smack said. “From electronics and supplies to jackets and shoes, a home fire, for example, could be devastating to your hard-earned savings.”
Some policies also cover you if there is a lawsuit resulting from injuries sustained in your apartment. And other policies will pay for accommodation, food and other living expenses if a disaster forces you to move. That $12 per month or $144 per year starts to seem a lot more affordable when you think about how it could help you in an emergency!
Set up automatic payments
“Automatic bill paying can have a few benefits,” Smack said. “First and foremost, they make sure your bills are always paid on time. But automatic payment can also help you reach your savings goals. »
Autopay adds a level of accountability because you don’t have to remember to save money every time you get paid. Without automating your savings, it can be harder to know where your money is going and not save at all.
Try cheap or free local activities
Saving money doesn’t have to be a chore.
“Challenge yourself to see how much fun you can have without spending (too much) money!” Smack said.
Here are some ideas for affordable or free local activities to last all year round:
- This summercatch a cheap movie at the Water Gardens Theater or hike the Timpanogos Cave Trail.
- This fallwalk through Provo Canyon to see the beautiful foliage or pick up a bag of fresh apples or peaches at Allred Orchards.
- When winter rolling again, come inside for a cozy meal or a dessert to share! There’s Chocolate Lava Cake at Bona Vita Italian Bistro, Pad Thai from Sabaidee Thai Cuisine, and Chicken Pot Pie from Harvest Restaurant, all in Lehi.
Grocery and gas prices may go up, but you can take proactive steps to support your financial health. By saving on utilities, getting tenant insurance, setting up automatic payments, and trying cheap or free local activities, you’re setting yourself up for financial success in 2022 and beyond!