Usually, the biggest expense you have is your residence. For the Monetorium and your big adventure, consider a change in where you live – just until your start date. Remember, reducing your expenses is the goal, and it’s temporary! Here are some ideas for renters:
Let’s say you have 18 months until your start date.
Could you rent a cheaper place a little farther from the center of town? How much would that save you each month, taking the extra commuting time/cost into account…$200? Multiplied by 18 months…$3600?
Here are some other ideas…
Ask yourself if you could live in a smaller place – If you have a 2 bedroom apartment, could you move to a 1-bedroom or studio just for 18 months? Donate the extra couch and desk to a younger sibling!
Check for cheaper apartments coming available in your building or buildings around you – You might be living within walking distance of work which helps you avoid car expenses. Check your options in your neighborhood.
Ask your landlord to lower your rent – Depending on the rental market, sometimes just asking can lower your rent by a significant amount if they are worried about losing you as a tenant.
Ask your landlord for extra duties – If there is not a manager on-site, ask if there are jobs you can do to lower your rent. Maybe they will reduce it by $50-200 per month if you clean the common areas twice a week or manage the landscaping. Find out what they currently pay for services and think about what you are willing to do.
Yes, this is something big that may make a huge difference in how much you save for your adventure. So, while you are changing your address for the 9th bill and squeezing your couch through tiny doorways wondering how you got it in there in the first place, reward yourself by keeping something small that you love.
