Thursday 18 May 2017

3 money management tips all tenants should know

Between paying your rent and utility bills and shelling out for household essentials, your family budget might be under strain. We know this situation all too well which is why we are current trying to buy somewhere. The good news is, there are some relatively simple steps you can take to get more control over your finances. With this in mind, here are three money management tips that all tenants should know.

1. Tenancy liability cover can save you cash

You’ve no doubt got a range of insurance policies in place to help protect your finances, but there may be one type of insurance missing from your checklist. If you don’t already have tenancy liability cover in place, it’s well worth looking into these policies. As specialist insurance website points out, tenancy liability can be a mandatory feature of tenancy agreements. If this applies to you, you’ll be obliged to pay for any repairs if you damage your landlord’s furniture, fixtures or fittings. Given that the cost of these repairs could potentially add up to thousands of pounds, this isn’t an issue you can afford to ignore. By taking out a tenancy liability policy in addition to your regular contents cover, or as an add-on to one of these policies, you can ensure you don’t land yourself with a big bill further down the line. This type of insurance doesn’t have to cost a lot of money and it can give you peace of mind.

2. Simple changes can bring your energy costs down

Let’s face it, running a family home isn’t cheap. Between powering your appliances and making sure the place is nice and cosy for your kids, you might find you end you splashing a lot of cash on your utilities. Bear in mind though, you don’t have to own your home to make it more energy efficient and bring down your costs. Making some relatively minor changes could have a big impact on your bills. For example, closing the gaps around your windows and doors can help to keep your home warmer, meaning you can turn the thermostat down a notch. Also, swapping traditional halogen light bulbs for LEDs could bring your electricity bills down by around £35 a year, according to the Energy Saving Trust.

Make sure you switch appliances off when you’re not using them too, and always wait until you’ve got a full load before you run your washing machine or dishwasher. Making small but effective changes like these could save you hundreds of pounds over the course of a year.

3. Be on the ball to get your deposit back 

It’s also essential to be on the ball when it comes to getting your deposit back. This could be a large sum of money, and losing it might make a big dent in your savings. To protect this money, make sure you read your contract with your landlord carefully so that you’re aware of all the boxes you need to tick when you’re moving out. This could include anything from cleaning the windows to settling your utility bills. Check each room against the inventory too to make sure everything’s in its place before you leave, and take photos in case you end up in a dispute with your landlord at a later date.

Following these simple money management suggestions could help you to make savings and avoid financial pitfalls.

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