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6 Financial Habits Renters Should Kick
   by Ice Artificio  •  Jan 21, 2019  •  General
The start of the year has always been a good reason to start saving up and taking control of your finances.

When you are renting, a large chunk of your budget goes not only to rent itself but other related costs such as association dues, utilities, and home maintenance.

This means if you want to keep at those saving goals, you better step up your budgeting game and really pinpoint expenses that you can do without.

One of the biggest move I had to make as an adult is to get my own place. For the first time in my life, I am realizing all the small things that my parents have taken care of for me.

From something small as always making sure we have dishwashing liquid to more complex areas like plumbing and when septic tanks need to be siphoned - now I know why we don’t have alligators in our sewers or mutated adolescent turtles running underground.

1.   Getting Expensive Coffee Regularly
I simply cannot function in the morning without brewed coffee. Either that or I’m extremely slow and grumpy.

Pricey coffee is one of the vices I had to learn to control and is a very accessible commodity if you are renting in the city.

While the sound of your favorite barista greeting you as you walk in, your signature drink prepared before you even ask for it is fascinating, did you know a small brewed coffee is almost half the cost of a blended drink?

Ditch the fancy blended drinks and stick to the cheaper brewed coffee or brew your own. You’ll save more and lose the extra calories from those sugary drinks - save money and lose weight.

2. Eating Out in the Wrong Places
When you live alone, sometimes, it is more practical and affordable to buy food outside.

With this come the temptations of fast-food coupled with many condominiums prohibiting cooking.

This is one of the most difficult area to manage as daily food consists of a huge part of your budget.

Plan your meals and map out restaurants that agree with your budget. Set limits to eating at high end establishments. Plan out your options so that your hunger doesn’t get the better of you.

3. Saying Yes to Everything
When you live nearby, it's easy for people to go out for a few drinks, chill out after work, or grab dinner is too easy.

Decide how much you want to spend on nights out or offer to do it at your place. The drinks will be almost always half the cost if you buy them in a bar.

4. Commute Costs
Sometimes even if you are renting a condo, it is still necessary to take a mode of transportation to get to your office or to meet up with friends and family.

How many times do you take a cab or a ride-hailing service to get to your destination? These are convenient options but how much of it can your paycheck tolerate?

If you must use transportation services like those, try to leave before or after rush hour to avoid surge prices.

5. Renting Beyond Your Means
The 1/3 rule is a good starting point when you are a new renter. If your monthly rent exceeds 1/3 of your net salary, you may be living above your means.

If you keep missing your budget targets even after removing your vices, consider getting a roommate (with your landlord’s permission of course) or completely moving into a different rented home that fits with your current financial capacity.

6. Shopping for Unnecessary Home Items
It can be exciting to decorate your own place, even now I still get that urge.

A new rug for your bedside table, a new towel hook for your bathroom, perhaps that new curtain on sale will bring the room together.

You’ll survive without that new rug and your real friends won’t judge you if you don’t have that many sets of curtains.

Since many condos are available fully furnished, you have the luxury of waiting for a sale.

Living independently has its perks and disadvantages. On the one hand, living on your own is a great teacher in financial management.

You learn exactly what you need to spend on utilities, toiletries, and even home maintenance items that parents usually cover for us.

Without any fallback, you really need to live within your means and set aside some more for rainy days.

Comments  💬
Joselito Capili
To the author of the financial kicks, thank. I am doing that in USA. The thing is when I travel around the globe I don’t have much choice except rentby 15 days or 30 days because I keep on hopping from one city/ region to Another to enjoy philippines. I hope to meet someone who really have a thinking like yours and that's a great Guidance. I sincerely appreciate your ideas. I wish I could treat you lunch at Bizu, greenhills when I am in Manila. Best regards, Jpcapili


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