Six finance tips every renter needs to know

Staying on top of your finances when you’re renting not only makes life easier, but also helps you stand out from the crowd as a desirable tenant.

We all face financial bumps in the road every now and then, but with these six handy tips, you’ll be able to manage your money with confidence in no time - and earn a positive rental record while you’re at it!

Plus, putting in the hard work now will set you up better for your future.

1. Track your expenses and know your budget

Ever feel like your salary just evaporates almost as soon as it hits your account? Or maybe you want to save for something special, but it feels like you’re making slow progress? Tracking expenses will help you to understand why.

There are lots of handy tools that can help, so whether you prefer an old-school spreadsheet or want to manage everything on an app, you can easily identify which spending habits aren’t working for you and what needs to change.

Once you understand your expenses, you can plan a budget to make sure you cover the essentials – don’t forget to allocate some funds for fun! Start with the biggest and most important expenses first, such as rent and utilities. Use your expense tracking tool to make sure you haven’t missed any regular necessities in your lifestyle.

Having a clear budget can make it easier to resist the temptation to impulse purchase, while making sure that you still have a little set aside to treat yourself.

Good money management can be fun too – set yourself some financial goals and enjoy the feeling of accomplishment you get once you achieve them!

Top tip: Did you know that you can give big energy bills the flick, plus enjoy set and forget convenience, with RentPay bill smoothing?

2. Identify money drains

If you’re a budgeting whiz, you might feel like there's little to cut, but every little bit adds up and it does pay to understand where your money goes and where it could be reigned in.

Examples where you could look to trim back costs include:

• Double-check whether you’re paying for a subscription service you forgot that you had, barely use or no longer even use. Make sure you cancel these to free yourself from this money trap.
• Maybe you're on a high-speed internet plan but could actually get away with a cheaper plan. Or perhaps you find you're throwing out too much food with a regular fruit and vegetable box order.
• If you're buying lunch at work everyday, see if you could reduce that to 2-3 times a week instead and organise yourself to bring leftovers or a packed lunch some days.

3. Find ways to save on shopping

Whether you're looking to be more thrifty on your essential weekly grocery shop, really want that new gadget or need those new pair of jeans, there are definitely smarter ways to shop and stretch the dollar further.

Here are a few hacks to consider:

• Buying in bulk rather than smaller portions as you need them mean you get these at a cheaper cost per item. It may pay off to shop at bulk food stores or sign up to memberships for bulk retailers, like Costco.
• Many retailers offer discounts to customers who join their mailing list where you could save 5%-10% on every shop, plus special discount offers.
• Some people save up for, and capitalise on, known sale periods throughout the year – and there are plenty of opportunities if you're not in a rush for them! Make sure you mark out the calendar for change of season sales, end of financial year (EOFY) sales, Black Friday or Cyber Monday sales, post-Christmas/Boxing Day sales and more.
• Renters using RentPay as their rental payment platform have exclusive access to Paylab shopping rewards where you could save up to 15% at 140+ top Australian retailers. You could save hundreds every year by using Paylab rewards to shop for groceries and household items at Coles, Woolworths, Big W, Kmart and Bunnings; meal delivery orders with Uber Eats; plus many other retailers where you already shop.

4. It can pay to make a switch

Whenever you receive a recurring bill or a renewal comes up, just continuing the status quo might not be your best bet. It could be costing you more or you could be missing out on an opportunity to have more money back into your budget.

Comparing quotes and shopping around can definitely be a big money saver. Make sure you see what different providers have to offer, spend time getting the best quotes, and calling around to check pricing or negotiate a better deal.

We recommend regularly (at least once a year) reviewing your providers for things like energy, insurance, subscriptions, and others. Doing this means that you're always on the lookout for a better deal elsewhere, whether it's for better pricing or a financial incentive to switch.

Top tip: Moving house or looking to switch providers? Score a $100 gift card with Rent.com.au's RentConnect service.

5. Make payments quick, seamless and secure

We’re all busy but putting payments off until later is a sure-fire way to forget, and this can affect your credit rating. RentPay has partnered with Mastercard to make every rental payment as quick as a few clicks with Click to Pay, a faster, safer online payment method.

When you can make your payments faster, you save time for something more fun than paying bills. When you make sure they’re more secure as well, you might save a whole a lot more.

6. Put something aside for emergencies

No matter how well we budget, sometimes an unexpected expense crops up. The car breaks down, the dog gets sick, and suddenly you’re left wondering how you’ll make it to payday.

Getting in a good saving habit is one of the best ways to prepare for unplanned expenses. Try to include a set amount in your budget that goes into a separate high-interest savings account that is only to be touched in an emergency.

RentPay has a handy 'buffer' feature which lets you set up a stash to cover your rent in times when you might come up a bit short. It's useful for times when you might've worked less shifts or you had a budget blowout.

Check out our tips on how to set up your emergency fund.

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> Boost your credit score with RentPay's Scorebuilder