Creative Ways To Save On Your Rent Or Mortgage

While you should cut back on those money leaks- those more minor expenses that can chip away at your budget, you can have some significant wins by examining your major expenses such as housing, transportation, and food. 

It's a big challenge for sure. Unfortunately, around Raleigh and Durham, it's not getting any cheaper. Several news stories have reported how rent has increased over 22% in Raleigh and 20% in Durham.

Buying a house isn't as affordable as it used to be either. According to Realtor.com, the median listing price for Raleigh has risen 18.4%, bringing it to $379K in February.

However, where there's a challenge, there can also be an opportunity. I spoke with Jillian Sirianni from Frugal Friends about how she and her husband teamed up and tried out house hacking.¹ With their savings, they were able to cash flow her master's degree and pay off debts.

4 Ways To Save On Your Rent & Mortgage

Consider Non-Traditional Living Experiences
Because they knew that this would be a temporary situation, the Sirannis were willing to try out some different housing options.

They started by buying and updating an RV to live in. Their move meant downsizing from a 1200 square foot apartment to approximately 800, which pushed them to pare down on unnecessary items. On the plus side, they made a profit after selling it later!

They also housesat for a couple who had to work overseas but didn't want to sell their home. Afterward, they also served as caregivers for Jillian's grandmother, who had dementia.

Understandably some of these options may not work for you, but hopefully, you can see there are different arrangements you can explore.

Renting Out Rooms
Thanks to options like AirBnb, some families have turned a hardly used space into profitable side income. With plenty of events happening here in the Triangle, even a few weekends of renting out a room can give you a boost of income. That money could be used to offset a bit of your mortgage, making it more affordable.

Work on the Property
If you're renting, there may be an opportunity for a stay-at-home parent to lower your rent by working on the property. I discovered this option when I spoke with asset & property manager Justin Pogue.

You may be able to negotiate a significantly reduced rate even working part-time.

Build Up Social Capital with Leasing Office
Recently, I had a friend receive their lease renewal and they were shocked at how much it had jumped. To negotiate a better price, you have to be prepared on multiple fronts, including having backup with someone at the leasing office.

As Justin pointed out, "The person who's in that office, especially if you're with a larger apartment community, that person really doesn't have any control.

They're the equivalent of the cashier at Walmart™. They're not in charge of the actual dollar amount that you pay.

Now, they do report to someone who is and can make those deals and make and can negotiate.

[The] idea is, how do I get this person to go to their boss and make that case for me?"

One critical step is to be easy to work with. Besides taking care of essentials like paying on time, do you contribute positively to the community? Having someone in the office on your side can give you an advantage when negotiating with your lease renewal.

Getting an Expert's Help with Your Finances
Another option with getting your budget and finances in a good spot is by having a professional review it with you.

Did you know as a member, you have access to Coastal's Wealth Management team, available through CFS*? They can assist you by creating a holistic financial plan that fits your specific goals. Reach out to them and schedule an appointment!