How Can Tenants Be Financially Savvy This Christmas?
With the Christmas bells ringing hard, it’s time to look after a few things. You may not leave the property until the agreement. This implies that you will be responsible for the basic winter preparations. Yes, it is your responsibility to ensure a well-heated property. It prevents the structure from frost damage. You can consider insulating it by asking your landlord.
Avoid undertaking any whopping home development task without permission. It may lead to severe circumstances like eviction. Insulation not only keeps your home warm but saves electricity, too. It thus helps reduce the monthly bill. You can be financially savvy in other ways, too. The blog lists the best ways for tenants to ensure an affordable Christmas.
8 Strategies Tenants can be financial-smart this Christmas
One of the most important parts of the tenancy agreement is paying rent. You should budget for the rent before saving up for the Christmas celebrations. Prioritizing your expenses is critical to ensure sufficient cash backup. Usually, you must pay the rent after the December ends.
However, failure to budget may make you enter rent arrears. It may further prove problematic for you. You may struggle to settle it in the New Year. It is due to the credit card expenses to cater to. Here are other ways to act smart during Christmas:
- Check the “no-rent period” facility
It is a popular practice in the UK marketplace. Landlords offer a “no-rent” policy for the December period. It means you don’t need to pay the rent for that month. However, it is not available to every landlord. If renting during Christmas, seeking such options may help.
It is the best way to save money during the occasion. Not paying the rent for the month means saving almost £ 15,000! It is huge! You can instead use the sum for small occasional preparations.
- Understand your home insurance cover
It is important to have a rental property insurance cover. It saves you from accidental and possible property damage. For example- if a fire breaks out while you are away, you can claim the expenses. It is not the landlord’s responsibility to renovate the property then. However, always check the possibilities of fire and burglaries before leaving the home.
It prevents the chances of someone breaking into the property unnoticed. You can check the tenancy liability insurance, which offers potential deductions for accidental destruction. Thus, taking time to protect the rental property and assets is important. For that, you may consider tenants’ contents insurance cover.
It can save you thousands, which you otherwise spend on repairs and renovations. However, it requires ensuring timely premium payments. You generally pay yearly for the covers. If you struggle and cannot pay, seek other options. Skipping the premium may put the rented home and assets at stake. Check other ways to finance the requirement.
You can ask your fellow room members for help. If you share good bonding, he may help. No, he does not need to pay the lump sum. Instead, can split the premium costs in instalments. Check instant guarantor loans for non-homeowner individuals. It allows the borrower to choose a non-homeowner as a guarantor for payments. Your roommate can help qualify for a lump sum.
He must provide details on his income and credit score. Individuals with stellar credit and employment history may get high sums at low interest rates. Thus, it could save you from missing the premium and paying penalties. However, narrate the pros and cons of the arrangement to the guarantor. It will help the roommate decide better.
- Ensure LED lighting during Christmas
It is high time to re-decorate your home with Christmas vibes. Most renters consider updating the lights with fancy ones. However, they forget to factor in the affordability perspective. Thus, it increases their electricity bills. Replace the existing light fixtures with the budget-savvy ones.
Yes, generally, landlords allow changing the lighting. You can choose the best combination of decorative lamps and candles. It helps decorate your home well during Christmas. Moreover, what could be greater than having a well-lighted set-up within the budget? You can save over £75/ year!
- Identify whether you are on best-value tariffs
You may not know this, but you may be draining your budget unknowingly. One generally pays more on mobile phone and broadband bills. Check the best ways to reduce cable and other costs. Managing such recurring expenses is challenging for an unemployed. Here, you may be eligible for low-cost broadband that could save you up to £140 a year.
According to famous energy supplier Oflem, millions of people on benefits are missing out on the cheaper tariffs. Everyone receiving universal credit is eligible for a social tariff. Some providers extend the eligibility to those receiving income-related benefits. For example- you can reveal benefits slips related to Pension Credit,Employment and Support Allowance and Income Support.
- Ensure an outside-the-box Christmas party
You don’t have to worry about missing out on the fun during Christmas. You can have a budget-friendly blast at home itself. However, confirm with the landlord whether you can invite friends to your place. It is better to ask than face the circumstances later. If he agrees, you can plan an affordable get-together at home.
- Prepare meals at home or host a potluck
It is one of the best ways to potluck when running out of budget. One generally spends over £500-£1000 while dining out. Moreover, the costs may exceed taxes and other additional charges. It is even when you consider a take-out or home delivery. Thus, preparing meals at home is feasibly affordable. It helps you cook delicious meals and share them with friends.
It is a break from the usual day. You may enjoy cooking and preparing meals. Alternatively, explore the potluck possibilities. It helps you reduce the burden and, of course, the meal preparation costs. You spend less on grocery shopping then.
- Consider weekend gateways
Christmas is the occasion that makes one think out of the box. You may be excited to head towards Disney Land, so think again. Tenants may not have a sufficient budget to plan country trips. It is possible as planning holidays is costly during Christmas.
Instead, you can cut the costs by planning a weekend gateway. It is cheaper and requires just a car. You do not need to book costly airline tickets.
Thus, identify your budget and plan the holidays accordingly. You may spot incredible weekend gateways in the UK and surrounding areas. Explore one according to your budget and relish the occasion with friends.
- Check for complimentary service fromthe landlord
Most landlords update their properties during the season. It is the best time to attract new renters. Thus, they launch complimentary services for the tenants. Moreover, it is usual to encounter such things if your tenancy agreement is ending.
He launches property upgrades, renovation, and painting. Thus, may offer some complimentary services for the existing renters. Check the notice board and ask the landlord. He may confirm it if you share a good bond. Thus, you can paint the home without spending a dime.
Bottom line
These are some ways to save money as a tenant during Christmas. Identify the best scope to modify the home and host party within budget. Explore cheap tariffs, cable, and other subscriptions. Check whether you can get relief on gas and energy supplies. Alternatively, create a budget by reducing your existing expenses. Have insurance coverage if anything goes wrong. Take considerable measures to protect the property against burglary and fire.
Description: If you find Christmas planning overwhelming as a tenant, read ahead. The blog lists some ways to save money as a renter during Xmas.
