With the New Year approaching, many of us are racking our brains for our next resolutions. Will this be the year I finally do the thing and am happy? Let’s challenge ourselves to set some goals that we can actually meet. Ones that aren’t too ambitious, but are achievable and will bring greater peace to our lives.
Let’s look at 5 New Year’s apartment resolutions we all should be making.
1.) If your belongings aren’t a “heck, yeah,” they’re a “heck, no.”
Minimalistic is all the rage. I bet you have heard variations of this tip. In dating, there’s the rule that if you aren’t SUPER excited about someone and/or they aren’t SUPER excited about you, then what’s the point? Then there’s the KonMari method of asking if your clothes bring you joy (and getting rid of them if they don’t). In both of these, the sentiment remains the same: if things (tangible or otherwise) in your life aren’t wonderful, let them go. In terms of apartment belongings, what are you holding onto? How can you declutter? Is it time to make a move to a new place? What about a new roommate? Ask yourself what feels unnecessary and make changes accordingly.
2.) To reduce clutter, do the tasks that take you under 5 minutes.
I can’t be the only one who doesn’t always make my bed and tends to leave some dishes in the sink. Maybe you are super organized all of the time and don’t need this tip, but if you could minimize the clutter at all in your life, this tip is a simple one. I got it from Gretchen Rubin, a happiness writer. She suggests not putting off tasks that will be quick. For example, if it will take 3 minutes to make your bed in the morning, just do it. If it will take less than 5 minutes to do your dishes before bed, go ahead and get them done. The happiness that comes from these brief tasks outweighs the effort and these small achievements add up!
3.) Create a “zen den” in your space.
I’m crunchy (and admittedly a Buddhist), but my startup recently built a “zen den” during one of our hackathons and it has been cool to see the effect it has on people! A zen den doesn’t need to be an entire room, but it can be a space that is dedicated to slowing down and unplugging for it. We all could use that after the holidays, but even all year round. In my apartment, I’m building a meditation corner with books and trinkets that bring me peace. What will you put in your zen space?
4.) Weigh your food options and experiment to find what works.
There’s a huge upward trend in food delivery. Especially with millennials; more and more value is seen in the ability to buy back time. Weigh different options to bring food into your apartment (and your belly). Is it most practical to go to the grocery store every week and cook your own meals? Should you invest in grocery delivery services like Instacart? Or, have you looked into meal prep services like Blue Apron? Perhaps eating traditional takeout is the lifestyle for you right now. Make an intention to try different methods to see what works for you. I personally like a mix of methods and my crockpot is my best friend.
5.) Improve the aesthetic of one space in your home.
You don’t have to be a Pinterest expert or have a ton of money to spruce up the look of your apartment or house. Feng Shui is a type of interior design that is practiced to bring balance, restoration, and joy to your living space. Some fun examples are: you should be able to see the door from where you sleep and light should fall at the end of your bed from a nearby window. Even simple touches like adding fairy lights to a wall in your place can change the feel of it all.
These are a few resolutions to bring more peace and happiness into our lives this year. Isn’t that what we’re all looking for? What resolutions are you making this year?
In many industries, working remotely from your apartment rental has become quite common. Many of the advantages are undeniable, especially when living in a big city. You don’t have to get up early to face a long commute to the office via congested interstates or embark on the hustle and bustle of mass transit. You don’t have to worry about skipping breakfast or packing a lunch. You don’t even have to get dressed! All you have to do is walk a few steps across your apartment rental to your home office. However, a major challenge of working from home is the ability to focus and prioritize. We’ve put together five tips to improve your productivity while working at home!
1. Claim Your Workspace
Dedicate an area of your apartment as your sole workspace. No more wandering off to look for important work documents and getting sidetracked by television. A dedicated workspace helps establish boundaries for a better work/life balance. Storing your work supplies in one area – as opposed to spread throughout the apartment – will help keep you organized and focused.
Many rental apartments are too small for a separate home office, but you can always find ways to separate a work area from the rest of the apartment. It may be a drawer devoted to your work supplies, or even a tucked away small desk and work chair. Whatever it is, do your best to make sure those areas are dedicated to work — and work only!
If you reside with a roommate or spouse, let them know that when you’re sitting in your workspace, you are officially at work. Anyone sharing a residence with you should respect your work life and understand that you are at a job each day, just like if you had left your apartment and gone into the office.
2. Set Professional Standards.
You might be tempted to leave those pajamas on every day, but getting dressed helps define the workday and fosters productivity. When working remotely, your mindset is important. If you’re in the correct frame of mind about being at work, it won’t matter as much whether you’re in an office or your own apartment.
The snooze button is a remote worker’s best friend and worst enemy. The time you save on commuting can be spent catching a few extra winks, but you should still aim to be focused and ready to work by the start of the regular work day.
3. Limit Distractions.
There’s no doubt that having an apartment in the hub of the city has many benefits, but one major problem is noise. People going about their daily lives in the apartment complex may distract you from work. Invest in a pair of good headphones to reduce the noise that invades your home office space. You can work in a virtual bubble with a pair of headphones and only let in the noise you want, such as computer alerts or phone calls.
4. Stick to a Schedule.
Schedule your work day to be as productive as possible. Keeping a schedule might seem silly when you work from your rental, but it has been shown that strict scheduling each day will keep you on top of your “A” game. Remember that part of your schedule is taking time for yourself. Don’t let your apartment serve as an office exclusively. Make suer you take a break for lunch, or take a 15-minute break to walk the dog and deactivate your work brain. You would do this if you were out of your apartment at an office, so make sure you translate this to your work space. It’s tempting to “stay late at the office” if you need to complete a project, but don’t make it a habit. Quitting time applies to home offices as well.
5. Applications and Programs.
Computer and mobile apps have come a long way to help you stay in contact with business associates from around the globe. You might want to consider using Skype, join.me, Grasshopper, Basecamp, Trello, and Google apps for business when working from a home office. These great tools foster collaboration and give you the ability to seamlessly connect from anywhere.
Do you have a strategy that allows you to have optimal productivity when you work from home? We’d love to hear from you! Please share your tips with us on Facebook or Twitter @ApartmentGuide.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
We are going to under the cover and discover $14 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $14 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $14 an hour is how much a year. Also, we will break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive until the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$14 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $14 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $14 = $29,120
$29120 is the gross annual salary with a $14 per hour wage.
Breakdown of 14 Dollars an hour is how much a year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $14 times 2,080 working hours, and the result is $29,120.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $14 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $14 times 1,040 working hours, and the result is $14,560.
How Much is $14 Per Month?
On average, the monthly amount would average $2,426.
Annual Amount of $20120 ÷ 12 months = $2426 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1213.
How Much is $14 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $14 = $560 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $280.
How Much is $14 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $560 and double it.
$560 per week x 2 = $1120
Also, the other way to calculate this is:
40 hours x 2 weeks x $14 an hour = $1120
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $560.
How Much is $14 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $14 per hour = $112 per day.
If you work 10 hours a day for four days, then you would make $140 per day. (10 hours x $14 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $56.
$14 Per Hour is…
$14 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$29,120
Yearly Wage (50 weeks)
$28,000
Monthly Wage (173 hours)
$2.426
Weekly Wage (40 Hours)
$560
Bi-Weekly Wage (80 Hours)
$1120
Daily Wage (8 Hours)
$112
Net Estimated Monthly Income
$1,853
**These are assumptions based on simple scenarios.
Paid Time Off Earning 14 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $29120 per year.
This is the same as the example above for an annual salary making $14 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $14 times 2,000 working hours, and the result is $28,000.
40 hours x 50 weeks x $14 = $28000
You would average $112 per working day and nothing when you don’t work.
$14 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $29,120
Federal Taxes of 12%: $3,494
State Taxes of 4%: $1,165
Social Security and Medicare of 7.65%: $2,228
$14 an Hour per Year after Taxes: $22,233
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22233 ÷ 2080 hours = $10.69 per hour
After estimated taxes and FICA, you are netting $10.69 an hour. That is $3.31 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$14 an Hour Budget – Example
You are probably wondering can I live on my own making 14 dollars an hour? How much rent can you afford at 14 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $14 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $14 an hour was $10.69 after taxes. That would average $1853 per month.
According to the Cents Plan Formula, here is the high level view of a $14 per hour budget:
Basic Expenses of 50% = $926
Save Money of 20% = $371
Give Money of 10% = $185
Fun Spending of 20% = $371
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $14 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $14 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$73
Savings
15-25%
$194
Housing
20-30%
$728
Utilities
4-7%
$121
Groceries
5-12%
$231
Clothing
1-4%
$24
Transportation
4-10%
$109
Medical
5-12%
$243
Life Insurance
1%
$21
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$61
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$574
Total Gross Income
$2427
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$14 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $14.01-14.99.
This is super helpful if you make $14.25, $14.50, or $14.75.
Living on $14 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 14 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a frugal green minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $14 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $14.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $14 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $14 an Hour
In this last section, grasp these tips on how to live on $14 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $14 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $14 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $14 an hour minus all the taxes, FICA, social security, and medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $14 an Hour
You can always find jobs that pay $14 per hour. Polish up that smile, fill out the application, and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$14 Per Hour Annual Salary
In this post, we detailed 14 an hour is how much a year. Plus all of the variables can impact your net income. This is something that you can live off.
How much is 14 dollars an hour annually…
$29120
This is under $30000 per year and you need to make at least $43k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Not every apartment community will let you have a grill, but if they do, how do you pick the right one?
Grilling is a great way to prepare delicious and easy meals for everyone from big groups or just you and your roommate. However, you can only have a grill in your apartment if your lease allows it. So, after checking you have the green light, it’s time to think about what type of grill you want.
There are certain features to consider like size, portability, cost and whether you’ll use propane or charcoal. There are even electric grills if grill safety is a major concern.
Don’t stress over this decision though. These suggestions should get you thinking in the right direction, so you’ll be out grilling up something wonderful in no time.
Propane (gas) grills
Using a propane tank you can easily get at the grocery store, hardware store or even some gas stations, these grills are well-liked because of their ability to apply consistent heat. You can more easily maintain a constant temperature, and the grill will heat evenly.
1. Char-Broil Performance Series 2-Burner Grill
Designed for the busy chef, who doesn’t want a propane tank hanging out on their balcony, this grill comes complete with an underside cabinet for the gas and two metal side shelves. The shelves fold down when you’re not using them, but make a great place to keep grilling tools and that big platter to hold all the food while you’re cooking. Even with its compact size, you’ve got enough space on here to cook up to 16 burgers.
2. Fuego Element F21C
When you need a gas grill with a small footprint, this is your guy. About the width of the propane tank that’s hiding in its cabinet below, this grill gives you a smaller, rotund cooking surface. It may feel smaller than more traditionally styled gas grills, but you can still get enough food for four people on here. And, it looks really cool.
3. Weber Spirit II E-210
This grill is a favorite among many apartment dwellers. Its two burners provide enough surface area to cook a lot of food, and the two collapsable shelves provide extra prep space right beside the grill. With a tool holder and warming rack, it’s a complete package. The base model does not have a propane tank storage cabinet, but if you can pay a little more, you can hide it away underneath.
Charcoal grills
The biggest argument for those who are Team Charcoal, when it comes to grills, is taste. For them, the best grills for apartments, or anywhere, add that smoky flavor to all food prepared on them. It’s also easier to find charcoal grills that are small and compact, perfect for an apartment dweller who’s allowed to have one.
4. Weber Original Kettle Charcoal Grill
When you picture yourself grilling over hot coals, you most likely imagine yourself standing beside a kettle grill. This shape is indicative of some of the best grills for apartments whether you’re cooking on a balcony or up on the roof. It’s easy to move and doesn’t take up a lot of space. With a small drum, it’s also easy to clean.
5. Kamodo Joe Portable Charcoal Grill
Another grill with high portability, this little guy looks like a Big Green Egg, only it’s red. Made with cast iron accents, this grill has nice thick walls that help lock in smoke and keep your food moist while it cooks. Complete with its own stand, you can easily bring this grill out from the corner of your balcony to make it the centerpiece of your al fresco barbecue.
Another kettle grill, but with a hinged lid, this is a bit of an upgrade from the traditional design. The lid stays attached when you pop it open to check in your food. You don’t have to hold it while you flip those burgers or worry about setting it down while it’s hot. The TRU-Infrared technology helps prevents charcoal flare-ups and maintains an even heat.
Electric grills
For those who struggle with having a grill and following the rules on your lease, consider an electric option. You may need to run an extension cord out to your balcony, but there’s no charcoal flame or smoke to worry about and no flammable gas in use. Electric grills are also a healthier way to cook since they don’t produce carcinogens that can get into the food.
Another benefit is the variety of sizes this particular type of grill comes in. You can get a tiny one that sits on your counter or a larger set-up that will look great outdoors. They’re easy to use, heat up fast and often cost less, but the flavor will definitely be different.
7. Char-Broil TRU-Infrared Patio Bistro Electric Grill
Looking like any outdoor grill, with an easy-to-move base and rounded cook space, this fire-engine-red grill simply needs to get plugged into power. With a small footprint, this easy-to-clean electric grill has rust-resistant cooking grates and heating technology that makes for more evenly cooked food. Flipping open the lid, the only way to tell you’re not working with a traditional grill is to look under the grate. There, you’ll see a heating element that looks more like an electric stove burner than anything else.
How to decide which grill is right for you
Assuming you have no restrictions on what type of grill you use, it really all comes down to taste. Each type of grill will produce food with its own flavor. If you want food with a smokier flavor, charcoal has you covered. If you want moist food with deep grill marks, go for propane. Food cooked on gas grills will still have that outside char that only comes from this particular style of cooking.
If you want to cook outside, but it’s okay if what you eat tastes more like it came from the oven or stove, electric works. They’re also great for preparing a grilled meal indoors. You’ll still know you’re eating grilled food, but the fully developed flavor just won’t be there.
If you do have grilling restrictions, make sure you talk to your landlord. Even if you’re within the rules of the lease to use an electric grill, get approval for the type you want. Sometimes, landlords won’t allow electric grills that look too much like a traditional grill, at the risk of confusing other tenants into thinking they can have any kind of grill they want.
It’s grilling time
You’ve done your research and reviewed your lease. There’s nothing left to do but transform your balcony or rooftop into a happening outdoor party, complete with deliciously grilled food. Enjoy!
When you buy through links in this article, we may earn an affiliate commission.
Having a roommate can be great; you have companionship and someone to split the bills with. But that sharing of expenses can sometimes get challenging and tense even. Roomies can wind up arguing over who is using up all the toilet paper or sending the electricity bill through the roof.
To help keep the peace and control costs, there are smart tactics you can use. Try some or all of these tips to keep your household as fun and argument-free as ever.
One of the easiest ways to ensure everyone feels satisfied with how the household bills are handled is to be direct and upfront with financial expectations. And this means being straightforward about what those expectations are before anyone moves in.
When negotiating moving into a new home, consider asking how bills are handled now and how it will change when you or someone else moves in. Additional questions to wrangle can include:
These can be helpful, because everyone can understand what’s expected. It also sets ground rules moving forward.
Deciding How Everyone Wants to Split Bills
As for the best way to split bills, that may depend on the household situation. For example, if the home has two evenly-sized rooms and a shared bathroom, kitchen, and living area, it may be easiest to simply split the bills down the middle as everyone has an equal space. But, if one room is exponentially larger than the other and has its own en suite bath, the bills could be split proportionally to reflect the extra space for one roommate versus the other.
It is a good idea to tackle the grocery issue head on. For instance, address such questions as:
• Is the house going to split groceries?
• Is everyone going to enjoy one shared meal together at night?
• Are the roommates going to split common goods like cleaner and toilet paper?
• Or is each person going to fend for themselves?
Any way you choose to go about it is fine, as long as it’s all out in the open — before someone accidentally finishes someone else’s ice cream without asking.
Picking Who Is Responsible for Which Bill
Once it’s decided how a bill will be divided, one other idea may be assigning each roommate ownership of bills for things like the electricity, heating, gas, water, trash, cable and internet, and more, depending on the rental agreement. Perhaps you’re able to get a better deal based on a roommate’s existing account with a certain biller. That may be one way to decide and to lower expenses.
Or, another common method is to have the roommates divide up the bills evenly in order to distribute the responsibility. Doing things this way may also ensure everyone pays bills on time. Being late with bills can lead to fellow roommates being surprised with a service being interrupted and their credit being dinged if they are listed on the account that’s unpaid.
You might also look into changing the due date on bills; this can sometimes be accomplished and can ease cash flow.
Creating a Roommate Bills Contract
Once the lease has been negotiated, the bills have all been cleared up, and everyone is in agreement, you may be considering some sort of “roommate contract” spelling out exactly what was decided upon, which everyone reads and signs.
That way, no one can ever claim they were confused about the household budget and how bills are split, when money is owed, and who is responsible for what. It is recommended to share the fully executed contract electronically and then a printed out copy for all to review and retain.
Recommended: How to Rent an Apartment With No Credit
Sharing a Spreadsheet of Expenses
Settling into a new home and arrangement might be a good time to finish up the admin work by creating and sharing a monthly spreadsheet of expenses.
This spreadsheet could be kept in a common gathering area for easy reference and shared online as well. In the spreadsheet, each roommate can keep track of the expenses they are responsible for, as well as who has paid and what is outstanding.
This spreadsheet may also come in handy for adding in shared groceries and necessities like milk, eggs, toilet paper, and paper towels. That way, everyone can keep track of who bought the last batch to avoid an argument later. You’ll also see how much your household is spending on groceries per month and other expenses.
Recommended: Different Types of Budgeting Techniques
Sitting Down Together at the End of Each Month
It is said that one of the quickest ways to ruin a roommate relationship is for one person to get passive-aggressive about the bills. That’s why it’s recommended to avoid leaving little notes around the house about who owes what (or who hasn’t done the dishes in far too long) and instead face those issues head on.
At a good time for everyone, perhaps toward the end of each month, schedule a 10-minute roommate check-in. In this meeting, everyone can share household happenings, announcements, and any updates on household bills.
By sitting down in person, no one can avoid possible uncomfortable questions about money. You all can figure out potential sticky situations together.
As a bonus, roommates can also use this time to go over any other to-dos around the house. You might also discuss ways to economize, such as saving money on water bills.
Keeping Some Personal Purchases Separate
Though some may be tempted to fully invest in a roommate relationship by sharing the financial burden on just about everything, there are some items that are better left in a budget’s personal spending category.
That includes the purchase of any big-ticket items you’d like to take with you if you ever move out. These might include such items as a TV, couch, tables, glasses, or an expensive Crockpot purchased on a whim.
It may also be helpful to distinguish an area in cabinets and the fridge for each individual roommate to place specialty or expensive food items they do not want to share.
If one roommate has a pet they adopted on their own, it is a good idea to keep those bills completely separate.
Recommended: How to Save Money on Pets
Another common recommendation is for everyone to invest in their own renters insurance. This will protect all their items in case of a fire, flood, burglary, or more. This type of insurance could save everyone a lot of money and heartache if disaster strikes.
Using Modern Technology to Split Bills with Roommates
Fortunately, splitting bills with roommates is easier than ever, thanks to the advent of P2P transfers. You might all pay bills via PayPal, Venmo, or Zelle, and then one person transfers the appropriate amount to the payee. Your bank may also have tools you can use to quickly send funds to others.
It can be fast and free to transfer money this way and can make the bill-paying routine quick and simple.
The Takeaway
If you need flexible banking (whether or not you have roommates), consider what SoFi offers. With an online checking and savings account, you can not only access your money at any time from anywhere but also transfer money to pay bills directly online. Plus, you can complete peer-to-peer transfers between SoFi Checking and Savings members and non-members.
More perks: No account fees and a competitive annual percentage yield (APY) to help your money grow faster.
SoFi Checking and Savings: The smart, simple way to manage your money.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website . Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. SOBK0423064
Last Updated on February 25, 2022 by Mark Ferguson
Many young adults and even kids have asked me if it is worth it to go to college to be a real estate agent. That is a very tricky question to answer, because the answer is different for different people. I went to college and then became a Realtor, but I did not use much of what I learned in college to sell houses. However, I am glad I went to college, because of what I learned in business. I also met a lot of great people and it helped me mature. If I had not gone to college I probably would not be as successful as I am now, but I also did not know for sure I wanted to be a real estate agent. In fact at that point in my life I knew I did not want to be a Realtor!
Why did I go to college and what did I major in?
My parents both went to college and my dad graduated with a chemistry degree. My sister who is ten years older than me went to college and eventually ended up with a doctorate in physics. It was expected that I would go to college and get a degree in something. In fact, it never even crossed my mind that I would not go to college. I was always good at math, but I was by no means a straight A student. I did not have the greatest attention span in school and I had a few embarrassing moments in class when I woke up from a day-dream realizing the teacher was repeatedly calling my name waiting for an answer to some unknown question.
Because I was good at math I thought civil engineering would be a good fit for me. I ended up being accepted to the University of Colorado in civil engineering and thoroughly hated it as soon as I started. I realized when I was in engineering school that I was really good at basic math and numbers, but I was not good at high level math like calculus or at least I did not have the attention span to learn it. I decided my freshman year that I did not want to spend the rest of my life doing high level math problems and transferred to business school.
I decided an emphasis in finance would be a good choice in business school, because I liked money (I really did not think things through when I was younger). Business school was a breeze after going through engineering. I took summer school to catch up after changing majors and ended up graduating in four years.
What did I learn as a business finance major?
Most of business school taught the common path to success. Get a corporate job, save your money, invest it in the stock market and retire when you are 65. If you wanted to be a cut above the rest you could work 80 hours a week, climb the corporate ladder and hope to become a CEO or high level corporate officer and make big money. The catch was you still had to work 80 hours a week even after you made it!
What I was taught in business school did not make a lot of sense, because the chances of making it big seemed so small and the rewards not that great in the corporate world. Then I took an entrepreneur class and I loved it! I was put in a group of five people and we had to do a computer simulation running a company. I took over the simulation and made all the decisions for our team as far as manufacturing, budget, marketing and basically everything. I loved it and I did not care that I was doing all the work for our team, because our team was number one in the class by a mile most of the year.
In the end we ended up being third because the simulation had a flaw. In the simulation if a company sold all of its inventory, all of its land and all of its manufacturing facilities, the stock skyrocketed. Basically a company sold all its assets, received a stockpile of cash and the stock price was suddenly worth ten times what the cash was worth even with no inventory, no manufacturing facilities and no way to make more money. I explained to the teacher (actually teacher’s assistant) why a company with no possible way to make money in the future should have stock value so high, but she did not understand. Even with the disappointment in not winning, I knew I loved running a business and I was good at it.
What did I end up doing after graduating?
After college I still did not know exactly what I wanted to do. I could not find a company that would let me be their CEO right off the bat and I did not have any ideas for starting a business. While I figured out what I should do, I moved back to my home town and worked part-time with my dad in real estate. I got my real estate license, helped him flip houses and 14 years later I am sure glad I made that choice.
I did not find success in real estate right away. In the beginning I treated it as a job and put in the hours without thinking much about what I was doing and why. When I started to think about being an agent as a business, planning my work and setting goals my career took off. Once I started to treat things as a business I started using my contacts from college and ended up hiring my college roommate as my team manager. I contacted my college and have thought about working with them and their real estate department. When I meet someone from my college it also creates an instant connection.
Although college did not directly teach me how to be a real estate agent, it helped me be successful in many ways.
I learned a lot about business and investing
I learned how little I wanted to be in the corporate world
I met a lot of very smart people and made many lifelong connections
I matured a lot before I started my career
As an alumni I have more contacts and better ability to network with others
Is it worth it to go to college to be a real estate agent?
Going to college or not is a huge life decision and one I cannot make for you. In order to make a decision like this please write out all your options, pros, cons and the costs. It will make it much easier to make the decision when everything is written out and you can see the benefits and down falls. Here are things to consider:
Do you love real estate and do you have any experience in it? If you have never been in the industry or around a real estate office you may not like it. Not everyone is cut out to be a real estate agent and some people may enjoy the corporate world or something else much more.
How much will each option cost? College is very expensive. I was lucky because my parents helped me pay for school and I went to an in-state college with lower tuition. Tuition was also much less 15 years ago than it is today. Real estate school is much cheaper and in most cases much faster to complete.
What are the licensing requirements in your state? Some states require a college degree and some are considering making it a requirement. Check what the requirements are in your state before you make a decision.
What type of real estate agent do you want to be? If you want to be a residential Realtor, college will not help you get a job. But if you want to be a commercial agent, a college degree will help you get a real estate job and be much more beneficial.
How mature are you? This is a hard thing to assess on yourself. We all think we are mature beyond our age, but most of us are delusional when we are young. Ask your parents, ask your family, ask your friends and anyone else to honestly asses how mature you are and if you are ready to start a career or not. If you are not ready to take a career serious, but you start anyway there is a good chance you will not have much success. You might end up blaming the lack of success on the career and not yourself. College may be a good thing for those that need more time (I did).
After you have answered these questions you may or may not start to get a clear idea of what is best for your situation. If you still do not know what to do, there is another option.
Can you go to college and start a real estate career?
You don’t have to pick being a real estate agent now or going to college and being one in four years. You can choose a hybrid option that may be the best choice for most people. Many colleges have a real estate program or at least some real estate classes. You can enroll in college, choose real estate as a minor (it is usually not a major option) or at least take real estate classes for your electives. I would suggest something business related as a major, because the accounting, economics and entrepreneurial classes will be huge benefits to any career.
Besides taking real estate classes you could also start looking for internships or part-time jobs immediately. Look for real estate offices who may need front desk help or any kind of help. Start learning the business from people in the business. This is also a great opportunity to see if you like the business. If you find the right company they might help you get your license and you may even decide you don’t need your degree. Or you might work all through college earning extra money and gaining experience. You might also realize you hate real estate and you had better go to college to get a degree for another line of work.
Conclusion
There is no right answer when it comes to going to college and real estate. I am glad I went to college, but I also did not know what I wanted to do after high school. If you know you want to be an agent and nothing else, maybe you don’t need college. Maybe you can spend a year getting your license and working in a real estate office to make sure it is the right career for you. If it is the right career you just saved a lot of money and time! If you aren’t sure about real estate or want the college experience try the hybrid approach and get as involved as you can in real estate while going to school.
As a renter of a home or apartment, you may be considering whether it’s worth the cost to purchase a renters insurance policy. Renters insurance is a type of coverage that is designed to provide financial protection for your personal property in your rental unit, and it also provides coverage for your liability exposure, should someone become injured on your property. And, the good news is that this type of coverage offers you extra protection, purchasing renters insurance generally won’t cost you a ton of money.
Savings
Compare rates and save on home insurance today!
On average, renters insurance costs about $174 per year as of 2022, according to the Insurance Information Institute (Triple-I). And, much like the right auto insurance policy, renters insurance can be an invaluable part of your financial plan. That said, you may be wondering what is covered under renters insurance, and what may not be covered under this type of policy. By understanding your renters insurance coverage, you may feel more comfortable with your policy and more in control of your finances. Here’s what you should know.
What does renters insurance cover?
Your renters insurance policy provides several areas of coverage and may be able to be customized to fit your unique needs. The coverages discussed here are fairly standard, but all renters insurance companies are different. Checking with your agent regarding the specific coverages included on your policy may be a good idea.
With these coverages, you will first pay a deductible as determined in your policy before your insurance provider helps cover costs.
Liability coverage
Liability coverage is designed to provide financial protection for you if someone is injured on your property. It could also help pay for attorney fees and legal representation. In fact, your liability coverage may even extend to injuries you are found at fault for that occur off of your premises, such as your dog knocking down a neighbor while you are on a walk.
Liability coverage is an integral part of a renters insurance policy. Most companies offer liability coverage starting at $100,000, although $300,000 and even $500,000 are not uncommon coverage levels. These amounts may seem high, but if someone is injured and sues you, the bills can add up quickly.
Personal property coverage
Personal property coverage is the backbone of a renters insurance policy. Because your landlord is responsible for the structure of your rental home or apartment building, a renters insurance policy does not include dwelling coverage like a home insurance policy does. However, you are responsible for your personal belongings, like your clothing, furniture and electronics, and that is where renters insurance comes in.
Renters insurance policies cover your personal belongings on a named peril basis, meaning that your belongings are only covered for certain situations. The named perils most commonly included are:
Fire or lightning
Windstorm or hail
Smoke
Vandalism
Theft
Damage caused by the weight of ice, snow or sleet
Damage caused by the accidental discharge of water or steam from a household appliance, or from a plumbing, heating, air conditioning or sprinkler system
Damage caused by the sudden and accidental cracking, burning, tearing apart or bulging of a steam or hot water heating system, air conditioner or sprinkler system
Damage caused by the freezing of a household appliance or plumbing, heating, air conditioner or sprinkler system
Damage caused by a sudden and accidentally generated artificial electrical current
Keep in mind that these perils only refer to your personal property. If your ceiling caves in after a heavy snow, for example, your renters insurance policy will help pay for the damage to your belongings, but your landlord’s policy will pay for the damage to the building itself.
Actual cash value vs replacement cost
Typically, you will have a choice between two types of personal property coverage on a renters insurance policy: actual cash value or replacement cost. You may even have a third option, called guaranteed replacement cost coverage. These will determine how your coverage applies after the deductible is taken into account.
Actual cash value (ACV) coverage will pay to replace your belongings at their depreciated value. For example, if you purchased a TV for $1,000 and it loses 10% of its value each year, after five years it will only be worth $500. If your TV is damaged, your insurance claims adjuster will calculate the depreciation to determine how much to pay you for it. More or less depreciation may be taken out depending on the condition of the TV. ACV policies are typically the least expensive option.
Replacement cost coverage will pay you the amount it will take to replace your damaged or destroyed items with comparable new items. For example, even if the TV in the example above is five years old, a replacement cost policy will give you the $1,000 that it would take to buy a similar new TV. Replacement cost policies are typically more expensive than ACV policies since they agree to pay you a higher amount.
Guaranteed replacement cost takes things a step further. If your damaged or destroyed items cost more than the original value to replace, a guaranteed replacement cost policy will pay the higher amount. If it would take $1,500 to replace your damaged TV, even though you only paid $1,000 for it when you purchased it, a guaranteed replacement cost policy should pay the $1,500. Guaranteed replacement cost typically costs the most of these three options, and may not be available from every company.
What does renters insurance not cover?
Although renters insurance offers a good amount of financial protection for its relatively low cost, not everything is covered. Some common exclusions on renters insurance policies include:
Flood damage: If you live in an area prone to flooding and are worried that your personal belongings could be damaged in a flood, you may want to consider a separate flood insurance policy.
Earthquake damage: You may be able to add earthquake coverage to your policy by endorsement. If you live in an area of the country where earthquakes are common, you may need a separate policy.
Damage caused by pests: Because it is your landlord’s responsibility to maintain your rental home or apartment building, pest damage, even to your personal belongings, is usually excluded from a renter’s insurance policy. If your landlord is found negligible for allowing a pest infestation, the liability on their landlord insurance policy should cover your damages.
Damage to or the theft of your vehicle: To get coverage for your vehicle, you need to have auto insurance. Your personal belongings may be covered under your renters policy if they are stolen, but the car itself or any damage to it is never covered under a renters insurance policy.
Your roommate’s belongings: Unless you and your roommate have a joint policy where you are both listed as named insureds, your roommate’s belongings are not covered under your renters insurance policy.
Damage in excess of your policy limits: If you have a renters insurance policy, you should consider how much coverage you need to replace your belongings. Your liability coverage will also only pay up to the limit you choose. However, damage you cause to the unit or injuries you or your family sustain are not covered by renters insurance.
Every renters insurance company is different, so talking to your agent is the best way to determine what is and is not covered by your policy.
What customizations can you make to a renters insurance policy?
Renters insurance policies often come with endorsements that you can add to customize your coverage. Common endorsement options include:
If you are not sure how much renters insurance you need or what coverages to choose, talking to a licensed agent may help you to decide on policy options that are appropriate for you.
Frequently asked questions
Deciding which renters insurance company is right for you can depend on a range of personal factors and preferences. There are numerous renters insurance companies on the market, and one of the best ways to find coverage that fits your needs is to request quotes from several companies. This lets you compare the available coverages, discounts and price before making a decision on a policy.
Your renters insurance policy may extend your liability coverage to cover injuries that your pet causes to others, although there are certain dog breeds that are frequently excluded from coverage. Exotic pets may also be excluded. If you are looking for health insurance coverage for your pet, you will need to purchase a pet insurance policy.
No, your renters insurance policy will not pay for your medical bills if you hurt yourself. Your renters insurance medical payments coverage only applies to your guests, and your liability coverage only provides financial protection for injuries and damages that you are found at fault for. If you are injured on your property and your landlord is found at fault, their landlord insurance may provide coverage for your medical bills. Otherwise, you would need to have health insurance to cover your injuries.
Years ago, I discovered cockroaches in my Chicago apartment. I spent money on sprays, traps, and other pest control gadgets to rid my place of the disgusting rent-free tenants, but I was no match for them.
So I turned to my landlord for help. If he refused, I’d withhold rent or break my lease—I was justified, right?
Maybe. Maybe not. Rental laws and tenant rights vary from city to city, and it actually might not have been OK for me to up and leave—even if my landlord wasn’t getting the job done. (Thankfully, it didn’t come to that: He quickly hired an exterminator, and I lived out the remainder of my lease roach-free.)
But like I did, many tenants believe that you can simply deduct or skip rent for problems or repairs—which is just not true. And there are other myths about renting that are widely believed. Here are some of the most common ones—and the truth behind them.
1. You’ll never land an apartment with a bad credit score
Yes, bad credit can make things more challenging, especially in a competitive rental market. But it doesn’t automatically disqualify you as a rental candidate.
When you fill out an application for housing, you’ll undergo a credit and background check. But other factors—such as applying with a roommate, proof of pay stubs, or letters of recommendation from your previous landlords—may help seal the deal.
2. The longer you’ve lived somewhere, the greater the chances you’ll lose your security deposit
So you’ve lived in a place for only a year, and there’s no damage to speak of—you’ll probably get your security deposit back, right? But if you’ve lived there longer, you’re probably thinking you can kiss that deposit goodbye.
It isn’t always so cut and dried, says Megan Perkins Roldan, property manager at Chestnut Tower Apartments in Chicago.
“We definitely take into account the length of tenancy when assessing wear-and-tear damages and expect that longer-term residents will need more work from us at move-out,” Roldan says. “But it’s not necessarily [considered] damage.”
The best way to avoid charges is to leave the unit in the condition it was when you moved in, whenever that was. Do a deep clean, patch large holes, and repaint any custom-colored walls.
3. Your landlord can evict you for any reason
If you’re on a signed lease, a landlord typically can’t evict you for any reason. The landlord must show sufficient evidence that you’ve broken the lease agreement, and your eviction is justifiable. (If you’re renting month to month, however, the rules get a little fuzzy.)
What’s more: You shouldn’t come home to find the locks changed and your stuff out on the street. To evict a resident, landlords or property management companies must provide sufficient and specific written notice, according to Nolo, one of the largest online libraries of legal information for consumers.
If you fail to move or change your behavior after receiving the notice, the landlord has the legal right to proceed with a lawsuit to evict you.
4. A landlord is responsible for all repairs and maintenance
The responsibilities of the landlord or property manager vary depending on where you live and the terms of your lease. In general, your landlord is on the hook to handle such things as general maintenance, noise complaints, plumbing issues, and pest control.
But there are some things that simply aren’t your landlord’s problem—usually if it’s something caused by you.
“If the damage is due to the tenant’s negligence, the landlord might choose to address the repairs and withhold the cost of the repairs out of the tenant’s security deposit,” says Daniel L. Staley, associate broker at Staley Real Estate in Rhinebeck, NY.
And, if damages are severe enough, it could cost you more than your security deposit—we’re talking lawsuits.
5. You can deduct rent when you do your own repairs or maintenance
While it might seem easiest to just subtract the money you spent on repairs, this could get you into trouble down the road—especially if you haven’t discussed this arrangement with your landlord.
Leave the work to your landlord, and make sure to send him an itemized list of what needs to be done. That way, if the landlord refuses to do the repairs, you have ammo to take to a higher power.
Renters can call their local building inspectors “to inspect [the place] and force the landlord to make the repairs that are required by code,” says Alicia Bosben, broker property manager at the Realty Tree in Madison, WI.
6. Rental prices are set in stone
We won’t lie: You don’t typically have much bargaining power when it comes to how much you’ll pay—especially in a hot rental market. But each landlord is different, and you do have a few tricks up your sleeve.
First, consider a longer lease. Landlords don’t usually want to deal with turnover. If you can commit to being in for the long(er) haul, they might be more willing to negotiate the rental price and lease terms.
Second, consider your time frame. There are typically more rental vacancies in winter, so landlords might be more inclined to strike a deal at that time.
Finally, arm yourself with info to help your case: Know the vacancy rate and the going rate for similar units in the area, and bring recommendation letters from your current landlord to show you’re a good tenant.
7. Landlords can enter your place whenever they want
A landlord may need to enter your unit for a variety of reasons—to show your unit to prospective tenants, to check the fire alarms, or simply to do routine maintenance.
But legally, a landlord can’t enter your apartment whenever he wants. He must provide you with sufficient warning, generally 24 hours.
There are some exceptions, of course: If there’s an emergency—like fire or a sever water leak—landlords can enter without notice.
8. You’re flushing away money by renting
Sure, buying a home is a good investment. But there are a ton of reasons why renting isn’t a bad investment.
It might be better for you financially, you might like having someone on call for maintenance and repairs, or perhaps you simply want the flexibility to up and move whenever you want. Plus, renting can allow you time to save for a down payment on that house.
So the next time well-intentioned friends or family members try to tell you that renting is a bad move, tell them it’s a myth—and you can debunk it.
Save more, spend smarter, and make your money go further
Summer is an extremely popular time to move. Many people avoid moving during the other months due to their kids being in school and not wanting to disrupt the school season. Once school’s out in May or June, then people start their journeys to their new homes and cities. Another reason people often move in the summer is that it’s much more pleasant than trying to move in the cold, rain, snow, or ice! Whether you are moving cross-town or across the country, here are a few tips to save money while moving.
Consider when you’re moving
As we mentioned, most people move during either the late spring, summer, and early fall. And based on the laws of supply and demand, it’s likely to cost more to move then vs. moving in the offseason, all other things remaining equal. If you have kids whose school schedules you don’t want to interrupt, you may not have a choice in what time of year you move.
Even if you’re moving during peak moving season, you might consider saving some money by not moving on the weekend. Again, weekends are when many people move, so many moving companies will charge more for a weekend move. If you have the flexibility to do so, consider moving during the week. If you’re using a professional moving company, ask them if they will give a discount if you move during the week.
Don’t move everything you have
Once you’ve figured out when you’re planning on moving, it’s time to figure out WHAT you’re moving. No matter how much stuff you think you have, you actually have way more. It’s amazing how much you accumulate over the years. Make sure you carefully measure the dimensions of your new home to figure out what will fit. Sell, donate or give away anything that won’t fit in. The earlier that you start the process, the better off you will be.
If you have the flexibility to start moving a few weeks or months before you need to move, you’ll have the time to be able to sell things you don’t want to take with you. If you’re not able to have a garage or yard sale yourself, you might have a friend or family member that is having one. See if they will let you sell some of your items at their sale either on a commission or for a fixed price. If you put it off until the last minute, you’re likely to find yourself giving things away for free or, worse, paying someone to haul it away.
Whether you are moving within your same city or to a new city will have an impact on how much you need to get rid of. When you move long-distance, you’re limited to whatever gets shipped or put on the truck. For shorter moves, you can make multiple trips. Whether you’re moving to a smaller or larger place plays a big part as well. In any case, it’s a good idea to try and downsize as much as possible.
Saving money on packing supplies
There are a few ways that you can save money on packing supplies like boxes. The best way to save money is to get boxes from someone who moved a week or two before you did. They’ll likely be happy for someone to take their boxes away. Unless you know someone that’s recently moved, there aren’t a lot of places to reliably get free moving boxes. One option can be Uhaul — while their boxes aren’t free, they will buy back any boxes that you don’t use. That way you don’t have to worry about overpaying for boxes.
Pack it (or move it) yourself
Another great way to save money while moving is to move things yourself. Now is a great time to call in those favors to get help from your friends, family and church. Of course, the feasibility of moving yourself will depend a lot on your specific situation. Where you’re moving, how much you have to move, and how many people you can call on will be major factors in whether moving things yourself is even possible.
Even if you are hiring a moving company, you can still save money by doing the packing yourself. Most moving companies will pack things for you, but it definitely drives up the cost. Remember that if you do pack things yourself, you may be responsible for any items that are damaged during the move.
The Bottom Line
Moving can be a stressful time, so it depends on your own specific situation how much you want to focus on saving money vs. saving your time. If you can be flexible, try to move during the week and/or during the offseason. The next most important thing to save money while moving is to start early and downsize your possessions as much as possible. The sooner you start, the more time you’ll have to sell the things you can’t take with you. If you can find someone who moved shortly before you, ask if they have any moving boxes you can use, and pack and move as much as you can yourself to save money while moving.
Save more, spend smarter, and make your money go further
Previous Post
Achieving Your Financial Goals – One by One
Next Post
Budgeting With a Part-Time Job
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller
Save more, spend smarter, and make your money go further
Moving into your first apartment = a major adulting achievement.
But before applying for your future spot, you’ll need to get a few things in order. And no, we don’t mean going down the Pinterest rabbit hole of new home décor.
Get together the three key numbers that matter to your financial health, so you can know how lenders may view you, and which apartments you can qualify for. Most Americans move between May and September, meaning it’s a pretty competitive space for renters. Turbo Tip: landlords predominately favor detailed, lease applications that showcase a complete picture of your financial health so they are confident in choosing the best applicant.
So in order to stay ahead of the competition (and set realistic apartment goals), here are the 3 key numbers you need to know.
Credit Score
Your credit score is a BIG factor landlords look at when considering your application. Your credit score is more than just a number—it represents how financially reliable you are and how well (or poorly) you manage your debt. Depending on where your score falls on the credit score scale (which runs between 300 and 850), this might be a make-or-break for your dream apartment. Not sure what your credit score is? It’s easy to get a free credit score report from Turbo!
If you’re working on improving your score or building credit for the first time, the good news is that many landlords accept co-signers. A co-signer is a person who is obligated to pay your rent if you can’t. If you plan on using a co-signer, make sure you know his/her credit score and have the #RealMoneyTalk on financial responsibilities before signing a lease.
Verified Income
With rent prices on the rise, landlords need proof to ensure you’re able to make the allocated payments each month. You can show proof of your verified income through bank statements, pay stubs, or job offer letters. Pro Tip: on average, housing often eats up 25-33% of your yearly net income. So before you set your rent pricing parameters on Zillow or Craigslist, be sure to do the math.
Debt-To-Income Ratio (DTI)
While not all landlords may ask for your DTI ratio, it is a key financial health indicator that shows if you’re living within your means. What is a good debt-to-income ratio? Lenders typically like to see 36% or less, but your landlord may have differing standards. You might be tempted, especially if you’re starting a new job, to upgrade your living arrangements and lifestyle to be in line with your increased income, but try to avoid this temptation at all costs!
Find a roommate to split the costs of housing, rent a cheaper apartment, or live in a less affluent area. If you can save even a hundred dollars a month on rent, that’s more money you can put towards paying off your debt.
Additionally, when submitting your application for a new apartment, renters may also ask for your ID (either your license or passport), Social Security Number, past rental history, a reference, and a check for the deposit (typically last month’s rent).
Now that you’re ready to rent, get your numbers with Turbo today so you can see where you truly stand financially. The Target household items section is waiting!
Save more, spend smarter, and make your money go further
Previous Post
How to Know Who to Tip When Traveling Internationally
Next Post
Cooking International Meals on a Budget
Mint is passionate about helping you to achieve financial goals through education and with powerful tools, personalized insights, and much more. More from Mint