Budgeting Tips for Saving for Your Deposit
PUBLISHED 13 NOV 2018
3 Budgeting Tips for Saving for Your Deposit on a Rental Flat in Arcadia
If you want to rent a flat in Arcadia, or any other area in South Africa for that matter, you’ve probably become aware of one very important line item on your moving budget – the deposit. Rental agencies and landlords vary on the required deposit, but the industry best practice across the board generally requires one and a half month’s rent or up to two months’ rent in advance, which acts as the security deposit. This is in addition to the first month’s rent for the flat in Arcadia. All in all, you will need a lot of money to move, even before a single box is packed or transported to your new flat.
It’s not easy coming up with the required rental deposit for your first flat, but it’s not impossible. You can start saving today. We’ve come up with a few helpful tips to get you on your way to saving for your first rental deposit. Here are a few ways in which you can start putting away money today, and start getting your security deposit ready right now.
#1 Create a Specific Savings Account for Your Rental Deposit
Many people have multiple savings accounts, from emergency funds to holiday savings funds. It can be hard to keep track of what money is available where, and you can lose track of valuable funds that could go towards your rental deposit. So open a high-interest savings account specifically for the deposit, and keep all the money in there.
There are various reasons for doing this. For one, you know that the money has been earmarked for a specific and important purpose. You also have the satisfaction of seeing it grow each month and earn compound interest. It’s your safe space to drop money into whenever you have some to spare, and can help to get you to your goal amount.
#2 Avoid and Get Rid of Unnecessary Expenses
If you’re serious about putting together a rental deposit for your Arcadia flat, it needs to reflect in your spending. It starts with slashing your spending on unnecessary expenses. There are some important expenses that can’t be avoided, like groceries and petrol. However, there are many other areas that you could possibly cutback, like take-out meals and other luxuries.
#3 Rent a Flat in Arcadia That You Can Afford
If you need to move into a flat soon, but your rate of saving will take too long to make it happen, consider opting for an apartment with a lower rental price. It might mean you need to compromise for a year as you spend some more time saving, and perhaps move into a smaller space than you intended. However, it pays to be flexible where possible.
Turn to Huurkor for Affordable Rental Flats in Arcadia
We’ve been helping to connect landlords and quality tenants for many decades. Throughout the years, we’ve helped countless families find their next rental homes, and we can do the same for you. When working with us, you can look forward to fast, efficient, and professional service. There’s no need to pitch up for a dozen unproductive viewings. Instead, we will work with you to find out what your exact needs are and compile a shortlist of appropriate properties.
We also take care of every aspect of your lease, from rental collection, to move in and move out inspections, and everything in between. To learn more about our company and services, and what we can do for you, simply contact us today. We look forward to helping you find your next flat to rent in Arcadia.