Money-Saving Tips for Renters

Many people are finding it difficult to make ends meet as rent prices rise across the UK. Rent is often the main recurring expense for households, which can result in both short- and long-term financial difficulties. Those with a low income were hit harder financially by the pandemic, while rents continued to grow.

With the cost of living set to rise this year, here are some money-saving tips that could help make your payments more affordable.

Install a smart meter

A smart meter is an electronic device that records data such as your electric energy use. With a smart meter you can say goodbye to estimated billing! A smart meter automatically sends the data to your energy provider, this ensures that you receive an accurate bill for the energy you’ve consumed, rather than an estimated price. Smart meters also include an in-home display screen that displays your energy usage in pounds and pence. This allows you to keep track of how much energy you are using and how much it’s cost you. The real-time display can likely lead to cost savings, as research suggests that people who track their energy usage use less.

You may wonder how much these smart meters cost. There is actually no up-front cost for a smart meter installation – the entire cost will be paid for through everyone’s energy bills, just like old-style meters. If you pay the gas or electricity bills for your rented property, you can have a smart meter installed, however we recommend informing your landlord before you get one. Your contract may contain restrictions on how energy is delivered, such as the sort of meter that can be installed. You can also have a smart meter installed even if you use a gas card or an electricity key meter. In fact, prepay smart meters allow you to top up your account online, eliminating the need for last-minute top up trips to the store.

On the other hand, your landlord is responsible for your home’s energy bills, it is up to them to decide whether or not to install a smart meter – but it is worth asking!

Install a Water Meter

You may also consider installing a water meter. If your property has more bedrooms than persons or the same amount, check to see if a free meter can save you money! Installing a water meter can save on overall water use, therefore saving you money, so it’s definitely something to think about if you’re short financially. Even if you’re only saving a small amount of money per week, it all helps and can make a large difference when you add it up over the course of a year.

With a water meter you will only pay for the water you use. As a result, you could save a lot of money and also reduce water wastage. Those without a water meter pay a set amount for your water, the bill will not change, regardless of how much water you use.

If you’re a Welsh Water customer on low income, you could benefit from the HelpU scheme or Customer Assistance Fund. More information can be found about HelpU and the Customer Assistance Fund on the Welsh Water website.

Look at possible council tax reductions

If you live alone or with children, are a student, or have a low income, you may be entitled to a substantial council tax reduction. A discount also may be available to those on a low income, who receives benefits, or receives pension credit. Is everyone in your household, including yourself, a full-time student? You’ll be glad to know that you will not be required to pay any Council Tax.

Go to GOV.CO.UK and check with your local council to see whether you are eligible for a discount on your Council Tax.

See if you’re eligible for the Tenancy Hardship Grant

Thousands of households are struggling with rent arrears as a result of the Coronavirus Crisis. In response to this, the Welsh Government has opened its Tenancy Hardship Grant to the Private Rented Sector. If you have built up rental arrears due to COVID-19, you may be eligible to apply for the Tenancy Hardship Grant. Find out if you’re eligible on the Welsh Government’s website.

Your rent can improve your credit score

You can choose to have your rent payments recorded on your credit score if you always pay your rent on time. This means that regularly making on-time payments will improve your credit score, allowing you to get better rates on loans, credit agreements, and even mortgages. However, the disadvantage to this is that if you miss a payment or pay late, your credit score will suffer. It is best only to sign up if you’re positive you’re able to pay your rent on time.

If you live in a house share, you should avoid setting up joint accounts with roommates to pay bills. This is because when you open a joint account you’re linking your money to somebody else, which means that if they get into debt, your credit score will suffer.

Don’t be afraid to request a change or repair from your landlord

At times, we often need to repair or replace something in our home and sometimes these repairs come with larger prices. Some people avoid asking their landlord to change or replace something in their property, and they’d rather buy it themselves. These are costs that are unnecessary! It is your landlord’s responsibility to keep the property functional, so asking them to make a change or repair is completely acceptable and will save you money.

Sending maintenance requests online is the easiest approach to avoid back-and-forth phone calls. It allows you to prioritise the problem, describe it, and send it to your landlord. They will be notified as soon as possible and will be fully informed about your issue.

Check if you’re eligible for benefits

Even if you’re not sure what benefits you’re entitled to, it’s always good to double-check. You may be able to obtain additional funds to assist you in paying your rent.

If you meet the following criteria, you may be eligible for Housing Benefits:

– You have a low income with savings below £16,000 – this will depend on your circumstances

– You rent a property and are a UK resident

For more information on housing benefits go to GOV.CO.UK. Not all landlords accept tenants who receive benefits. Check if your local council has a list of landlords and letting agencies who rent to people getting Housing Benefits. You can get contact details for your local council on GOV.UK. If you’re on a low income, you might be eligible for other benefits to help with your rent. To find out how much you can claim, use our benefits calculator.

Nearly 4 million households are behind on rent, bills, or debt payments. Here at Citizens Advice Cardiff & Vale we provide free, confidential, and impartial information and advice to the residents of  Wales.

If you’re struggling to meet monthly payments, CACV is here to help. For jargon-free help and advice, please Contact Us here.