I spoke with Jay Smack, marketing director of ICO Multifamily Property Management, which has apartment communities spanning from Farmington to Provo, to talk about his best tips for making the most of your income as a renter. These include saving on utilities, getting renters insurance, setting up automatic payments and trying out cheap or free local activities. By trying out some of these tips, you can help yourself be financially successful in 2022, no matter what the economy looks like.

Save on utilities

“If your rent bill doesn’t include utilities, you have a golden opportunity to save money and help the environment while you’re at it,” Smack said. “There are plenty of renter-friendly tips for making your apartment more energy efficient. You can use energy-efficient lightbulbs, a thermal cover for the water heater, blackout curtains and even a water-saving showerhead.”

Get renters insurance

Don’t have renters insurance? You’ve probably done at least a quick cost-benefit analysis in your head: You weigh the cost of insurance and compare it with what you would have to pay if, say, someone broke in and stole your TV, and it just doesn’t seem worth it. But the cost-benefit analysis may look different if you sit down and do the math.

According to ValuePenguin, the average cost of renters insurance in Utah is $12 a month. 

“If you physically go drawer to drawer and closet to closet in your apartment, taking inventory of your belongings, you’ll see that the value of your possessions adds up quickly,” Smack said. “From electronics and supplies to jackets and shoes, a house fire, for example, could be devastating for your hard-earned savings.”

Some policies also cover you if there is a lawsuit resulting from injuries sustained in your apartment. And other policies will pay for lodging, food and other living expenses if a disaster forces you to relocate. That $12 a month or $144 a year starts to feel much more affordable when you think of how it could help you in case of an emergency!

Set up automatic payments

“Automatic bill payments can have a few benefits,” Smack said. “First and most obvious, they ensure your bills are always paid on time. But autopay can also help you reach your savings goals.”

Autopay adds a level of accountability because you don’t have to remind yourself to save money every time you get paid. Without automating your savings, it can be harder to keep track of where your money is going and end up not saving at all.

Try out thrifty or free local activities

Saving money doesn’t have to be a chore.

“Challenge yourself to see how much fun you can have without spending (too much) money!” Smack said.

Here are some ideas for affordable or free local activities to last you all year:

• This summer, see a cheap movie at Water Gardens Theater or hike the Timpanogos Cave Trail. 
• This fall, drive through Provo Canyon to see the beautiful foliage or get yourself a bag of fresh apples or peaches at Allred Orchards. 
• When winter rolls around again, head inside for a cozy meal or dessert to share! There’s chocolate lava cake at Bona Vita Italian Bistro, Pad Thai from Sabaidee Thai Cuisine, and chicken pot pie from Harvest Restaurant, all in Lehi.

Grocery and gas prices may be rising, but there are proactive steps you can take to support your financial health. By saving on utilities, getting renters insurance, setting up automatic payments and trying out cheap or free local activities, you’re setting yourself up for financial success in 2022 and beyond!