If you rent:
– Ask if there are any current move-in or lease renewal specials
– Look at rentals in less desirable areas to use for negotiating a lower price on your desired rental
– Always take a walk-through video when moving into a new place for reference when moving out, so you have a better chance of getting your security deposit back.
– If your income qualifies, see if you are eligible for rental assistance through the US Department of Housing and Urban Development: https://www.hud.gov/helping-americans#Affordable
If you have a mortgage:
– Know when it’s worth it to refinance. This will depend on many factors, but you can run the numbers with a refinance calculator: https://www.calculator.net/refinance-calculator.html
– Eliminate PMI (Private Mortgage Insurance). Once you have over 20% equity in your house, call to have the PMI removed. If you don’t have 20% equity, you can get your house re-appraised to show you have 20% equity, but this may lead to increased property taxes.
– If you can afford to make an extra payment each year, it can heavily reduce the amount of interest you have to pay for the life of the loan. Just make sure there is no penalty for paying off your mortgage early.
For renters and owners:
– If you own a business or are self employed, see if you qualify for a Home Office Deduction: https://www.irs.gov/newsroom/how-small-business-owners-can-deduct-their-home-office-from-their-taxes
– Declutter. This will help in reducing moving costs as well as allow you to downsize to reduce costs. My personal rule is if it doesn’t fit in a U-Haul, I buy to sell; I try to buy something at a price I can sell it for when I move. This rule doesn’t work for everyone but it has worked for me.
– If all else fails, roommates.
Frugal Toolkit 