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Advice for Students: How to Get Your Full Tenancy Deposit Back

Advice for Students: How to Get Your Full Tenancy Deposit Back

The last thing you want after renting a property is to lose your deposit and not understand why. It’s well known that students can often be susceptible to losing their deposits and landlords often have the misconception that all students have messy houses from endless parties and gatherings. This isn’t always true. Hopefully this  guide will help you tackle any problems with getting back your deposit.

Ensure your deposit is protected

Before you move in, ensure your landlord has protected your deposit using a government-backed scheme. You’d be surprised by the amount of landlord scams that are are regularly pulled on unsuspecting 20-something year-old’s, so make sure you check online to see if your deposit is protected. If your landlord hasn’t protected it, you can go to the small claims court to reclaim it PLUS you can receive up to three times the original value as a penalty for the landlord (then you can finally start paying off your student loan).

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Pick the right accommodation

There’s that saying: “the prevention is better than the cure”; one of the best ways to ensure you don’t get burnt when leaving a rented property is choosing the right one to begin with. Make sure you do your research before you sign anything; do some stealth Googling about the company, make sure they’re reputable; check with past tenants about what they’re like to rent with – no one will be more honest than people that once lived in a property and rented through the company you are considering renting through.

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What is a tenancy agreement?

A tenancy agreement is a contract between you and your landlord. It specifies the legal terms and conditions for your tenancy, and states the certain rights for you and the landlord; letting you live in the property as long as you pay the rent and follow the rules. The tenancy can be fixed-term or periodic. For students, fixed-term is the most common, but periodic is also available which runs on a week-by-week or month-by-month basis. Ensure you follow the set rules of the tenancy agreement to receive your deposit back.

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Tips on getting your deposit back

  • Clean! I hate to sound patronizing, but it’s honestly the most simple solution. Pick up your washing up gloves and tackle the moldy takeaway remnants and sticky red wine spillages. Aim to make it look identical to how it looked when you moved in.
  • Your Camera is Your Weapon. Take photos when you leave the house to ensure you’ve got visual evidence just in case you need to dispute charges.
  • Invest in a Tester Pot of Paint. It’s hard to resist putting up pictures and posters to make things more homely. But when it comes to moving out, the blu tack or sellotape marks that remain can end up costing you a lot. If you buy a small pot of paint that matches your wall colour, you can take it into your own hands by splashing on a few neat blobs of paint to cover the damage.
  • Check the Contract. This may sound very boring, but it could end up saving you a good sum of money. Ensure that you’ve read everything so they can’t charge you for something you’ve simply forgotten to do.
  • Grab a Friend. Drag someone round to help you spot any missed areas of dirt or mess. As you’ve lived there for over a year it can be easy to get used to the mold on the bathroom wall or constant crumbs on the kitchen floor, but these probably weren’t here when you moved in. A fresh pair of eyes can help you spot these trouble areas.

Inspection time—what is the landlord on the lookout for?

Sometimes you have to pity your landlord; you’re probably one of the good tenants – having your deposit unjustly withheld. However sometimes tenants can leave houses in truly disgraceful conditions, and landlords leaving homes in disrepair because they can’t afford to fix them, is actually one of the leading causes of empty homes in Britain. You don’t want to be a part of that problem.

Focus on cleaning the fixtures: bathroom cabinets, kitchen cupboards and units, built in desks, etc. These are harder for landlords to replace so it is important to ensure they’re in good condition. Whether it’s carpet or wood floors, make sure there are no obvious stains, dents, scratches, rips or burns on the floor. If there are marks on the floor, often these can be easily covered up with a cheap stain remover like Vanish. As previously mentioned, add a dash of paint over any markings on the wall to ensure you don’t get charged for a whole wall of painting by the landlord.

Featured photo credit: infoetudes via infoetudes.com

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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