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

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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.

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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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Jess Melia

Jess is a passionate writer and journalist. She shares about motivational and learning tips on Lifehack.

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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