One way to save money on rent, and maybe even qualify for free rent, is to become a property manager for an apartment complex. A property manager shows vacant apartments to prospective renters and oversees the general maintenance of the property. Many times managers take care of the on-site office work, as well. Look in the classified ads for apartment manager listings.

Saving money on home ownership

Often rental costs are nearly as much as - if not more than - the cost of monthly mortgage payments. The cost of the mortgage may actually be lower than you think when you take into account the tax deductions you receive when you itemize your tax return. For more information on buying a home, read Home Buying For Dummies, by Eric Tyson and Ray Brown (Wiley).

Keep in mind the risk of house poverty - when your house and the related expenses (mortgage payments, taxes, insurance, home and yard mainte- nance, and so on) swallow all your expendable income. You may have a nice house but not much of anything else to show for your hard-earned money.

If you make the big decision to buy a house, be sure to buy within your means. You want balance in your life, not just a bigger house. An occasional vacation, money for education, a fun evening out with your spouse or friends, furniture, a retirement account - these considerations can end up by the wayside if you buy more house than you can reasonably afford. Be care- ful when you're house hunting. Real-estate agents and lenders often try to convince you to buy as much house as possible, but they obviously have a vested interest in seeing you spend more of your money. The more money you spend on a house, the more money ends up in their pockets.

Don't assume that just because you don't have much money set aside for a down payment, you aren't eligible to buy a home. Ask a real estate agent about home-buying programs available in your area that allow a smaller down payment. These programs are more common for first-time home buyers. Several options also exist for low-income buyers, so don't let a lower income scare you away from looking into buying options. Ask conventional lenders whether they offer mortgages with low down payments combined with programs like Fannie Mae or Freddie Mac, or other governmental or nonprofit agencies.

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