Paying your monthly rent is a bummer. You finally have a good chunk of money saved up again only to lose it all on the 1st of the month. Sometimes it’s even difficult to remember to pay it and then you inevitably get charged with a late fee. We have a list of tips and tricks to help you save up for your rent properly and pay it on time every month without stressing.
To start off, simply make sure you can afford your rent and still live comfortably. If your rent is more than half your monthly salary, maybe consider downgrading. There are plenty of rental options out there that will be within your budget and have all the amenities you desire.
Calculate and set aside
Sit down and calculate how many paychecks you receive each month and the average of each one. How much you decide to take out and set aside is entirely up to you. With the said, split it up evenly among your checks. Setting aside an entire paycheck for rent will ultimately leave you struggling for a couple weeks in which you’ll probably withdrawal from your rental savings account. This is exactly what we want to avoid.
Ask your bank if they have an automatic withdrawal feature so you won’t have to remember to transfer money from each paycheck.
Set an alarm
Most smart phones nowadays have a calendar feature in which you can set up reminders. If you don’t have a smart phone, check online for free apps that will email/text you monthly to remind you to pay your rent. We suggest setting up your monthly reminder the day before your rent is due.
Fortunately, today most rental companies have automatic pay. This is a feature that you can program your bank account to forward your rent each month without you ever having to write a check. Ask your property managers if they have automatic pay setup!
Our best advice for being able to afford rent is to plan accordingly. If you take the time to calculate your pay each month and the best way to divide it among your paychecks, you will be able to pay for rent just fine. Seriously avoid freely spending your money all month only to have your last paycheck fully go towards rent. It’s a bad habit and could ultimately get you evicted or a bad credit score.