How to Make Rent Without Digging Through Your Sofa Cushions
If you’re ready to stop digging through your sofa cushions to find rent money, check out these tips for paying rent on time without the stress.
By: Nick Massie / 2017 / PayYourRent.com
Are you living in an apartment you can technically afford but still struggle to come up with rent at the end of the month?
You’re not alone. Plenty of people struggle to come up with the lump sum at the end of the month because of the way they manage their money.
If you’re ready to stop digging through your sofa cushions to find rent money, check out these tips for paying rent on time without the stress.
Pay Your Rent First
One of the most common budgeting mistakes people make is paying essential bills alongside other expenses.
The best way to ensure rent is paid is to take rent money out of every paycheck. If you’re paid twice a month, take half your rent out of each paycheck on the day you’re paid. If you’re paid once a month, take it all out then and there.
Paying your rent first prevents you from over-spending and then scrambling to find an extra $50 when your due date arrives.
Follow the 50-30-20 Rule
The 50-30-20 rule sees you spending 50% of your money on rent and other essential bills. Then, you’ll spend another 30% on food, household items, and fun. Finally, you’ll send the remaining 20% to a savings account.
This rule is a lofty goal for most people, especially if your rent is above the recommended 30% of your monthly income.
Paying more than you can afford for rent is a common problem.
Even paying $100 more than you can afford seems doable in the beginning, especially if that apartment has amazing amenities or is in the perfect neighborhood.
But $100 a month is $1,200 per year. That’s $1,200 that you might have to sacrifice from another area of your life, which can make it difficult to balance your budget or even pay your rent at all some months.
Avoid Spending Like Your Friends
This rule is incredibly important because it relates to a principle friends don’t talk about: how much they spend and how much they make.
Your friends might be out for brunch twice every weekend. They might also be enjoying road trips, vacations, and what appear to be expensive apartments. But it may only seem that way from where you’re standing.
Additionally, and perhaps more importantly, many people who are living impossible lifestyles aren’t able to afford it.
The truth is that many people live far outside their means and take on a lot of debt to do it – they simply don’t talk about it.
So, next time you’re tempted to live a lifestyle you can’t afford to keep up with friends or co-workers, remember that they probably can’t afford it either. Live within your means and inspire your friends to do the same. You’ll all be able to make rent comfortably.
Ready to Live a More Comfortable Life?
The key to making rent is being honest about how much you’re able to spend on rent and all the other expenses that come up every month. These three tips will help you keep yourself accountable and honest regardless of your financial situation.
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