Now that you've moved into your new home, it's time to take a little rest. You'll most likely be unboxing your stuff and arranging and rearranging your belongings in your new personal space.
All too often, the fun of moving into a new apartment does not last long because before you know it, your rent payment is already due.
According to RENTCafe, data from Yardi Matrix indicates that the average apartment rent as of January 2020 is $1,463, an increase of $43 from last year. If you're financially-challenged or don't know how to handle your money right, you may have a hard time paying rent on schedule. To get a better idea of how to save up so you can pay your rent on time, take these tips.
Make room for surprise expenses
One common mistake most people commit when it comes to budgeting their cash is only allotting money for everyday expenses. These are usually the ordinary things that we spend on, which makes it impossible to forget to pay for them. These can be utilities, rent, groceries, and pet food.
But aside from those, there are also surprise expenses like vacations and celebrations. If you don't allow a budget for those things, you'll most likely end up taking the money meant for other expenses.
Set your bills to auto-pay
The one thing that hurts more than paying bills is paying it with late fees. This can be avoided if the renter learns to work his way around the money left from paying bills and not the other way around.
To solve this problem, you can make use of auto-payment options. This way, you won't have to worry about making appointments just to pay for your bills.
Read also: What Is a Rent Guarantor and When Will You Need One?
Split the rent
One of the best ways to get cheaper rent is to split it by having a roommate. But this can be slightly more complicated depending on the agreements you made with your landlord. On usual occasions, the landlord will welcome the idea.
If they agree, there is a chance that he or she will raise the rent a few dollars higher with every tenant. Still, you won't be paying for the bill alone, and you could even gain a new friend.
Make savings a priority
After receiving a paycheck, most people would spend first before checking what they can leave for savings. You'll most likely give yourself little money to spare. Instead, try doing the opposite.
Allot some money for your savings account before deciding where to spend the rest of your money. This method greatly helps when you're cutting back on expenses or earning for something - like the monthly rent.
Focus on paying the rent on time
Once you're able to save all that money, it's easy to get carried away. You need to remember what the money is for and avoid spending it on other things. This applies not only to your rent savings but all additional savings you decide to make in the future.
