When money is tight, it can be a challenge to pay even your basic expenses. But paying your rent on time is essential to keep a roof over your head. Use these tips to ensure you pay your rent on time every month.
Make a Budget
Everyone needs a budget, especially when money is tight. You need to know where every penny goes to make sure you have enough to cover the essentials. If you don’t have a budget or it’s been a while since you’ve updated it, do it now. Once you have a workable budget that figures in all of your bills and spending, stick with it. Don’t let yourself go over in the discretionary categories, such as groceries or going out. It might not seem like much, but every $20 adds up. Before long, you might realize you don’t have the money left to pay rent.
Break It Down
Instead of thinking in terms of having the total rent amount by the first of the month, break it down weekly. For example, if your rent is $1,000, tell yourself you need to set aside about $250 per week. This seems much more doable. You also won’t get to the end of the month and realize you need to come up with the entire $1,000 because you already set aside part of it all month long.
Watch the Calendar
Don’t let the end of the month sneak up on you. Know exactly when you need the money. If you have to mail your rent check, you’ll need to send it a few days before the first of the month. Plan so the money is in the bank account when you send the check. You can’t be sure how long mailing will take and exactly when the landlord will cash the check. If it goes through early, you might find the check doesn’t get paid or you have a fee added to your account.
Even better is to focus on saving up or earning rent money early. Focus on saving up toward the beginning of the month for the following month’s rent. Once you have the full rent amount, go ahead and pay it. That way you’re set for the next month and you won’t be tempted to spend some of that money on other things.
Not sure you’re going to make rent? Get busy earning some extra money. Check into the option of picking up more hours at work. Get a temporary part-time job. Sell items you have around the house that you don’t need. Do some side jobs, like babysitting, mowing a neighbor’s lawn or running errands.