Company Blog

Rental's Tips, Renter's Corner

By Amber

Now that you’re settled in a new rental home, it’s a great time to get your financial house in order. You may now have a larger or smaller rent payment than you did before, and establishing a fiscal system will help you better cover the costs or else bank the savings.

Read on for some basics on approaching and managing your household finances.

Make a budget
You can’t safely spend or save if you don’t know the details of what’s coming in versus what’s going out. To start, gather all your receipts and expense records for the last four months. Calculate what you spent on items like these:

  • Rent
  • Food
  • Electricity
  • Gas (for your car and your home)
  • Transportation
  • Phone
  • Internet/Cable
  • Repairs
  • Wardrobe
  • Medical expenses
  • Travel costs

Now, pull out your paystubs. Using your favorite finance website, software program, spreadsheet or notepad, calculate what came in against what went out for that period of time.

Track your progress
Now that you have an idea where your money typically goes, you can make some important decisions about the outflow. 

Whether you use budgeting software or write everything down by hand, you must pay attention to your expenses. Do a tally each week or month to see if your spending has lowered to fit your income, with some left over for savings. If you’re still over, you must adjust your spending further.

Save some
Are you able to cover your regular debts and perhaps pay down outstanding loans or credit card debt? Are you saving enough for retirement? Have you started an emergency fund for a rainy day?

Now is the time to make careful choices — sometimes difficult ones — that will allow you to cover your expenses, be ready for the unexpected and prepare for your financial future, as well.

Don’t leave your finances a mystery. Start by lowering and tracking your expenses today to get on the road to financial security.

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