Most adults of workable and retired ages dread one day more than any other in a calendar year. Just the mere thought that this day is around the corner or at hand tends to make them break out in sweat or tremble with fear and uncertainty. Days come and go quickly but the day you have to pay your next house rent is a day many wish would never come.
Now house rent costs rank as the biggest expend in everyone’s cost outlay in a particular year; you would think that people would have this money on due date, but alas, they usually run helter-skelter during this period trying to raise the money. This shouldn’t be so. We should stop having jitters due to the huge cost; rather we must make plans to pay up.
In my experience people usually leave it till very late before they consider the next payment. When it is three months to the next payment, they try to piece it together, almost believing for a “miracle” to pay their landlord. Miracles do occur but not for things you should have properly planned to take care of such as your obligation.
The first thing you need to do to tame the next house rent monster is to embrace the “pay yourself first syndrome”. Whenever you earn money don’t rush immediately to spend it on your expenses. Instead focus on taking some from it towards investments and anything you want to save for which includes house rent.
Well you might be saying the money is not enough for all your expenses. Yes but no amount is ever enough. Expenses always rise to meet income. Notwithstanding, when you pay yourself first you have something for your future, which is one of the key secrets of the rich and wealthy.
It also helps for you to work with a budget so you can track where your money is going. This budget, instead of making projections for inflows and outflows, must have a series of rows under inflows for paying yourself first.
Make sure to put the house rent account here. With a monthly budget you can make spending cuts on whatever is unnecessary or excessive thereby freeing up money for more important things. A budget essentially shows you where your money is going.
Next, divide your rent into equal monthly instalments till the next rent is due and commit to putting these instalments in an account that you cannot readily access. Go to the bank and give them a standing order if need be so that this money is transferred to another account without you having to do so by yourself.
You can also work with your partner or friend to encourage and follow up with you to ensure you do keep this money aside. Once done faithfully between three to six months, it becomes easier to live within the means of the remaining balance left because you must have a roof over your head.
Commit to ensuring that your landlord gets the funds completely in one instalment and before the due date. The problem with most people is they pay the current rent, inadequately plan for the next payment within 12 months, then they start running around three months to the time looking for where to borrow from.
Efficient money management thrives where you take it step by step in the achievement of your financial goals. It rarely occurs for a huge lump sum to just come into your hands that will solve all your problems at once. Those who cannot manage N1000 surely cannot manage N100,000 not to talk of N1,000,000.
There’s really nothing you cannot accomplish financially when you break it into smaller steps and take it one at a time.