Whether you have recently left home or full time education or your circumstances have changed, taking responsibility for paying your rent on your own can be a daunting prospect. Probably your most important outgoing will be your rent cheque, be that owed to a property management company, a private individual, local authority or a relative.
Paying your rent and in line with your contractual obligation takes some organization. For even more practical and clear advice on subjects ranging from universal credit to where to get help if you fall behind with your payments, visit the Money Advice Service.
Paying Your Rent On Time
Below is a list of things to consider for making sure pay your rent on time to your landlord.
Renting a property and moving on in involves making important obligations to your new landlord. You will be bound to pay your rent on time and usually in full, unless your agreement has more flexible terms.
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Scheduling your rent payment by direct debit is one way to minimize the risk of missing your payment date. Missed payments can lead to losing your deposit or even eviction.
By setting up a standing order from your personal bank account or from a joint account with your partner straight to your landlord’s designated account, you minimize the risk of riling your landlord or worse. And, it will help you in paying your rent on time every month.
Budget Rent as a Priority
Use a budget calculator before you commit pen to paper on a tenancy agreement for the rental of your new home, and be fully confident that your budget supports the outgoing amount.
On top of the rental fee, be sure that you can afford the applicable council tax in your area and all of the associated utility bills. Be confident that you can fulfill your rental commitment if your circumstances change and that you know where to look for help from the Citizens Advice Bureau if things look bleak. If you are struggling during your tenancy it’s important to talk to your landlord. Don’t become a statistic.
Cut Back Where Possible
Your rental payment is a top priority, which supersedes most other monthly payments. Don’t risk running into difficulties with your landlord by reviewing your budget and cutting back on items such as the gym, treats or holidays. In the future, missed rental payments could count against your credit score, which increases the importance of staying on track now and for your future financial wellbeing.
Do a total overhaul of your household spending by reviewing your broadband supplier fees, compare and switch utilities providers and review your mobile phone. Do you need to pay for a landline telephone? If not, save money to put towards your rent.
Student accommodation is sometimes handled differently by private landlords and higher education providers. In such cases, paying your rent fee comes inclusive of certain household bills. This can make getting to grips with fending for yourself for the first time less complicated.
Check to see if you have or can get an agreement that includes gas and electricity usage, your TV license, telephone line and/or Internet. Inclusive agreements can take some of the stress out of scheduling lots of separate payments for your new home.
Do you make paying your rent a priority each month? Is it at the top of your budget?