Having Trouble Paying The Rent? Pay It In Installments.

And no, I don’t mean write a check every couple of days to your landlord! Using the same strategy I think people should use to pay off credit card debt, you can make it easier on yourself to come up with your rent check when it is due on the 1st of the month. Let’s say your rent is $1,000 every month. Coming up with that $1,000 all at once can be difficult for some people, but how about if you could break that down into smaller “payments” throughout the month? Would that make it easier?

If your rent is $1,000 a month, and there are 30 days in a month, your daily rent is effectively $33.33.
Sounds more reasonable now, doesn’t it? So to make your life easier, you could automatically transfer $33.33 every day from your checking account to your savings account and then transfer the $1,000 back to your checking account at the end of the month…just in time to pay the rent. If you cannot do $33.33 every day, how about $250 every week? Or $500 every 2 weeks? Would that make it easier to pay that big rent check on the first? I know some people that do this in order to make that big bill a little bit easier to handle…maybe it could help you as well.

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Comments (4)

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  1. Pinyo says:

    I suggested the same thing to my friend who has problem paying his rent. Instead of paying by the month, he is paying by the week. The only caveat is that he should be careful to pay only 48 weeks worth of rent (48 / 4 = 12 months), and not 52 weeks which essentially gives the landlord 1 free month or rent.

  2. david says:

    Good catch, thanks for mentioning that here!

  3. mapgirl says:

    My last landlord liked to hang on to rent checks and not cash them for 2 months. He was kind of nutty that way. He didn’t need the cash all the time to cover the mortgage because he’s a surgeon. Since I didn’t have computer access to check my personal finances, I overdrew my checking account more than once. To alleviate the problem of the overdraft fees, I just started buying money orders for the rent. It worked out well, for a small fee, I got the guarantee that he was paid and wasn’t going to screw me over by waiting a month to cash the rent check.

    I wasn’t the only roommate annoyed by this, but the only one to resort to this method. Once I did, I had better control of my cash flow.

  4. DebtDieter says:

    I actually use this method for all my bills except rent! I get paid fortnightly (every two weeks), but all my bills are monthly.

    Rent in Australia is calculated weekly usually, so it’s not as applicable here.