The Ultimate Guide to Paying Rent On Time
Did you know that almost 43 million people in the United States of America rent the place that they live? Paying rent is vital if you want to maintain a strong credit score and be held in high regard. With renting an apartment or condo comes the need to account for all of your monthly expenses.
With everything that happens throughout each month, it is easy to forget to make your rent payment. Perhaps you had a family emergency or work got hectic and you lost track of the days. No matter what happened, paying on time is important if you want to avoid getting evicted.
The good news is that you’re in the right place to learn all about how to remember to make your renter payments each month. Keep reading this article to learn more today!
Set Up Automatic Payments
If it is an option with your landlord, look into setting up automatic payments for paying your rent each month. You’ll eliminate any chance of human error or forgetting to make your payments when you go this route. You’ll link your bank account to your landlord’s software program and the amount you owe will get removed on the same date each month.
For the best results, look into setting the payment date a few days before the date on which your rent is due. There is often the time required to process the payment and you don’t want to risk a late payment.
Set Up Auto Deduction With Management
If you don’t have the option to do automatic payments with your landlord then you can always talk to them about deducting what you owe each month using your debit or credit card information. Most landlords will want to have your card of yours on file. If you give them permission then they can go ahead and deduct what you owe each month so that you don’t need to remember.
Before you give them your card information, make sure that they have a safe way to save and preserve your card information. You don’t want your credit or debit card information falling into the wrong hands. If they confirm that they’re willing to automatically deduct money from your card then you should move forward with this method to ensure that you’re paying on time.
Organization is a great skill to have if you’re someone that sees the importance of staying on top of every aspect of life. Making renter payments is never fun, but learning how to stay organized will make it much easier to make your rent payment on time with each passing month.
You need to place a top priority of paying rent ahead of schedule each month to ensure that you stay in the good graces of your landlord. You’ll find that your finances are in great shape if you look at your monthly expenses and stay within your budget each month.
Rent is often one of the biggest expenses, so you need to put it ahead of smaller expenses like Netflix or Amazon Prime. You should look at keeping all of your invoices in the same place so you’ll know where they are when you need them most. It is much easier to stay on top of due dates when you stay organized.
There are a number of things that you can do with today’s smartphones, and one of the handiest when it comes to paying rent is putting reminders on your phone. You can put these reminders on your personal smartphone or on your work laptop in order to make sure that you don’t miss paying on time.
Make sure that you put a couple of different reminders in for the days leading up to when you need to make your payments. Enable push notifications so that there is no chance that you’ll miss the reminder about renter payments.
Use Physical Reminders
You also can’t go wrong with putting some sticky notes to good use around your home as well as your job. Leave yourself reminders on sticky notes and place them in areas where you’re sure to notice them.
Some people love writing out to-do lists. If you’re someone that already does this then you should have no problems with writing out reminders to place on your computer screen or your refrigerator at home. You’ll be shocked at how much sticky notes to yourself will help with reminding you to make your rent payment each month.
Get Others to Help
If you’re worried that you’ll forget to make your monthly rent payment even with physical and digital reminders then it is a good idea to get help from friends and family. If you have roommates then you should coordinate with them to make sure that you’re all paying in a timely manner.
Family members are also a great resource when it comes to paying rent on time. Make sure that you let them know when your rent is due so that they can remind you each month. If you’re worried that you’ll forget then you can also talk to your landlord about getting reminders from them during the days leading up to rent day in order to keep paying on time.
Find out if it is easier for them to remind you with an email or a text message. Every bit helps when it comes to paying rent on time.
Consider Late Fees
One of the best motivating factors for making your monthly rent is to think about the late fees if you forget. Besides putting a dent in your credit score, the late fees are the worst consequence of paying rent late. They might sound like a negative, but these late fees act as great motivation to make sure that you’re paying your rent on time each month.
The terms and conditions should provide you with all of the information that you need when it comes to the late fees you’ll face. Think about the other areas of your life where that money could go and make for a better life and future.
You can also set consequences for yourself like keeping yourself from eating out that week if you make a late payment. Combine that with Rent Recovery Solutions and you’ll be set as a renter.
Set Up a Savings and Checking Account
If you haven’t already, it is a good idea to set up a checking account and a separate checking account with your bank. You should put your disposable income in your checking account and set the landlord up to take your monthly rent from that account.
The other benefit of having these two accounts is that you’ll save yourself a lot of trouble if you don’t have enough money in your checking account. The landlord can pull the remaining balance from your savings without leading to damaging financial consequences.
That extra money then rolls over and ensures that you make your rent payments on time each month. It is a nice backup plan should something go wrong with your checking account.
If it is an option with your landlord then you should look at going with digital payment for paying rent. Digital payment makes keeping track of payments and due dates much easier for everyone involved. You’ll always know what you owe and what you’ve paid when you start using digital payment methods.
You’ll also get peace of mind since digital payments are much more reliable compared to written checks that get mailed to your landlord. Paying with a card over a digital payment medium ensures that your money goes to the landlord in the exact amount that you owe.
It also means that you get a digital receipt that displays your proof of payment. Digital payments are a great route when you’re worried about paying on time.
It might sound cliche, but positive reinforcement goes a long way in many different aspects of life. This also applies to paying your monthly rent on time. Taking this step will create a positive feeling or mood each time that you pay your rent on time or ahead of schedule.
Set up things like a movie night or dinner at your favorite restaurant as a reward for paying your rent payment on time that month. Knowing that you can spend the difference between the late fees on something that you really enjoy will go a long way towards paying rent on time.
Start Paying Rent on Time Today
Paying rent is an important part of renting an apartment or condominium, and it is vital that you’re paying on time if you want to avoid costly late fees. Positive reinforcement goes a long way towards rewarding yourself for paying your monthly rent on time.
You can also look at setting up automated payments with your landlord to put human error and responsibility in their hands. Don’t forget to use reminders on your smartphone as a way to keep on top of making your rent payment.
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