A couple of online users have pointed out during a recent money discussion that their rent is half of the monthly income of one person.
This article is written by a person living in rural Ohio, and he always is shocked every time he will know how much money is needed by a person in order to pay for his or her rent.
The average of $550 per month of mortgage payment and rent in some hometown is considered not that high. A thousand dollar per month on rent would get a person a small mansion.
The idea of paying one thousand dollars or more in a monthly rent will place a lot of people in a critical point regarding their money, and this will also prevent them from handling their personal finances the right way.
This article will provide five methods on how you can bring down the your finance problem if you are one of those people that could not handle the cost of rent for their houses.
Ways on how to lower down housing expenses
1. Getting a roommate
One of the simplest way to save money considered by a lot of people on the rent for housing without have to do any big sacrifices is to look for a roommate.
If you really love the place that you are currently living in, then looking for a roommate is still a viable choice even if it is not that convenient. This is really true if you have purchased a home and do not get the luxury to move to a much lesser cost place like some renters do.
It is important that you should always consider doing a screening on a potential roommate, and the best place to find one is with your family and friends. You will be sharing your living space with this particular person after all.
2. Reduce the space
The writer of this article, Barry Weir, was forced to do this after he got divorced and it gave him no problem at all.
You might consider looking for a much smaller place than the one that you currently have, or even better, you can find a small living quarter in a less expensive area. If it is possible, you might want to let your kids share a bedroom.
3. Transfer to the country or suburb
There is a very big difference in the cost of living between the suburb and a big city. If you are one of those people that are renting a place to live, then you can save a lot of money if you will move farther away from the city. Always take note that this will not be considered as a permanent solution, you will be doing this until you will be stability in your personal finance.