As a tenant, it's vital to pay your rent each month on time. Unfortunately, it's also an area where many tenants have failed to do their part.
Failing to pay the rent on time results in a rigorous course of action, i.e., evicting. While it can be treated as an option, it results in considerable time, money, and effort from both ends. Apart from other problems when wanting to end a tenancy, the struggle to pay your other expenses, which rely only on receiving the rental payments on time, is tricky.
Nevertheless, to maintain a system and save the late fees/fines, something needs to be done. We have put together our top five tips for getting to pay your rent on time.
Set up Automatic Payment
This is one of the easiest ways to keep your monthly payments in check. Digital payments are in, and hence landlords these days also allow people to connect their bank account for automatic payments. This system gives a guarantee that duly payments will be made without any human error. Though it might need a few processing times, make sure you schedule it two days before your original payment date. There are multiple finance apps available in the market that can help you manage this and check your finances.
Also read: How to Manage a Household on a Budget
Generally, rent is the most substantial and ongoing payment each month, which means it comes before any smaller dues. A little organization and pre hand planning can go a long way. Make your bills your priority; if you want to build a sound financial journey, create a system that takes care of your bills with deadlines. Keep a record of your bills in a folder or shelf. If everything is under proper management, there is no need to worry about late payments/dues.
Digital reminders are an excellent way to remind yourself about monthly payments. Physical notes are traditional and have more chances to get lost in the herd of other things. Use a calendar or an application to put reminders, typically two in a day for three days before the due date, and make sure it pops up on your screen with a sound alert. Set the reminders on a time when you are most likely to be around on that technology.
Motivate Yourself with Late Fees
One of the most challenging negatives of paying rent is the potential to rack up your fees. But you can use this as a motivational booster. Find out in your lease agreement how much extra the landlord charges for delayed payments, and then think of ways to spend that amount of money. For example, if you accumulate any late fees, tell yourself not to eat out for a week or make a shopping impulse.
The best way to pay your rent on time is to create a positive reinforcement system. Every time you make a payment early or before the deadline, treat yourself with a small gift. For example, you can eat your favourite food, do a self-care session, or go out to a movie. Bargain with yourself. Tell yourself that it's either a movie night with friends or a late fee as a delayed payment burden.
(Check out 'Learn & Grow with Wizely' 'to read and learn all about personal finance and financial planning.)