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.
In some places, the average of $550 per month on rent as well as payment for mortgage are considered not that high. A person would get a small mansion from a monthly rent of one thousand dollars.
But because of the need to pay one thousand dollars or more on a monthly rent is really tough for most people, that will result to them having to avoid taking charge on their personal finances.
If you are in a situation where the cost of rent for your house is more than you can deal with, then below are five methods in order to bring it back down.
Ways to lower your costs for housing
1. Find a roommate
Many people consider getting a roommate as one of the simplest ways to save money on monthly rents without having to make some major sacrifices.
Even if it is not a really convenient choice, it is still very viable if you really love the place where you are living in. 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 make sure that you screen the possible roommates, the best place to find one is with the family and friends that you have. That is because you will be sharing your place with that person.
2. Reduce the need for space
Barry Weir, the writer of this article, was forced to do this after he got divorced and it worked really perfect for him.
You can always look for a smaller place than the one that you have or even better, you can find a small living space in a less expensive area. You might also want to consider to have your kids share rooms if that would be possible.
3. Live in the suburbs or country
The cost of living in the suburb is way cheaper as compared to the cost of living in the city. If you are renting some space to live in, 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.