How Do You Ensure You're Never Without Rent Money?

Canada
September 30, 2018 8:15pm CST
When my husband and I moved in here, it was made very clear that rent day was on the 1st (as it should be), but that didn't change the fact that we got the majority of our monthly money on the third! This place was almost double the rent of the last place we lived in (again for good reason, since this place is so much better) so having the money by the first could have been a bit inconvenient. Fortunately, because of the unfair circumstances in which EVERYONE had to vacate the old building, we were all given an amount of money which, for us, covered first and last month's rent in this place! Since rent had already been taken care of, we took rent money and put it away for the following month, Then the month after, on the 3rd we took the same amount of money and put it away for the following month, essentially paying our rent a month ahead. We would move the rent money into a special savings account where it would collect interest for a month, and then on the last day of the month, we move it into our checking account, so that it would be automatically withdrawn the next day. We've lived here for four years now, and that system has never failed us. once we put the money into the rent account, we consider it "paid out" even though we're still technically in possession of it.
7 people like this
7 responses
@mesbakh (2284)
• Indonesia
1 Oct 18
i still have loan money in bank for they next 2 years
1 person likes this
• Canada
1 Oct 18
Hope you're able to get that paid off soon.
@mesbakh (2284)
• Indonesia
1 Oct 18
@danishcanadian that is my dream, living wihtout having any loan it must be peaceful
@maximax8 (31053)
• United Kingdom
15 Dec 18
From August 2010 to June 2017 I had a mortgage to pay. I paid my direct debit on the 10th of each month. I used that strategy to look on 1st of the month to see if I had enough money. If I didn't I would take money out from another one of my bank accounts. In January 2016 I looked at my mortgage pay off plans to see if I was on target. I was at around 25,000 pounds. I wished to owe 10,000 pounds in one years time. I made sure I got the balance down to that. In November 2016 I ended a regular saver and I began a regular saver with the mortgage company. When my regular saver got to 3,500 pounds I took it out and paid off my mortgage. Yes rent or mortgage money is a priority.
@dismalgrin (2604)
• United States
14 Oct 18
That is a good idea to keep in mind.
@DWDavis (25812)
• Pikeville, North Carolina
1 Oct 18
You have a good system there. My wife would be proud of you. She has a bill paying system that would put Wells Fargo to shame.
@RasmaSandra (73235)
• Daytona Beach, Florida
1 Oct 18
I just about started living in my new apartment at the end of June. I live in a two-story house with my friends downstairs. I got lucky that way when I moved back to the U.S. I am carefully budgeting the money I have and I have counted out and put aside the rent I need until the New Year.
@JohnRoberts (109857)
• Los Angeles, California
1 Oct 18
Rent money should be the one priority over all else.
@rakski (112925)
• Philippines
1 Oct 18
Well, that is a good money management on your part. I am thankful that we have our own house to live.