It seems that paying rent has become increasingly more difficult for a lot of tenants. It has become a big challenge that tenants cannot figure out how to pay either because the income flow is not consistent or large enough when the period of payment comes or due to improper planning or totally forgetting about it. It may also be the ''multiple expenses'' competing for your income all at once or an unexpected event that just absorbs the whole income and just maybe a 'biting more than one can chew'.
Whatever the reason, the rent of the house you live in with your family must be paid. It is only fair on your part that you do not disappoint the landlord who has invested into the property.
On that note, here are a few tips to consider that will help you pay your rent on time thereby saving you from embarrassment from your landlord and his agent.
1. Assess your current position:
You have to be true to yourself to be sure you aren't living in the wrong side of town or wrong size of apartment because you may be paying a lot for that choice. Do a honest consideration of changing the size(something smaller- 3bedroom to 2 bedroom flat) or location(out of the CBD- Island to mainland) with the intention to get a reduced rent that will reduce the pressure of paying. This may be for a while till you are able to have a sustainable income flow that can manage a higher rent.
2. Stay Aware:
There is a need to consciously have a reminder for when your rent will be due. Some people actually forget and wait for reminders from agents or landlords to help them which sometimes fall short. Keeping it in memory may not be enough but it may require other means like having it on your phone and different communication gadgets, diaries or journals and your yearly book keeping notes. This will help you plan better as funds come in.
3. Commit to a monthly sinking fund:
This is very important and I think every annual tenant should learn to adopt this method. This means you set aside a portion of your monthly income into an account that is separate from your general spending. It will be fine if it is a savings account so you can earn some interest(no matter how little). If your rent is N200,000 per Annum and you set aside N15,000 per month, at the end of one year you will have N180,000 plus whatever interest from the bank. You will agree with me that you are better off trying to get a balance of N20,000 than looking for the whole amount of N200,000. Keep up with this, it will work like magic and help your confidence.
4. Stay disciplined:
You must stay disciplined and committed to this monthly savings towards your rent. You can adopt different measures to help you be disciplined and not deduct from the account. These may include opening a new account in a bank you do not easily have access to; do not collect your ATM card; issue a standing order to your bank with your salary account to pull the amount immediately your salary drops; drop your wife's phone number to receive alerts on the said rent account; give a standing order at the bank not to allow any withdrawals until the period your rent is due. etc
I hope this has been helpful in any way. I'm sure you can contribute by sharing your experience and more ideas that will help other readers pay rent on time. Do leave a comment.
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