Some people that were in a recent money discussion pointed out that the half amount of the monthly income of one person is the price of their rent.
The writer of this article is currently living in a rural area in Ohio and he always is shocked when he hears about the amount of money that are needed by people to pay their rents.
In some places, the average of $550 per month on rent as well as payment for mortgage are considered not that high. From a monthly rent of one thousand dollars, a person could get 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.
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.
Methods on how to lower housing costs.
1. Getting a roommate
A lot of people would consider having a roommate as one of the easiest method to save money on the rent for housing without having to do some big sacrifices.
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 in fact true especially if you have bought a home and do not have the opportunity to move to a less expensive 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. That is because of the fact that you will be sharing your living space with that particular person.
2. Reduce the need for space
Barry Weir, which is the writer of this article, did this after he got divorced and it worked perfectly 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
You will pay a lot less if you live in the suburb as compared to the budget you will need when you live in the big city. You will be able to save a lot of money if you will move away from the city if you are one of those who are renting some space. 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.