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. 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.
This article will provide five methods on how you can bring down the your finance problem if you are one of those people that could not handle the cost of rent for their houses.
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 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 of the fact that you will be sharing your living space with that particular person.
2. Reduce the need for space
The writer of this article, Barry Weir, was forced to do this after he got divorced and it gave him no problem at all.
You should consider looking for a place that is much smaller than the one that you currently have or even better, you can find a smaller place in an area that is low-cost. If it is possible, you might want to let your kids share a bedroom.
3. Transfer to the country or suburb
There is a very big difference in the cost of living between the suburb and a 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.