RentPay's buffer feature is the perfect way to hold onto a little extra cash and save up reserves to cover you when needed.
Think of your buffer as 'rainy day' emergency savings.
You can choose how much (if any) you want to add to your buffer each funding period (e.g. $20 per week). You can change this amount anytime through the RentPay app.
Whether you're working, studying or retired, your cashflow can fluctuate week-to-week.
When you're renting, your key responsibility outside looking after the property is paying your rent on time.
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Setting up a buffer is a smart move to up your budget game and ensure you're prepared each time the rent is due.
Adding money into your buffer is a little like having a separate account, automating your savings and reducing the temptation to dip into your everyday expenses.
With RentPay's buffer, you can set up an automatic transfer to your wallet, then set and forget, knowing your buffer is growing.
Open the RentPay app, go to Settings and then Emergency savings buffer. From there, move the slider to the amount you wish to set.
These extra funds will sit in your wallet until you need them. You can let it build up to a full rent payment. If that happens, RentPay will ask if you'd like to skip a direct debit. Or, if you find yourself short one week, you can use your savings to pay some of the rent and top up the rest.
Building a buffer through RentPay is the best way to avoid missing a rental payment, helping you maintain a solid rental ledger and take control of your future cashflow.
The amount you select will vary depending on what you pay in rent and your income.
Even if you can only save a little on the side, it's a smart move to make a start and keep saving. The more you can save, the better!
For example, if you put $30 a week into your RentPay buffer, you'd have $1,560 set aside by the end of the year. That's a decent amount of savings to give you financial breathing space.
Have questions? The RentPay support team is ready to help. Call 1300 797 933 or send us an email.
RentPay Technology Pty Ltd ACN 636 254 709 is an Authorised Representative (ARN: 001286725) of Flexewallet Pty Ltd – Australian Financial Services License number: 448066.
We are also an authorised credit representative (CRN: 534915) of One Card Credit Pty Ltd – Australian Credit License number: 390376.
