Staying on top of your finances when you’re renting not only makes life easier, but also helps you stand out from the crowd as a desirable tenant.
We all face financial bumps in the road every now and then, but with these six handy tips, you’ll be able to manage your money with confidence in no time - and earn a positive rental record while you’re at it!
Plus, putting in the hard work now will set you up better for your future.
Ever feel like your salary just evaporates almost as soon as it hits your account? Or maybe you want to save for something special, but it feels like you’re making slow progress? Tracking expenses will help you to understand why. There are lots of handy tools that can help, so whether you prefer an old-school spreadsheet or want to manage everything on an app, you can easily identify which spending habits aren’t working for you and what needs to change.
Once you understand your expenses, you can plan a budget to make sure you cover the essentials – don’t forget to allocate some funds for fun! Start with the biggest and most important expenses first, such as rent and utilities. Use your expense tracking tool to make sure you haven’t missed any regular necessities in your lifestyle. Having a clear budget can make it easier to resist the temptation to impulse purchase, while making sure that you still have a little set aside to treat yourself.
Good money management can be fun too – set yourself some financial goals and enjoy the feeling of accomplishment you get once you achieve them!
If you’re a budgeting whiz, you might feel like there's little to cut, but every little bit adds up and it does pay to understand where your money goes and where it could be reigned in.
Examples where you could look to trim back costs include:
Whether you're looking to be more thrifty on your essential weekly grocery shop, really want that new gadget or need those new pair of jeans, there are definitely smarter ways to shop and stretch the dollar further.
Here are a few hacks to consider:
Some expenses, in particular power bills, tend to vary at different times of the year, which makes budgeting tricky, but renters using RentPay’s bill smoothing service can help. Put simply, it lets you input your utility bills and pay an estimated weekly, fortnightly or monthly amount instead of being hit by a much bigger quarterly bill. You could earn up to $26 cashback a year just for bill smoothing your Origin electricity and gas through RentPay.
We’re all busy but putting payments off until later is a sure-fire way to forget, and this can affect your credit rating. RentPay has partnered with Mastercard to make every rental payment as quick as a few clicks with Click to Pay, a faster, safer online payment method.
When you can make your payments faster, you save time for something more fun than paying bills. When you make sure they’re more secure as well, you might save a whole a lot more.
No matter how well we budget, sometimes an unexpected expense crops up. The car breaks down, the dog gets sick, and suddenly you’re left wondering how you’ll make it to payday.
Getting in a good saving habit is one of the best ways to prepare for unplanned expenses. Try to include a set amount in your budget that goes into a separate high-interest savings account that is only to be touched in an emergency.
Check out our tips on how to set up your emergency fund.
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