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.
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.
The average of $550 per month of mortgage payment and rent in some hometown is 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 do not have the right amount of money to handle the monthly rent for your housing, then below are ways on how you can solve your problem.
Ways on how to lower down housing expenses
1. Find a roommate
Many people consider getting a roommate as one of the simplest ways to save money on monthly rents without having to make some major sacrifices.
Even if having a roommate is really not convenient, it is still a viable option especially if you really love the place where you are currently living in. 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. You will be sharing your living space with this particular person after all.
2. Lower down 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. Live in the suburbs or country
The cost of living in the suburb is way cheaper as compared to the cost of living in the city. If you are one of those people that are renting a place to live, then you can save a lot of money if you will move farther away from the city. You should take note that this is not a permanent solution, you should consider this as something that is temporary until you will be financially stable.