If you are renting a place to live and you only work part-time then you may find it quite tricky to find enough money to cover the cost. Rent can be expensive and it is something which has to be paid if you want somewhere to live and do not own your own home. Trying to manage the cost of it and your other expenses can be difficult. Below are some ideas on how you might make things easier.
- Pay off your loans – most of us have some sort of loan whether it is a credit card, overdraft or something larger. These cost us money because we are paying interest on them. If we can clear those loans, we will then have less to pay out each month in the long term. This can feel counterproductive in a way as the suggestion is that you pay out more money in order to manage something that is costly. However, it is important to think about the long-term consequences of this. Even making sure that you do not increase the loan will be a good start. If you have savings then using these to repay the loan can be really helpful. Many people do feel reluctant to use savings for this purpose as they may feel they need them to fall back on or they are saving for something specific. However, you can use a loan such as an overdraft or credit card to fall back on and using the savings to repay a loan can save you a lot of money. You will get far less in interest on most savings compared to what you will have to pay on a loan.
- Rent a cheaper place – it is worth considering whether you are prepared to move to a cheaper property so that the rent is less. This can be tricky for some people who are already in pretty small places or do not want to move to a rougher area. However, it is good to take a look at local rentals to see what options are available for you as you could find that there is something that will suit you really well.
- Get a better paid job – if you can get a job that pays a bit more then you will have more money available to cover all of your bills including your rent. You may be able to find something within the company that you work and this is likely to be the easiest and least disruptive option. However, part-time work can be tricky to come by and so you may not find this that easy. It is good to stay optimistic though and keep looking and asking around because you never know what might crop up. You do not wish to miss something because you have not been looking.
- Find other opportunities to earn – It could be wise to see whether there are any other ways that you can earn money alongside your job. This can be fun and you might be able to sell things that you make as part of a hobby that you have, sell items you own but no longer need or do surveys or free lotteries or other fun things that could get you some money. These will not pay a fortune but they could make the difference between you being able to pay your rent and not and are a fun and stress-free way to get some extra money. You may be able to find lots of other ideas to earn as well that could fit in with your lifestyle and be fun to do.
- Compare all prices – it is also wise to be very careful about how much you are spending too. The best way to do this is to compare the prices of everything that you are buying. This is not just when you are in the shop, but for things such as utilities and insurance. Make sure that you are getting the best value for money for everything that you buy. You could find by making a few changes you could save a significant chunk of money. It can be quite fun too, challenging yourself to find cheaper things and seeing how much you can reduce your spending as a result.
So there ae a selection of things that you can try. You might need to do at least a few of them in order to manage. It will depend on how much you are struggling to pay your rent. Hopefully you will find some of the things fun as well. Try to pick out things that you think will make the most difference but also do some things that you enjoy so that you stay motivated to stick with them and therefore you will continue to make the necessary savings that you need.