Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
IF you already know that you love the place you're renting & you have no intentions of moving out for a loooooong time, do you try to pay ahead on your rent & if so, by how many months ahead do you try to stay? Other comments?
All the above applies to me, so I started paying ahead some months ago to have more peace of mind & just so I don't have to worry about it as each month comes. I'm currently 2.5 months paid ahead (1/2 of Oct is already paid as of now & it's currently mid July). Being ahead 5-6 mos will really feel good!
I like to work on other people's money for as long as I can, so I leave the money in the bank so that I am getting interest until the very last minute. But if it gives you peace of mind to know you are paid ahead and have a buffer in case of an emergency, that is fine too.
My only fear would be that I don't like someone else being in control of my money, and if something goes wrong, like you die, it will be hard for your survivors to get your money back or know where you stand paymentwise. Even if you move it might be confusing to know who owes who.
Not all landlords will accept payments ahead of time and state law might not allow that.
I'm surprised they actually accepted your advance payments....so if you skip rent in August will they automatically take the funds from your overage? And can you trust that they would actually do that? I wouldn't.
You'd be better off keeping that money liquid in a savings acct (it's good to have at least 12-24 mths of full expenses saved anyway) and that way you just transfer money to your checking, pay the rent and you're done. No worries of late notices, or accounting mix ups or whatever else could go wrong with them holding your money.
Even better, set up automatic payments via your bank account bill payer. My bank will mail out a check at no charge if there is no electronic means to transmit the funds.
I pay my gardener that way now after having forgotten to pay twice in a year. I set it up to continue paying him on some date late in the month through December. Then I'll reset it next year for another 12 payments.
I pay my HOA fees a year at a time. It's only $300 and worth not having to deal with it every three months.
I put my rental HOA fees on auto pay from my end every three months. I have a separate account for my rentals.
I paid my Medicare drug plan whole year in one payment. It's like $12 or so a month, they even sent me a damned coupon book with instructions to send in one coupon with each month's payment. I did the math and wrote a check for the whole amount, stuffed that and whole payment booklet in envelope and sent it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I set it up to continue paying him on some date late in the month through December. Then I'll reset it next year for another 12 payments.
