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I think you may need to rent a cheaper place. My rent is due on the first and if it arrives after the due date, it's late. My tenants can pay with a credit card, if they want, though. I think you may have problems if the rent you're paying is too high for your salary. Why live paycheck to paycheck?
I would recommend you move to a cheaper place. It may not be as nice, but it sounds like you need some breathing room in your financial life. If you don't have children, then I strongly suggest you look for a place that's 25% or less of your monthly income.
You can save money on rent, and maybe have a chance to save for other things, like emergencies. Also, since you're a renter, you can always move to a nicer place later. IMHO You should be able to pay your rent every month on the due date.
you make an excellent point, but this apartment Im living now is a hidden gem- I cant let go of it until its time for me to move out of Ohio which is hopefully in the next 9 months but surprisingly my apartment is close to 40% less than my income! I just am a shopaholic and I need help lol (seriously, Ive gone to meetings lol). The first check always goes to rent and bills and the next check (or two if its a good month lol) I can be flexible with. With every check $150 automatically goes in my savings account that my job set up, 10% of my salary goes to 401k and $50 into my FSA and though I should save more or leave it in my account- I have a horrible shopping habit so I usually spend the rest on clothes and entertainment lol. And since technically the due date is the 5th I pay it on time and I've never bounced a check or paid late. I will slowly ween off my shopping though becuase when I move to Michigan, it appears I wont have the 5 day grace period so I have to make sure I have the money in my account and my salary wont be stretched as far in Michigan as it is in Ohio My financial advisor is appalled at my spending habits lol but I have a childish mentality right now since Im young and single....and it doesnt help most of my friends make about 60k so I like to pretend I make that much too lol but give me 5 years and I'll grow up (or will be making 60k too haha)
you make an excellent point, but this apartment Im living now is a hidden gem- I cant let go of it until its time for me to move out of Ohio which is hopefully in the next 9 months but surprisingly my apartment is close to 40% less than my income! I just am a shopaholic and I need help lol (seriously, Ive gone to meetings lol). The first check always goes to rent and bills and the next check (or two if its a good month lol) I can be flexible with. With every check $150 automatically goes in my savings account that my job set up, 10% of my salary goes to 401k and $50 into my FSA and though I should save more or leave it in my account- I have a horrible shopping habit so I usually spend the rest on clothes and entertainment lol. And since technically the due date is the 5th I pay it on time and I've never bounced a check or paid late. I will slowly ween off my shopping though becuase when I move to Michigan, it appears I wont have the 5 day grace period so I have to make sure I have the money in my account and my salary wont be stretched as far in Michigan as it is in Ohio My financial advisor is appalled at my spending habits lol but I have a childish mentality right now since Im young and single....and it doesnt help most of my friends make about 60k so I like to pretend I make that much too lol but give me 5 years and I'll grow up (or will be making 60k too haha)
Are your parents well off? You sound like a couple of my friends who have loaded parents. I think that for them credit card bills etc are not an issue because they assume that if they get in over their heads, their parents can help out. If so, it may not be as urgent for you to save money, but good habits are good habits.
If on the other hand, you are responsible for yourself, you may need to try a little harder not to spend. When I was single, I also spent tons of money on fun and ALL of my highly-paid single women-friends did the same. Weekend plane trips, shopping, fancy restaurant's etc. I had to work hard to stop, and I didn’t realize how much I was spending until I got married LOL. And my husband said “this cost how much?” So it’s great that you are saving money AND that you know you have a problem with shopping. Even if you have a high salary, try to keep it.
In addition to all of the other good things you're doing, I think you need to try to get a little space from your girlfriends. You can also say "No, I'm broke" when they ask you to go shopping. You might feel like a nerd the first time you say it, and you really may need to find at least a couple of new friends.
Besides getting married, which was the most effective money-saving act I have done, I have had luck in giving myself limits. For instance, I will say no new handbags for a year. Even if I get tempted, well, handbags are off the list. This might help you. You can also give yourself a dollar limit for shopping each month. Spend 150 a month for fun and then put the rest in a safe or a jar.
Another trick I use is to withdraw my money from the bank after I get paid. For instance, I’ll take out XYZ dollars and just save them. They are not available for me to spend on my debit card, and I am saving money in case I have an emergency. Nevertheless, I know it's hard. Good luck.
Our rent is due on the 1st, by 5pm. Late fees are assessed on the 2nd and eviction proceedings begin on the 5th. It was written out in our lease before we signed it and so I have no issues with it.
My rent is due on the 1st... It's late after the office hours on the 5th. One month, I just totally spaced it off... I had it wrote down on my calendar...but with the busy busy life, I forgot to pay it. I realized this on the 6th. The management said that they forgive the first late payment. I was so happy!
Are your parents well off? You sound like a couple of my friends who have loaded parents. I think that for them credit card bills etc are not an issue because they assume that if they get in over their heads, their parents can help out. If so, it may not be as urgent for you to save money, but good habits are good habits.
If on the other hand, you are responsible for yourself, you may need to try a little harder not to spend. When I was single, I also spent tons of money on fun and ALL of my highly-paid single women-friends did the same. Weekend plane trips, shopping, fancy restaurant's etc. I had to work hard to stop, and I didn’t realize how much I was spending until I got married LOL. And my husband said “this cost how much?” So it’s great that you are saving money AND that you know you have a problem with shopping. Even if you have a high salary, try to keep it.
In addition to all of the other good things you're doing, I think you need to try to get a little space from your girlfriends. You can also say "No, I'm broke" when they ask you to go shopping. You might feel like a nerd the first time you say it, and you really may need to find at least a couple of new friends.
Besides getting married, which was the most effective money-saving act I have done, I have had luck in giving myself limits. For instance, I will say no new handbags for a year. Even if I get tempted, well, handbags are off the list. This might help you. You can also give yourself a dollar limit for shopping each month. Spend 150 a month for fun and then put the rest in a safe or a jar.
Another trick I use is to withdraw my money from the bank after I get paid. For instance, I’ll take out XYZ dollars and just save them. They are not available for me to spend on my debit card, and I am saving money in case I have an emergency. Nevertheless, I know it's hard. Good luck.
My parents arent "rich" but they will help me if I get in a bind. Ihavent had to ask for money in about 9 months but I hate to admit, they still pay some of my bills (cell phone, car insurance) so I guess I do need to be mroe careful becuase when they cut me off, Im going to be a sad puppy lol.
Dont you get tempted to spend the cash? I cant take cash out becuase even if I hide it somewhere, int he back of my mind I know I have it and can dip in and get it. The smartest thing I did to solve that was to open an online savings account with ing.com and whenever I get an email saying the interest rates have risen, I deposit $50. But since it is online I have no access to it so its harder for me to spend.
I feel bad for saying this but one of my main reasons I want to get married is so I can have access to another income lol but now that you have given me a "glimps" into married life, I see that my dreams may be just that lol. What was the hardest thing for you about being married with finances? Was it having a joint account and having to be accountable for what goes in and out or that you had new expenses?
You sound very financially smart- you must be an accountant?
My rent is due on the 1st... It's late after the office hours on the 5th. One month, I just totally spaced it off... I had it wrote down on my calendar...but with the busy busy life, I forgot to pay it. I realized this on the 6th. The management said that they forgive the first late payment. I was so happy!
that was nice of them! I wrote a check once and dropped it in the rent mailbox, and went out of town on a long business trip, didnt get back till 2 weeks later to a letter from management saying my rent was late and I had until the 15th to pay it (it was the 14th when I returned lol) so I called them panicking like what are you talking about, i paid my rent before i left but they "lost" my check and said they never got it so now I always get money orders or certified bank checks because I travel so much I dont want to come back to an eviction lol.
My Boise, Idaho office does rent due on the 1st, late after the 5th. We will allow someone to be late if they call us ahead of time and its a one time thing. If we have to call them to ask for rent, there are late fees of $10 per day starting on the 1st if it isn't paid by the 5th.
So on the 5th = 0 late fees
On the 6th = $10 late fees, with $10 more added each day until rent is paid.
My Boise, Idaho office does rent due on the 1st, late after the 5th. We will allow someone to be late if they call us ahead of time and its a one time thing. If we have to call them to ask for rent, there are late fees of $10 per day starting on the 1st if it isn't paid by the 5th.
So on the 5th = 0 late fees
On the 6th = $10 late fees, with $10 more added each day until rent is paid.
Evictions start being issued about the 20th.
Thats so nice you allow them to call one time, sometimes life happens and its always nice when people can be flexible and understanding as long as they dont make a habit of it. You are a great manager!
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My financial advisor is appalled at my spending habits lol but I have a childish mentality right now since Im young and single....and it doesnt help most of my friends make about 60k so I like to pretend I make that much too lol but give me 5 years and I'll grow up (or will be making 60k too haha)
