Does it ever feel like your rent takes up so much of your paycheck and there’s only a little left to drop in your savings Jar? Finding the balance between housing costs and building a financial cushion through savings can be overwhelming sometimes. Nevertheless, it is absolutely possible to save while paying your rent. ULE Homes will be sharing practical tips and strategies to help you get started on achieving your financial goals one step at a time. 

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Practical Tips on How to Improve Your Savings 

 Here are strategies you should implement to save comfortably while paying rent. 

Have a Budget for Rent 

Firstly, it is important to draw up a realistic budget. Financial experts would advise that no more than 30% of your income should be spent on rent. This gives room for other essential expenses and bills for daily life. Life doesn’t always fit into these percentages, but a little planning goes a long way. 

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Small Manageable Payments 

Next, cut up your budget into small manageable payments. You need to ease up the burden of the large sum into small payments, to afford you some extra every month after ticking all your boxes of bills. Also, this approach of payment helps you worry less, feel confident and improves your mental wellbeing. Calculate your monthly rental here

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Avoid Late Payment

In addition, avoid paying your rent late. Without a proper plan, life can throw curve balls at you, and you are struggling to pay your rent. Late payments can strain your relationship with your landlord. You can stay consistent by scheduling your payment ahead before the due date. 

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Save Without Giving up Comfort

Lastly, saving begins first with intentionality and continue consistently with discipline. Some people are not able to tuck away a large percentage of their rent. Nevertheless, cy make an effort to drop extra cash in their savings box. How do they achieve this? Working with a budget help to see their cash flow.  How their money is coming and where it is going. Then, divide up that money and build the discipline to leave some for the raining days. 

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Tools To Make Your Savings Easier 

There are tools that would help your commit to saving plans, here are a few we recommend;

Automatic Savings 

One of the easiest ways is to set up an automatic saving system that directly pulls out a percentage of your income into your savings account. This method help you to prioritize and build a healthy saving habit. It keeps some of that extra cash out of sight. You can get started on this by engaging platforms like Piggy Vest. 

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Track Your Spending 

A proven way to stay on top of your bills is to use an expense tracker. This keeps you in check with your bills and reduce miscellaneous expenses. Everyone has one thing that can’t stop spending on,what we call a spending weakness, that you break all rules for. Also, it is easy to assume you know what your big costs are, but you might be shocked when you use an expense tracker. At ULE Homes we recommend tracking tools and apps like expensify.

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Compound Interest On Savings

In Addition, compound interest is a way to make extra money when you save. It is the interest that you earn on the money you deposited initially, and subsequently, on the interest accured if you wish to keep your money locked for a long time. At ULE Homes we give our customers a 12% interest per annum on their deposit while financing their rent. Learn more about rent financing here 

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Join the Conversation

Did you know Our experts at Ule Homes make sure you don’t spend more than 30% of your income monthly on rent. ULE Homes has a perfect stress-free solution for you. Visit ulehomes.com to get started. Sign up for new updates in our newsletters here