Kevin always believed in having a plan. So he drew up a savings plan for his rent. But six months in, his landlord served him a 90% increase on his rent.
Optimistic that he could still make it, he soon discovered that his best friends were getting married and part of his savings ended up being spent on celebrating as Men in Agbada.
Other unforeseen bills began to creep in, and with only two months left to renew his rent, he started to panic.
How was he going to pay his rent?
Traditional Savings
Traditional savings is a great plan when it comes to building healthy money habits. We are encouraged to save all the time. Traditional savings is an emergency support line you call in to help you combat incidental financial expenses.
There have been different strategies to support people in cultivating this habit. Traditional piggy banks such as ‘ajo or esusu’ give people a community aside from meeting financial goals. To know that you are not alone and many others running the same sprint as you are even though at different paces is oddly comforting.
Also, the possibility that you could receive your prize before finishing the sprint leaves a window of hope that if a pressing need arises, you have something to fall back on. However, the success of this arrangement depends on its participants.
The savings game has evolved over the years and now we have digital apps that can help users to meet their financial goals and stay committed to meeting these goals.
Apps like Cowriewise and Piggyvest have made this cause their mission to assist users in building good financial habits.
But what you can save depends on how much you earn. Amid the mountain of our needs and wants, prioritization is key. The knowledge of this can help you handle your bills like a pro.
Rent fee is a significant milestone that many young professionals save towards since it is paid annually even though they earn their income monthly.
So it is treated as a major goal to achieve each year, and failing to meet their monthly savings target could put them at risk of losing their home.
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Rent Financing
Rent Financing however is a brilliant strategy that turns that annual goal into sustainable small milestones every month. And with the aid of automated payment, you can safely tick off your rent safely and securely.
Your rent will be paid to your landlord while you make monthly repayments that align with your income. In addition, the amount to be deducted is calculated as a percentage of your income, depending on how much you earn. This gives you room to still save more money!
Ule Homes excels at providing users who want to look into rent financing as an option to organise their bills and finances. They have reviews from customers who testify of the relief rent financing has afforded them.
Paying your rent monthly is a dream achievable with Ule Homes, particularly if you need extra help in ensuring that certain bills are paid consistently.
Your rent can be paid just like your utility bill, allowing you to maximize your savings, whether you want to invest a portion or let it grow with interest in a bank account.
Pay your rent monthly with Ule Homes. Look us up on our official website at www.ulehomes.com.
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Omotayo Ajewole
Ule Homes