Some of the online users that were in a recent money forum online pointed out that the price of their rent is half the monthly income of one person.
The writer of this article is currently living in a rural area in Ohio and he always is shocked when he hears about the amount of money that are needed by people to pay their rents.
In some places, the average of $550 per month on rent as well as payment for mortgage are considered not that high. From a monthly rent of one thousand dollars, a person could get a small mansion.
There are a lot of people that are placed in a critical point when it comes to money especially if they are needed to pay one thousand dollars of monthly rent, this will make them avoid handling their personal finances properly.
If you do not have the right amount of money to handle the monthly rent for your housing, then below are ways on how you can solve your problem.
Ways on how to lower down housing expenses
1. Find a roommate
A lot of people would consider having a roommate as one of the easiest method to save money on the rent for housing without having to do some big sacrifices.
If you really love the place that you are currently living in, then looking for a roommate is still a viable choice even if it is not that convenient. This is in fact true especially if you have bought a home and do not have the opportunity to move to a less expensive place like some renters do.
It is important that you should always make sure that you screen the possible roommates, the best place to find one is with the family and friends that you have. That is because of the fact that you will be sharing your living space with that particular person.
2. Lower down the need for space
Barry Weir, the writer of this article, was forced to do this after he got divorced and it worked really perfect for him.
You should consider looking for a place that is much smaller than the one that you currently have or even better, you can find a smaller place in an area that is low-cost. You can have your children share rooms if that would be possible.
3. Live in the suburbs or country
The cost of living in the suburb is way cheaper as compared to the cost of living in the city. If you are renting some space to live in, then you can save a lot of money if you will move farther away from the city. Always take note that this will not be considered as a permanent solution, you will be doing this until you will be stability in your personal finance.