Do this to Stop Having Rent Issues
In the past 3 days, I’ve witnessed over 5 acquaintances struggling with rent-related issues here in Nigeria. So, in case you do fall in this category, you’d find the practical steps in this post super helpful.
Picture this: your rent is almost due, and you’re dreading the usual cycle of borrowing or seeking financial assistance. I get it. I’ve been there. Let me walk you through how I navigated the turbulent waters of Lagos rent without resorting to borrowing or lamenting my predicament.
Now, I won’t divulge the exact amount, but let’s throw a figure into the mix, say 1,000,000 Naira. With 12 months in a year, here’s my approach:
I did some quick math.
Divide 1,000,000 Naira by 365 days, and you get roughly 2,700 daily. I rounded it up and committed to saving 3,000 Naira every day.
But hold on, the real kicker is, doing this manually might not be very easy to do on your own. I took the savvy route and headed to Cowrywise, opting for LOCKED SAVINGS. Of course, you could explore alternatives like PiggyVest or any other trusted fintech platform offering locked savings.
Fast forward to the end of the first year, and voilà – my rent was covered seamlessly using this method. I even treated myself to a well-deserved treat at a fancy restaurant, enjoying Alfredo Pasta with a refreshing Smoothie.
I actually learnt this approach from one of my mentors. And let me tell you, it’s a game-changer that continues to be a financial lifesaver. You’ve got to give it a shot – it’s more than just a money-saving tip; it’s a life-saving strategy!
Now, here’s the beauty of it. Anything on your wishlist – be it a car, a house, a laptop, a camera, or even a dream vacation – you can create a savings plan for it with a designated timeline.
To young people out there: start saving! I can’t speak for you, but begging for money is not in my playbook. I detest it. Why burden others when everyone has their share of real-life problems?
Enough with planning your housing budget based on someone else’s financial standing or scrambling to meet unrealistic rent deadlines. Embrace the power of savings!
And if someone blesses you with some free cash, show them genuine appreciation. It’s not easy to part with money these days.
1. Emergency Fund:
Building an emergency fund is crucial for unexpected expenses. Aim to save at least three to six months’ worth of living expenses. This fund acts as a safety net, preventing you from dipping into your rent savings when life throws you a curveball.
2. Negotiate Rent:
Don’t shy away from negotiating with your landlord. Inquire about discounts, or flexible rent terms. Some landlords may be open to negotiation, especially if you’ve proven to be a reliable tenant.
3. Explore Affordable Neighborhoods:
Research and explore different neighborhoods to find areas with affordable rent options. Consider factors like safety, proximity to amenities, and the overall cost of living in each area. You might discover great locations that fit your budget.
Sharing rent with roommates can significantly reduce your financial burden. Establish clear agreements and communication to ensure a harmonious living arrangement.
5. Cook at Home:
Embrace home-cooked meals to save money on eating out. Plan your meals, buy food stuff in bulk, and explore cost-effective recipes. Not only is it budget-friendly, but it also promotes a healthier lifestyle.
In conclusion, saving money for rent requires a proactive and diversified approach. By combining the locked savings method with these additional strategies, you’ll not only meet your rent obligations but also build a robust financial foundation for the future. Remember, financial security is a journey, and each prudent decision brings you closer to your goals. Stay disciplined, stay focused, and watch your rent worries fade away. I’m rooting for you!
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