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. A person would get a small mansion from a monthly rent of one thousand dollars.
The idea of paying one thousand dollars or more in a monthly rent will place a lot of people in a critical point regarding their money, and this will also prevent them from handling their personal finances the right way.
If you are in a situation where the cost of rent for your house is more than you can deal with, then below are five methods in order to bring it back down.
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.
Even if it is not a really convenient choice, it is still very viable if you really love the place where you are living in. This is quite true especially if you have purchased a home and do not have chance to move to a much lower cost place like renters often do.
The best place to find a roommate is with your friends and family, and always make sure to consider screening any possible roommate. That is because you will be sharing your place with that person.
2. Reduce the space
Barry Weir, which is the writer of this article, did this after he got divorced and it worked perfectly for him.
You can always look for a smaller place than the one that you have or even better, you can find a small living space in a less expensive area. You can have your children share rooms if that would be possible.
3. Move to the country or suburbs
You will pay a lot less if you live in the suburb as compared to the budget you will need when you live in the big city. If you are one of those people that are renting a place to live, 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.