When we’re kids all we want to do is celebrate more birthday’s and be older than what we are. When we actually become adults, many of us long for the easy, playful, simple days of when we were kids.
Adulting is hard. There are always so many things to think about — work responsibilities, relationship commitments, cleaning, maintenance, and bills to pay. One of the biggest challenges can be learning how to manage your finances and keep your bank account balanced.
For many, the largest monthly expense when you’re just starting out in the real world is likely rent. There may even be times when the first of the month rolls around and you realize that you don’t have enough money to pay or that you simply forgot to pay the rent.
If you’re struggling with making sure that your payments are in on time, here are some tips on how to stay current with your rent and in good standing with the property manager:
• If your landlord offers direct withdrawal, sign up (and make sure there is enough funds in the account on the 1st of the month). This not only saves going to the office each month, but it also gives you peace of mind and one less thing to worry about doing.
• Offer 12 post-dated cheques that correspond with the term of your lease.
• If you are not great at budgeting, consider pre-paying one month’s rent. This way, if you happen to come up short one month, you know that you have that cushion and still have a place to live.
If you are going to be late on your rent (we don’t recommend this, but life happens!), try the following:
• Call your landlord or property manager as soon as you realize that you may not be able to pay on time.
• Offer to pay some of the rent on time or early and make payment arrangements for the balance.
• Clear up your outstanding balance as soon as possible or be sure to pay according to the payment plan you developed together.
• Consider getting a second job or working overtime to make sure you won’t be short in the future.
• Don’t make being late on your rent a habit. Get professional advice on how to manage your finances or set a budget (and actually stick to it) to ensure you can consistently pay your rent on time.
If you are behind on your rent, take responsibility. Some of the worst things you can do are:
• Wait for the property manager/landlord to call, email or show up on your doorstep.
• Say that you have paid, when you have not.
• Say that someone else or an agency is responsible for your rent.
• Move out of your apartment without notifying anyone.
• Pay with a cheque while knowing that there really are no funds in the account to support it.
Vionell Holdings Partnership (VHP) provides rental housing and property management for an array of residential and commercial customers, including Condominium Management. VHP currently has nearly 4,000 units under management in Manitoba. For more information please visit www.vhproperties.ca.