Budgeting for Wilmington, NC Renters: Tips to Always Pay On Time

Whether you're a first time Wilmington, NC renter or a seasoned renter for years, paying rent on time can sometimes be a daunting task. Unless you choose to purchase your home or live rent-free with your parents, paying rent is crucial and unavoidable. Rather than stressing month-to-month or getting hit with hefty late fees, consider these tips to make your first of the month that much smoother when renting in Wilmington, NC. 

Create A Budget, Start It Today, & Stick to It

Starting tomorrow is an excuse. Any money manager will tell you that creating a budget is paramount to maintaining control over your finances. If conventional methods don't work for you, you can tailor your own to what does work. Personally, I go by The Half Payment Budget Method. Simply explained, it is where you take your regular, recurring payments and divide them in half.  Each payday, you set aside the necessary money out of each check so that you have the full payment available when it is due.  The half payment is not paid at that time, but rather you hang onto it and pay it on the due date. Click here for deeper explanation of it. 

Make Rent Numero Uno 

Number One on my budget? Rent. Why? Because a roof over my head takes priority over my car payment, student loans, or even water or lights on in the house. If my landlord kicks me out for not paying my rent, I'll surely have wished I paid my rent rather than that student loan or cell phone bill. Thankfully with crafty budgeting, I'm able to cover all my expenses and have peace-of-mind when I go to bed at night. Also, you can set up a direct debit payment with your landlord, so that it automatically comes out each month. It will make your landlord happy, plus force you to discipline yourself having to stick to that budget. 

Track What You Spend

There are dozens of money managing apps out there to help you follow up on that budget you created. Check out the Clarity Money app to get started. You set it up with your bank account, and it breaks down your spending by category each week. It even has an option to put away savings on a recurring basis. Tracking your spending helps you see where your money is actually going, and it shows where you can cut back when possible. Maybe you skip on going out both nights on the weekend - stick to only one, or none at all. Encourage your friends to join you in cost-free activities like a bonfire by the beach or a game/movie night.

Ditch the Plastic 

If you are going to go out or as a general rule of thumb, bring cash ONLY. This one hurts personally and leaves me uneasy in case anything unexpected comes up. But, it really does keep me from buying a round for half the bar. Plus, my wallet thanks me when I wake up in the morning and find that I didn't spend all my rent money on drinks for my brother's friend-of-a-friend or outrageously overtipped that Uber driver just because he was from New York, too. 

You might even need to cut back on that gym membership. Exercise is important, of course, so be sure to trade in that gym tag for some fresh air and your good ol' running shoes.

Ultimately, take time to really think about the money you have, and plan where it is going. Once you do this and stick to it, you know that your rent will always be paid on time. 

Looking to rent in Wilmington, NC? Join our waiting list here!