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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.
This article is written by a person living in rural Ohio, and he always is shocked every time he will know how much money is needed by a person in order to pay for his or her rent.
In some hometown, an average rent of $550 per month as well as mortgage payments are 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 to lower your costs for housing
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 having a roommate is really not convenient, it is still a viable option especially if you really love the place where you are currently 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.
It is important that you should always consider doing a screening on a potential roommate, and the best place to find one is with your family and friends. 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 might consider looking for a much smaller place than the one that you currently have, or even better, you can find a small living quarter in a less expensive area. You might also want to consider to have your kids share rooms if that would be possible.
3. Move to the country or suburbs
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. And you should not forget that this would not need to be a permanent solution, it would just be temporary until you will be financially stable.