Budgeting hacks for staying on top of rent and bills | Tenant news

Let’s be honest, paying rent and keeping up with bills can feel a bit like juggling too many balls.

But with a few practical budgeting tips, you can keep your head above water, your bank balance in the black, and maybe even have some fun money left over.

Here’s how to stay on top of your rent and bills without losing your cool.

Know your money

Before you can take control, you need to know what you’re working with. Gather your payslips, bank statements and bills, and write down what comes in and what goes out each month.

It sounds boring, but it can be very revealing. You might be shocked how much those takeaways or coffee runs add up. Habinteg also has a useful budget planner to help you get started.

Once you know your numbers, a simple rule of thumb is the 50-30-20 rule. Spend 50% of your take-home pay on essentials like rent and bills, 30% on wants, and 20% on savings or paying off debt.

It doesn’tt suit everyone perfectly, but it is a good starting point. If it doesn’t fit your circumstances, you can tweak the percentages, for example putting more towards essentials or savings.

The key is to create a plan that helps you stay on top of your money.

Prioritise the essentials

Rent is usually the biggest monthly expense, so covering this outgoing first gives you peace of mind.

Once that’s sorted, make sure you set aside money for other essential bills such as electricity, gas, water, broadband and council tax, which can add up quickly.

There are a few simple ways to keep these costs under control:

• Switch providers to get better deals on energy or broadband
• Pay on time to avoid late fees
• Cut waste, like turning off lights or shorter showers
• Check if you are eligible for council tax discounts.
  
  

Even small things, like reviewing your phone contract or subscriptions, can help you save.

Get proactive

Unexpected costs or a surprise bill can pop up. Try to build a small buffer each month, even £20 to £50 can come in handy.

It’s always a good idea to review your budget so it can grow with your income and changing circumstances.

If your rent or bills are hard to manage, get in touch with our Rent Assist team.

They can advise on payment plans, refer you to Disability Rights UK for a benefits check up, and help you apply for Discretionary Housing Payments. Please call 0300 365 3100 and ask for Rent Assist.

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