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How To Budget Better When Your Rent Is Sky-High

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The Top 10 most expensive Zip codes for rental properties are in South Florida, according to RentCafe.

Costs are rising in South Florida as demand for rental homes grows. Fort Lauderdale takes top spot, where landlords demand an average rental figure of $2,752 a month. This is closely followed by Coral Gables where renters pay $2,692 in the University of Miami area and $2,404 downtown.

Therefore, if high rent and living costs are pushing your budget to the max and putting you at risk of falling into debt, here’s how to better manage your finances.

Have a strict budget

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When you’ve got bills to pay, it’s essential that you adhere to a strict budget to ensure you can meet the demands of all your financial responsibilities. SmartAsset reports that the average income in Miami and surrounding areas is $34,900. However, electricity bills are on the high side, with the typical bill coming in 12% above the national average at $129.86 every month.

Therefore, you must ensure that your living expenses and costs don’t exceed your income. Sit down and review your finances with a fine tooth comb. Write down what what you’ve got coming in and going out and highlight areas where cutbacks could be made, such as using your air conditioning unit less and ditching your costly TV package.

Review your credit card debt

Personal debt in South Florida averages $30,000 per person, according to Patch. But, it’s in Miami where credit card debt is at its highest, as the median credit card balance is $2,595, with most locals spending the majority of their wages on rent.

If you use your credit card to pay your monthly rent, it’s essential to know and understand how much interest you’re paying so that you can accurately work out how much you owe to your credit card provider in total. When you realize how much it is, it should also give you a push to pay what you owe back as quickly as possible. When figuring out how to calculate credit card interest, you can work out the average daily rate by taking into consideration the APR and the number of days in the year.

Move around

Home to more than 6 million individuals, South Florida’s population is an ever growing one. However, while there are some areas which are costly, there are plenty of more affordable ones where the monthly rent won’t leave too much of a hole in your wallet. Rent Jungle states that the average rent in Sarasota is just $1093. Whereas, in Naples, you can expect to be charged an average of $1443 rent each month. Therefore, by simply moving to a different city or town, you could be thousands better off every year.

There are multiple locations in South Florida where rent is high and expensive. But, the good news is that there are ways locals can make savings. By sticking to a strict budget, reviewing your credit card debt and moving around, your budget and overall living experience in the south will be boosted.