You need to earn money to be independent and make your way in this world. This is the key to purchasing necessities and extras, and guess what? There is almost no limit to how you can separate yourself from your hard-earned cash.
Among the most significant things you need to be successful in life are a place to stay and a way to get around. Your home and transportation will require ongoing funding.
What can you do to pay for both and still survive? This is how to afford a car payment and rent. Take advantage of these strategies to fund the essentials.
Get a Good Paying Job
Many jobs are out there, but many are low-paying or minimum wage. This is OK for a student or someone only requiring part-time income, but you need to enhance your monthly cash flow with a higher-level job to pay for a car and rent.
Increases in wages tend to follow increases in skill set, so you may need additional training in the field you want to work in. This could be a trade or a profession, as well as a sales position. With the required education, you will demand a higher salary.
Start a Side Hustle
Beyond your regular employment, if you need more income to fund your living and transportation expenses, consider starting a side hustle.
There are lots of things you can do to get a second source of income, including:
- House cleaning
- Yard work
- Dog Walking
- Caregiving
- Monetized YouTube channel
- Arbitrage
- Copywriting
These and other income streams can make a difference in your bank account, and with a steady influx, you can pay for these essentials.
Payday Loans
For some, it isn’t always that you don’t have enough money to pay your rent or car payment; it’s just that they are due before you get your regular employment check. Some people work in sales, and their commission doesn’t come in immediately, so they are short when bills are due. The solution? A payday loan.
Payday loans can be a real lifesaver as they help bridge the financial gap in the short term. They can be acquired if you have a steady income from a job, a child tax benefit or even a pension. You will typically be charged a flat fee; when you get your paycheck, it gets paid back in full. This will get you your rent money or car payment when needed and avoid penalties, bad credit, or worse, eviction or repossession.
Take Out a Bank Loan
Rent is usually a fixed amount monthly, but buying a vehicle requires full payment. While the dealership wants all their money, you can finance it through a bank and pay them.
To be able to afford loan payments, you need to qualify. The bank will want to see proof of employment and any assets you have and ensure good credit. They will put all the information into their system and see your eligibility. From there, you can start car shopping and be motorized.
Live on Less
There was a time not so long ago when a family could thrive on one income. Our modern reality requires more money to fund our lifestyles, but that doesn’t mean all is hopeless.
Take stock of your spending and see where to cut back to dedicate more to rent and car payments. Money goes out fast, and there are many ways to spend it, including:
- Eating out
- Going for drinks
- Buying clothes
- Buying electronics
- Taking vacations
When you have lots of money rolling in, you can afford to drink fancy coffee or buy some new shoes. However, on a fixed income where you are short on financial obligations like a car payment or rent, these extras must be avoided.
You may feel missing out, but you prioritize life’s necessities over non-essential spending, which is good.
Move In with Someone
Sometimes, the best solution for increasing money every month is to share living space. This can be with a friend or a sibling, but getting a roommate instantly splits the expenses and leaves more money in your pocket.
You give up some privacy, so make sure you can tolerate the person you share your living space with, and then always have your portion of rent. With the extra money you save, this can go towards your car payment, too, and then you can afford both.
