#BudgetThis : Pay Rent

 You did everything you could and you told everyone and they agreed but, here it is the 2nd of August and you still have not paid your rent. You scramble to get funds from a check cashing loan and you are still short a total of X dollars. 

What do you do? 

Give what you have to your landlord and make sure to get in writing that they'll hold off eviction till X day if you have not paid the remaining balance. 

It happens, I changed my bank accounts and because one was tied to an actual IRA I couldn't withdraw my money as fast as I was used to. 

So, the only option I had was to give what ever percentage I had and expedite my withdrawal request. 

You see, bankers are just trying to make money and if you have large checks an IRA checking account makes sense because you are depositing $1500 to $2500 each time. The only thing the bank doesn't tell you that you can not withdraw the money without paying a penalty. Yes, IRA checking account earns more money but that is because you have to keep a balance of X amount. In my case its $50K and that is not really feasible for me. So now, I have change accounts and there is a penalty for that. 

Nevermind the fact that I only had $5K to start with there is a minimum balance amount requirement to maintain of $50K which I did not have but the bank will make money all the same even from me being naive. 

So, how do you save money. First off, maybe keep your cash as cash for a bit. Its not about putting it in a cookie jar but an American Express Savings account has worked for me really well. My first paycheck I receive I split into AE Savings account equal to half my rent. The rest I go to pay bills, then by my second paycheck I am either putting half into the AE Savings account for my total rent or I am paying my rent by withdrawing the half I put in first thus I still pay my bills and my rent. 

I admit it is a hassle but I can't stand to "see" my money its definitely mocking me. Secondly, on large paydays I am able to squirrel away an extra cash. Sometimes I keep the cash in the savings account and let it gain interest. 

Usually, by pay day I either have 1/2 my rent or all of it. It helps me gain some interest and I can withdraw intime for rent to be paid on time. 

Even if you can only put away a $100 its good to try it with American Express Savings