Know Before You Rent
This is the total amount a renter pays each month, including rent, utilities, and extra fees.
What is the total cost of renting?
A landlord may charge a prospective tenant this maximum amount to obtain a consumer credit report.
What is $20?
Before making a budget, you need to figure out how much money you make and how much you spend
What is tracking income and expenses?
What are some ways to lower your monthly rent if you’re on a tight budget?
Rent a smaller place, share a rental unit with a friend, look for income-based housing.
What important details should be written on a payment calendar for each bill?
The due date, who must be paid, and how much is owed.
Before visiting a rental unit, you should determine and compare these three main cost factors.
What are rent, utility charges, and other possible costs?
Before requesting a credit report, the landlord must do this to inform the prospective tenant of the charge.
What is notify the tenant?
Some expenses, like rent and utilities, must be paid every month, while others, like eating out, can be adjusted. What are these two types of expenses called?
What are fixed and variable expenses?
How can you save money on transportation if you don’t own a car or want to cut gas costs?
Use public transportation, walk or bike when possible, carpool with others.
How can a payment calendar help keep expenses manageable throughout the month?
By spreading payments over the month and setting aside money from each paycheck for larger expenses like rent.
Landlords should provide cost details, but it is ultimately this person’s responsibility to ask for them
Who is the renter?
A prospective tenant can provide their own credit report as long as it is no more than this many days old.
What is 30 days?
Setting aside money regularly for unexpected costs, like medical bills or car repairs, can prevent debt. What is this type of savings called?
What is an emergency fund?
What are some smart grocery shopping habits that can help you stay within your food budget?
Make a shopping list, cook at home instead of eating out, buy generic brands, use food pantries if needed.
What is a smart budgeting step to take before spending any money in a month?
Write down how monthly bills will be paid.
A landlord may require this refundable payment before a tenant moves in to cover potential damages.
What is a security deposit?
If a landlord requires an earnest money deposit with a rental application, how many business days do they have to accept the tenant or return the deposit?"
3 business days
When deciding whether to spend money on something, a good rule is to separate necessary spending from extra spending. What are these two categories called?
What are needs and wants?
What are some ways to lower household costs, such as electricity and water bills?
Turn off lights when not in use, use energy-efficient appliances, unplug electronics, limit water use (shorter showers, fixing leaks).
Why is it helpful to track income, including paydays and amounts, on a payment calendar?
It helps plan bill payments, avoid overspending, and ensure enough money is available when bills are due.
Before signing a lease, you can call this company to get past usage information for utilities.
What is the utility company?
If a landlord rejects a rental application, by when must they return the earnest money deposit?
The next business day after rejecting the application
If your monthly expenses are higher than your income, what is the first step you should take?
What is reducing non-essential (extra) spending?
If you don’t have enough money for a big purchase, what are some questions you should ask yourself before buying?
"Do I really need this?" "Can I get it cheaper?" "Can I borrow or share instead?"
How can setting aside money from each paycheck for rent and other major bills help prevent financial stress?
It prevents large payments from becoming overwhelming and helps ensure that money is available when needed.