(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. Today, we're talking about what to do when your rent goes up.
(John) Unfortunately, rent is going up just about everywhere. And it's best to be prepared.
(Jessica) So, what do you suggest?
(John) Start by looking at options. For instance: Is it time to move or find a roommate? You can also talk to your landlord so you know what kind of increase to expect and when it is coming.
(Jessica) You know, sometimes you can negotiate a smaller increase by extending your lease.
(John) That's right. And remember, the landlord doesn't want to lose you any more than you want to move.
(Jessica) Good point. So, what do you do when the rent goes up and the budget is already pretty tight?
(John) Well, you've got to look for places to reduce spending. Maybe you go out one less time per month. Or you cut out a streaming service or a subscription you don't need.
(Jessica) Might be a good time to have a yard sale.
(John) Right. Get creative. Make adjustments. And you'll be able to manage the change.
(Jessica) Thanks, John. See you next time on Money Matters. And remember, Financial Wellness starts here!