How to Balance Saving for Rent and Living Your Best Life

Let’s be honest, saving for rent can feel like a major killjoy. You want to hang out with friends, enjoy good food, buy that cool gadget, or even plan a short getaway. But then, there’s that nagging thought: “Rent is due soon!”

The truth is, adulting is hard. Balancing financial responsibilities with enjoying life can feel like walking on a tin line. But guess what? You don’t have to choose one over the other. With a bit of planning, you can save for rent, even if it is in installments, and still live your best life. 

Let’s break it down.

Step 1: Understand Your Priorities

First things first, rent should be non-negotiable. It’s your roof over your head. But that doesn’t mean fun is off the table. Start by figuring out what’s truly important to you. Ask yourself:

What brings me the most joy? What can I cut back on without feeling deprived?

For instance, if Sunday brunches with friends make you happy, you don’t have to cancel them. But maybe skip that mid-week impulse coffee or avoid splurging on takeout every other day.

Step 2: Create a Rent-First Budget

A good budget isn’t about saying “no” to everything, it’s about saying “yes” to the right things. Here’s a simple rent-first budgeting system you can use:

• Allocate Your Income:

• Rent: 30-40%
• Savings & Emergencies: 10-20%
• Essentials (food, utilities, transport): 30%
• Fun & Lifestyle: 10-20%

• Automate Your Rent Savings:

Use the Spacerent feature on the Rentspace app to automatically set aside money for your rent each week or month. This way, you’ll never accidentally spend your rent money on something else.

• Track Everything:

Use an expense tracker to see where your money is going. You might be surprised how much those little daily expenses add up!

Also read: How your friends are secretly stealing your money.

Step 3: Make Fun Affordable

Living your best life doesn’t have to cost a fortune. Here’s how you can enjoy yourself without breaking the bank:

• Choose Budget-Friendly Activities: Instead of fancy dinners, host game nights or potlucks with friends. 

• Shop Smart:  Wait for sales or buy second-hand if you’re eyeing something big.

Step 4: Give Yourself “Fun Credits”

Set aside a small, guilt-free budget each month specifically for fun. Let’s say you allocate ₦30,000 for leisure. Once you hit that limit, no more spending until the next month. This way, you’ll enjoy yourself without risking your rent savings.

Step 5: Learn to Say “No” (Sometimes)

Here’s the hard part sometimes you’ll have to skip out on plans to stay on track. But don’t think of it as a punishment. It’s a temporary sacrifice for long-term peace of mind.