If Your Rent is More Than $1,200/Month, Make These 6 Moves

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If you’re paying more than $1,200 a month in rent by yourself, that means two things:

  1. It stinks to pay that much rent, and 
  2. You’ve clearly got some income. Not everyone can afford that kind of rent.

So you’re making money and living in a decent place. You’ve finally got a little cushion in your bank account. You’ve achieved a certain level of financial stability.

What should you do next? Well, we have six suggestions for you:

1. Add up to 300 Points to Your Credit Score

You’re doing pretty good. You’ve got a decent place to live, you make your rent payments — you’re not overly concerned with your credit score. In fact, you might not think much about it at all.

But what happens when you want to buy a house? Or a car? Even a five-point difference in your credit score could make a huge difference. That’s why it’s important to keep tabs on your credit score, which you can do for free through Credit Sesame.

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.

If you want to make sure your credit score is in tip-top shape, Credit Sesame will help. Just sign up for an account — it takes 90 seconds — and Credit Sesame will outline exactly what you need to do to give your credit a boost.

2. Secure Up to $1 Million in Life Insurance; Rates Start at Just $5/Month

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Have you thought about how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.

You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.

Rates start at just $5 a month. Plus, the peace of mind of knowing your family is taken care of is priceless.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.

3. If You Can’t Lower Your Rent, Cut Your Credit Card Bill

If you’re like most of us, two of your biggest financial burdens are rent and credit card debt. High credit card bills make it that much harder to pay the rent every month.

One problem: Your credit card companies are getting rich by ripping you off with insane rates. However, a company called Fiona could lower your monthly payment.

Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster.

If you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

4. Cut Your Cell Phone Bill by More than Half

You’ve probably had the same cell phone company for a while. And you’re probably paying way too much for your service. 

But with discount carrier Twigby, you could cut your bill by more than 66%. 

It worked for Zak Wilson. He’d been paying Verizon Wireless about $180 a month for two lines. So he tried Twigby. For both phones, he’s now paying $60 a month.

With Twigby, you get to build your plan. Each plan comes with unlimited texts, then you choose how many minutes and how much data you need each month. Plans also include free Wi-Fi calling and texting.

Twigby uses both the Sprint and Verizon networks for its coverage. Plans start at just $9, and you can bring your own phone. Plus, new customers get 25% off the first 6 months of service.

5. Protect Everything in Your Apartment for $5

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What if you lost everything? All your possessions — your clothes, your furniture, your laptop. Any jewelry you have. Even your microwave oven.

A kitchen fire could torch it all. A burglar could steal your valuables. And where would you be then?

You could be out of luck — unless you have renters insurance. And here’s the thing: It can be surprisingly cheap, especially if you get it through a company like Lemonade.

With Lemonade, you could get a policy for as little as $5 a month — less than half the average rate. 

Even better? No phone calls. No lengthy sign-up process. The whole process takes just 10 minutes. And $5-a-month renters insurance policy could be a lifesaver in the event of a fire or theft or vandalism.

If you think you don’t own enough stuff that’s worth insuring, just take a look around you. How else would you be able to replace your possessions if you lost them all? Check to see how much it would cost to insure it all. You might be surprised.

6. Grow Your Savings More Than 20x Faster

Now that you can afford rent, it’s time to start thinking about your savings. If you’re already saving some money for your future, that’s great! But if your savings are in a typical bank account, chances are your money isn’t growing as quickly as it could be. 

But there’s a legitimate way to grow it a lot faster than the average person — more than 20 times faster.

It’s with a mobile banking app called Varo. The FDIC reports that the average savings account pays a paltry .07% APY*, but when you open an online checking and savings account with Varo, it will pay you more than 20 times that amount on your savings account. 

Oh, and there are no monthly fees. 

We know opening a new bank account isn’t exactly everyone’s idea of fun, but Varo makes it easy. You can open an account with just a penny, and more than 750,000 people have already signed up.

*https://www.fdic.gov/regulations/resources/rates/