After researching a handful of apartment communities, and touring a few properties, you’ve finally decided on an apartment and moved in. But, maintaining your right to stay in the apartment has its own set of responsibilities and challenges, the biggest of which is paying your monthly installment payments on time. Not only does paying on time ensure you get to keep your apartment for the duration of your lease, but it also means that you won’t incur any late fees, damage your credit score, or leave a bad impression with management, whose referral you might need later down the line.
Follow these handy tips from Contemporary Management Concepts, LLP to help you stay on top of your monthly payments, and contact us when it’s time to look for your next student apartment.
Set A Reminder
Technology can be an excellent tool for accomplishing many feats, including setting helpful reminders. Keep it simple — use your phone’s default calendar app to set a reminder for three days before your monthly payment is due. This way, if you need to wrangle up some last-minute funds, you have the time to do so. If you need a longer period of time, you can set a reminder for whatever length of time works best for you, but remember to set follow-up reminders closer to the actual date.
Write It Down
If you have a dedicated, physical space where you look at reminders, such as a wall calendar or daily planner, it can also be helpful to write it down there. If you don’t already have a calendar or planner, don’t rush out to buy one. Save that money for monthly payments or for something else that might help motivate you to stay on top of your payments (more on that later.) Putting a post-it note somewhere that you’re likely to see it, such as on the fridge or front door, can also help.
Set Up Auto Payments
Auto payments can be scheduled through your bank account or through your community’s online resident portal if that’s something that they offer. However, remember that, if you’re setting up payments through your bank account, they can take a few days to process. Schedule auto payments a few days in advance to be sure that they’re received by the due date. After all, there’s no fee for paying early, but there is a fee for paying late.
Review Your Lease
Look over the lease and see the full conditions for late fees. Pay attention to how much late fees cost, if the late fees increase over time, and if there are any formal actions that can be taken against you for late payments. Is being late really worth the hassle? Can that late fee be better spent on something you enjoy, like clothes, a game, new home decor, a movie, or eating out at your favorite restaurant? It can be helpful to account for late fees when budgeting — you might feel more compelled to avoid late fees if paying them means skipping out on something you really need or want.
Looking for the best location in town for students? We manage several off campus student housing communities within walking distance from UF. Contact Contemporary Management Concepts, LLP today for more information.