Background:
In many regions, particularly in high-cost areas like Canada, it’s recommended that rent should not exceed 30% of your take-home pay. Despite this advice, a lot of us seem to be stretched beyond this limit. Personally, I find myself spending nearly 45% of my net income on my rental expenses.
Question:
Has anyone else experienced similar financial constraints with rent costs, and how do you manage to balance your budget around these high rental expenses?
i pay a bit over 40% of my income on rent rn. its been crunching my budget rough so i cut back on extras and try to snag some side income. not ideal but what else can you do?
Managing high rental costs has been a significant challenge in my experience as well. I allocate approximately 35% of my net income to rent, which often forces me to cut back in other areas. I found that developing a well-strategized monthly budget and tracking every expense helps me stay on top of things. Additionally, I periodically review subscriptions and discretionary spending to see where adjustments can be made. Although the percentage seems high, disciplined budgeting and occasional supplementary work have helped me manage the overall financial pressure.