Don’t Pay Your Rent Online This Day of the Week
When a significant portion of your paycheck is already going to rent, the last thing you need is the added stress of late fees or payment issues. While most landlords offer a grace period, safeguarding your financial stability falls on your shoulders as a renter. But fear not: Even if an issue arises and you miss a payment or a bank holdup occurs, there are some key strategies you can use to avoid late fees and keep your finances in check.
Read on to discover the best days of the week to pay rent, the ones to avoid and some expert tips for avoiding rent hikes and payment hiccups.
Save More: 7 Bills You Never Have To Pay When You Retire
Up Next: 5 Unusual Ways To Make Extra Money (That Actually Work)
Don’t Pay on Weekends
Weekends are for unwinding, taking a break from work and enjoying time with loved ones. Spending your Saturday paying rent puts your rental payment at risk should anything go awry.
“With any online platform, there is always a chance of issues occurring due to one reason or another, and it’s typically more difficult to get help on weekends,” said Seamus Nally, CEO at TurboTenant. “These platforms may not have customer service representatives working on weekends, or they may be far more short-staffed. So, if you go to pay your rent online on a Friday evening but something goes wrong, you may not be able to get help until a few days later.”
Luckily, lease agreements typically have a grace period in place should this ever happen. However, it’s stressful to have payment issues with your rent and have no other option but to wait several days to get help.
Learn More: Nearly Half of Americans Struggle To Pay Their Utility Bills: 5 Ways To Save
If Possible, Don’t Pay on Monday or Friday
Steer clear of the days of the week with the highest money-moving traffic congestion.
“From experience, the beginning and end of the week, especially Mondays and Fridays, are often burdened with a higher volume of transactions,” said Nischay Rawal, certified public accountant at NR Tax & Consulting, a full-service accounting and consulting firm that specializes in providing stress-free solutions for individuals and businesses.
“This can lead to slower processing times and increased occurrences of payment issues. This is particularly crucial to avoid with rent payments, as delays can be misinterpreted as late payments, potentially harming your relationship with your landlord or impacting your credit score.”
When To Pay Rent Instead
To ensure a hassle-free rent payment, try to make payments mid-week.
“In my practice, I’ve noticed that the best days to handle significant online transactions like rent payments are mid-week — specifically, Tuesdays and Wednesdays,” Rawal said. “These days are generally less busy for banks, which can result in quicker, smoother processing and less chance of encountering delays or errors.”
Opt For Automatic Payment Options
Manual rent payments carry significant risk. You could forget to pay, face bank holdups or not be able to get payment help. Setting up recurring payments ensures you will never miss a rent payment.
“Set up the autopay to trigger on Tuesdays or Wednesdays a few days before the due date,” Rawal said. “This will ensure funds are transferred when banks are less congested.”
Understand Grace Periods
By familiarizing yourself with the fine print of your lease you can make a well-educated decision on what payment option works best for you and avoid any unnecessary penalties.
“Additionally, understanding your lease terms, particularly the grace period for rent payments and potential penalties for late payments, is essential,” Rawal said. “Often, there’s a window of a few days after the due date during which no late fees are charged, providing a buffer that can be advantageous in managing monthly cash flow.”
How To Potentially Decrease Your Rent Payment
While there’s no guarantee you’ll be able to decrease your monthly rent, there’s no harm in trying. Here are a couple of ways you can advocate for a lower payment.
“To decrease rent costs, consider negotiating terms such as payment date flexibility or discounts for early payments if you’re able to pay before the scheduled due date,” Rawal said. “Demonstrating reliability in payments and good tenant conduct can also be leverage points in discussions for reduced rent when renewing leases. Always approach these negotiations professionally and with a clear record of timely payments as evidence of your good standing as a tenant.”
Further, building a positive relationship with your landlord and demonstrating financial responsibility can yield additional benefits. Even if a rent reduction isn’t possible, you may experience quicker maintenance responses, a better lease experience and the potential for a letter of recommendation if you ever need to apply for future rentals.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Don’t Pay Your Rent Online This Day of the Week
