When it comes to expenses that devour our budgets, housing is usually the top offender. Although the general recommendation is to allocate 30 percent of our incomes to rent or mortgage payments, a whopping 12 million American households are forking over 50 percent or more.
That can set off a dangerous domino effect. “When basic necessities take up such a big chunk of take-home pay, saving and paying down debt become increasingly difficult,” says Certified Financial Planner Nicole Peterkin .
How are we supposed to save on housing without moving back home with our parents ? Try one of these real-life hacks that have helped other renters and homeowners slash their biggest monthly bill.
Before signing your next lease, consider these tactics, courtesy of Lynnette Bruno, VP of communications and research at Trulia.com: