Paying a Security Deposit in Installments

Paying a Security Deposit in InstallmentsI have a house that I’m going to be renting out next month. The future tenant called me today to ask if she could drop off part of the security deposit now, some next week, and some the following week so she doesn’t “blow it before then”. Hmmmm… Sounds to me like someone needs a budget.

I totally understand how difficult it can be to not spend money. I love spending, I really do, but with a budget, I know how much I can afford to spend. My budget is pretty much the only thing that keeps my spending in check. Well, my budget and the fact that I don’t have unlimited funds at my disposal.

If that’s what it takes for her to be able to afford to pay the security deposit, that’s fine. I’m wondering if she’ll need to make weekly rent payments instead of monthly rent payments, too. It’s not that she can’t afford the expenses because her income is too low, it’s that she has the money but is bad at managing it.

If you’re struggling to have “all the money at once” to pay your rent or security deposit, my future tenant may have just given you a good example. Ideally, you should probably budget your money, but if you choose not to budget, installments may be a great option for you. If nothing else, they could at least save you late fees.

I’ve heard of banks that have you pay your mortgage every 2 weeks, so why not pay installments on rent, too? It may be an odd idea, but it just may work for you. It couldn’t hurt to at least ask your landlord if he or she would accept installments. As long as the rent is paid in full by the due date, it could be a great innovative idea to try.

Article by Randi Millward

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