Your Guide To All Your Housing Expenses

If you have been stuck worrying about the cost of living given the rise in fuel prices and essentials, then you are at the right place. In this article, we will be taking a look at how you can manage your housing expenses, creating a monthly budget and possibly budgeting for your first flat if you will be taking this new journey. 

Housing Costs Are A Lot, But They Are Manageable 

Housing is one of the biggest expenses South Africans incur regularly. This is because there is a huge demand for housing from all corners of the country, which has the government's hands full with applications for free housing, subsidies and more. If you are wondering how much you are looking at once you get on a mission to rent your first flat in Johannesburg, then you can expect to rent a flat or a room in Johannesburg from R2000 to R10 000 depending on size, location and inclusive essentials. JHC offers affordable housing in Johannesburg for those who have a household income between R1 500 and R15 000. You and your loved ones can live comfortably at one of JHC’s flats and enjoy amenities such as play and sports grounds for the little (and big) ones to have fun in. Communal living is one of JHC’s passions, and we ensure that our tenants understand that we are all a community that needs to be caring, respectful and protective of each other and the spaces we occupy. The criteria to qualifying for a home with JHC also includes: 

• Being 21 years or older.
• Having a clean credit record.
• Being a South African citizen or permanent resident.
• Having certified copies of birth certificates of people dependent on you financially.
• Having a certified copy of your marriage certificate or divorce certificate.
• Having a copy of a recent payslip or an affidavit if you’re unemployed.

The Expenses Don’t Stop After You Sign The Lease 

Housing costs are much like car costs. That’s why the two are part of the list of the highest expenses people incur, and while they are essential, people can survive with no cars and use public transport. With a home, you need to have a roof over your head on a daily basis for your health and safety. But, do not feel anxious thinking about your housing costs because you can manage your funds with the right budgeting tools and tips. 

Let’s Talk Budgeting 

So, you have a sense of where you want to live and how much it will roughly cost you to rent the flat or home you want. You may have also thought about the costs you’ll need to cover to and from work, and if you are one of those lucky people that manage to get a flat close to their work, then you might be saving a great deal as it is. So, why do we need to budget, and what about it makes it one of the most considered ways to manage funds? Simple: budgeting teaches you discipline and saving. It helps you gauge how much money you have coming in, weigh it against your expenses and figure out how much you can save and invest and how much you are left with. If you rely on a salary, you are probably one of those people that worry about running out of money before your next paycheck; you are not alone. That’s why there are a few budgeting and saving apps that also assist and answer the ‘how to make a monthly budget’ question for you. 

It is recommended that you learn budgeting for your first flat before you even leave your home to avoid unexpected expenses and surprises at a later stage.

Here are some recommended budgeting apps according to some finance and budgeting specialists: 

• 22seven (free): Available on iOS, Android and web. This app gives you a complete overview of your finance and a personalised budget – automatically.
• Moneysmart (free): This application will show you how much you can spend daily after your fixed expenses have been taken into account. Even if you overspend, the app will recalculate to make sure you reach the end of the month.
• MyMoney (R15 per month): Available online and on Android, this app sets up automatic bank feeds so that your income, expenditure, and bank transfers are automatically updated in My Money. 

Always try to give your finances at least half an hour a day or an hour every two days so that you are aware of where your money comes from and is going. Keeping an eye on your finances will also help you track any irregular activity that may occur. 

Choosing An Affordable Home

When it comes to the highest expense in your budget, JHC has a few affordable housing options for you to look at so you can make Johannesburg your home and enjoy some financial freedom and relief. We are in the business of making our tenants fall in love with where they live and not stress too much about expensive rental packages.