This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Stressed by an upcoming housing increase? Stress no more
Inflation
Refinancing
Rental increase
Mortgage rate changing
A roommate is moving out
A roommate, partner, or spouse lost their job and can no longer contribute
Whatever the reason may be, here are five ways to help you navigate your new housing costs.
1: Rely On Side Hustle Income (Only)
Instead of relying on your full-time job to pay for your rent or mortgage, you can rely on your side hustle(s) instead.
If you’re paying for housing with only side hustle income, you can invest and save more resources with your full-time job (i.e., see “#5 Invest More”)
Example
Goal: Earn enough income from my side hustle(s) to pay in full for my rent or mortgage.
If your total rent is $1,000, your housing costs increased by $500, and your current side hustle income is $1,000, your goal would be to earn $400 more to help cover your rent or mortgage ($1,500) entirely.
2. Decrease Other Expenses
Review all of your budget categories and determine where you can make cuts. There are always expenditures to cut; we just got to search for them and be willing to let go of the temporary pleasure for a greater cause.
Some quick cuts can come from the following categories: subscriptions, entertainment, dining out, travel, apparel, technology, transportation, and non-essential shopping.
3. Build Out Your Emergency Fund
Sh*t happens, which means you need to have money in a barrel for when that sh*t reveals itself. The best type of emergency fund is a fully locked and loaded 12-month fund.
At a minimum, aim for six months.
Three to six months is the usual recommendation for an emergency fund, but sometimes three months of funding is simply not enough; plus, three months goes by pretty fast. For example, it can take 6–12 months to find the right job if you lose yours. Having a larger emergency fund also provides you more time and flexibility to ensure your next job is the right job.
4. Increase Passive Income
You don’t need to work harder, but more intelligently.
How can you increase your passive income? Write down 20 ideas each day until you come up with the right idea to help you increase your income so your side hustle pays for your housing.
Initially, the idea will require an investment of time and effort, but once you create whatever stream or product you will utilize to increase your passive income, it’s downhill from there.
5. Invest More
This might appear counterintuitive, but when your biggest expense [housing] increases, this is the perfect time to save and invest more resources than usual. You never know when you might need additional aid.
After making your budget cuts, take that extra money you find and invest it. This [investing] will increase your passive income.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.