When you're renting, your key responsibility outside looking after the property is paying your rent on time. But whether you're working, studying or retired, your cashflow can fluctuate week-to-week.
RentPay's buffer feature is the perfect way to hold onto a little extra cash and save up reserves to cover you when needed. Adding money into your buffer is a little like having a separate account, automating your savings and reducing the temptation to dip into your everyday expenses.
Think of your buffer as a set-and-forget 'rainy day' emergency savings. You can choose how much (if any) you want to add to your buffer each funding period (e.g. $20 per week). You can change this amount anytime through the RentPay app.
The amount you select will vary depending on what you pay in rent and your income. You could aim to have at least one to two week's worth of rent, just in case you're a bit short on cash at some point in the future.
Even if you can only save a little on the side, it's a smart move to make a start and keep saving. The more you can save, the better!
For example, if you put $30 a week into your RentPay buffer, you'd have $1,560 set aside by the end of the year. That's a decent amount of savings to give you financial breathing space.
Open the RentPay app, go to Settings and then Emergency savings buffer. From there, move the slider to the amount you wish to set.
These extra funds will sit in your wallet until you need them. You can let it build up to a full rent payment. If that happens, RentPay will ask if you'd like to skip a direct debit. Or, if you find yourself short one week, you can use your savings to pay some of the rent and top up the rest.
Building a buffer through RentPay is the best way to avoid missing a rental payment, helping you maintain a solid rental ledger and take control of your future cashflow.
Setting up a buffer is a smart move to up your budget game and ensure you're prepared each time the rent is due.
With RentPay's buffer, you can set up an automatic transfer to your wallet, then set and forget, knowing your buffer is growing.
Have questions? The RentPay support team is ready to help. Call 1300 797 933 or send us an email.
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