Renting accommodation is a common scenario for several age groups, such as university students, expats or those who cannot afford to buy their own houses yet. This is why rent payment is a recurring task that requires rent to be paid during a fixed term (monthly, quarterly etc) and with a fixed amount of money (as per rental agreement). What method are you currently using to make sure your credibility is assured while your rent is paid on time?
To help people have more time to focus on their education or their jobs instead of always having to worry about sorting out their rent, Timo Goal Save is offered to ensure users can save money and achieve their goals effortlessly.
From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN.
To make sure you always have your rental payment ready in time, in addition to the support of Timo Goal Save, always make sure you prepare and start saving for the next month’s rent payment from the current month itself. This method of saving for your next month’s rent can be done in 3 steps:
1/ Identify the number of weeks in the following month
To make sure your following monthly rent is fully accumulated on time, the first thing you need to do is to determine the number of weeks in the following month. By determining the number of weeks in the following month, you will have a brief idea of how many weeks you will have in the current month to save money for the following monthly rent and manage your personal financial situation better.
2/ Activate the “Automatic Recurring Contribution” feature in Timo Goal Save
This feature helps users to accumulate enough money for all their saving goals without having to remember. You should activate this feature upon creating a Goal Save for your following monthly rent and set the recurring contribution to be automatically done weekly. After activating this feature, your following monthly rent will be automatically accumulated every week through transferring money from your Spend Account to your Goal Save. This smart feature will help you to ensure that you have enough money in the Goal Save created for your following monthly rent when the rent is due.
3/ Make sure your target date is set to be at least 1 or 2 days before your due payment
Upon creating a Goal Save for your following months rent, you should also take into consideration the starting date and the target date for your Goal Save. Specifically, you should choose the target date for your following monthly rent to be at least 1 or 2 days before your payment is due. This gives you time to make sure that you have enough money and time to withdraw or transfer the rent to your landlord.
Let’s say today is the 1 May 2019 and you want to save for your following months rent, to the tune of 20.000.000 VND, which is due on the 1 June 2019. As there are 5 weeks in May, your following months rent will be accumulated across 5 weeks. Upon creating a Goal Save for your rent on June, set your Automatic Recurring Contribution feature to weekly and you will see that the suggested amount you need to contribute each week is 5.000.000 VND. To pay on 1 June 2019, select your target date to be either 30 May or 31 May 2019.
As you can see, within just a few simple swipes and taps in the Timo app, you can always ensure that your monthly rent is paid on time. If you are currently struggling with paying your monthly rent on time, try the above method to enhance your credibility as well as the appropriate separation in your spending.