I'm honestly abit confused as to how it works. Let's say the rent is 125 per week. how can someone pay weekly rent if they only get paid every two weeks? sorry if the question seems dumb.
EDIT: All of these responses have been very helpful, Thank you so much.
Not a dumb question at all. The overall plan is that you get to a place where you are not living from check to check. Before you rent, you accumulate a cash reserve and have that in the bank. So when your rent comes due, you pay from that. This balance is later replenished when you deposit your paycheck.
It is very difficult trying to operate without some reserve balance in the bank, to cover you when your paycheck cycle does not match up with your bills cycle. If your rent is 125 per week, it would be good to have at least 500 in the bank before you rent. Then, you can pay rent whenever it is due for up to a month without getting paid (unless you have other bills, so factor those in).
If you have zero money in the bank, then you cannot afford to rent anywhere. For example, if you have $10,000 in savings, readily available, it makes no difference how often you are paid. You should not be renting without sufficient savings to cover in case of loss of job or another emergency. Professionals recommend 18 months of savings. I think a year sounds reasonable enough but, you have NOTHING. If you have to find a place, go and rent the cheapest place you can find – a room in someone's home or at least share an apartment. Otherwise you are tempting fate. Very stupid.
You budget and manage your money. Just like if you paid monthly rent and got paid every two weeks you would need to set aside part of your paycheck each check so you had enough money to pay rent each month. Rent is the most important bill you pay, so make sure you can handle setting aside money from each paycheck every time you get paid.
In order to be successful in renting, you would need to make a budget to see if things financially balance itself.
Your budget should include transportation, savings, rent, utilities (gas, water and electric), clothing, food, insurance (rental, auto and health any current debts you are required to pay such as credit cards and car notes.
You would need to do some research in order to find an estimate as the cost of some of these items.
Once you have determined an approximate monthly amount you would be required to pay. You would need to subtract this amount from you current income. Not a future income, but your current income.
This would give you an idea as to if you would be financially successful or not.
You are not required to live a life style based on percentages. You may select to rent an apartment at a lower monthly rent as oppose to one that is higher. No one on this forum have an idea as to the lifestyle you chose to live.
If you budget, you are in charge of your financial situation at all times and not living pay check to pay check, no matter your annual income.
You would have to have an emergency fund in the event you are laid off or have an illness where you would not be able to work.
I hope this has been of some benefit to you, good luck.
If you are paid every two weeks then with each paycheck you set aside 250 dollars that is for rent. Just like you have to pay for two weeks worth of groceries or set aside money out of each paycheck toward monthly expenses. If you are paid twice a month you need to set aside a little more than two weeks worth because months are longer than 4 weeks.
you put the money away ahead of time to pay the weekly rent no matter how often you are paid
the landlord doesn't care when you get paid as long as you pay the weekly rent
You can pay in advance. They don't mean you have to pay every week, it's fine to give them money in advance until you can pay next. Give them two weeks rent in advance and then next time you get paid then pay another two weeks. The weekly rent is 125, but if you pay 250 then you are covered for the week you don't pay, geddit? Then you pay 250 again next time you get paid .. that would be fine as long as it's kept up, they just won't like you paying in arrears.
You either save a week's rent when you get paid, to pay the next week, or if you're afraid you'll spend it, pay 2 weeks every payday.
They can't. They must find a place where they pay the rent every other week or risk being evicted.
If you have to live paycheck to paycheck,then pay two weeks worth of rent so that you are ahead.