I was scrolling through my Instagram feed earlier this week and I came across a post that made me stop and think for a minute. This person posted about how we need to stop saying that renting is wasting money. At first I was confused because of course renting is a waste of money! Even though I know that for the time being renting is the better choice I understand why people say renting instead of buying is wasting money. When you rent you are giving someone else money for something you will never own and you will never gain equity through renting. But, this Instagram post made me stop for a second and rethink my mindset about renting. This post said we should stop viewing renting as wasting money because it is never a waste of money if that money means a roof over our head and a safe place to sleep.
Renting long term might not be the best financial decision but in this moment, right now, “wasting money” on rent provides someone shelter. We don’t consider paying our electric bill or our water bill a waste of money so why do we consider renting to be one. You are paying money for a service that you need. That may be hot water or heat or in this case shelter. This mindset behind renting is one that I never thought about and it made me wonder what others think about this? Do you think renting is wasting money or throwing money away OR do you view it is a service that you need and are willing to pay money for?
Although we still have every intention of buying a home, I like the idea of changing my mindset around paying rent. I am grateful I am even in the position to be able to pay rent each month because unfortunately not everyone even has that option. Thinking of it as paying for shelter that I need instead of a waste of money definitely makes me appreciate my home even more.
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