Want to make sure to hold someone to their word?
Tell ‘em to put their $$ where their mouth is.
For my apartment and I, it was love at first sight. But my landlord was not persuaded by my professed loved and wanted $$. A security deposit to be exact.
A security deposit is the large chunk of $$ I paid my landlord up front. It insures that if I screw up something in my apartment or —god forbid—I don’t pay my rent on time, the landlord has some of my money to pay for the expense.
I paid 3 months up front. One will go towards my first month of rent. Another towards my last month of rent. And the extra month will be held hostage (in an interest-earning bank account) until I leave the apartment in the same condition it was given to me.
I love my new apartment…and I put up the money to prove it! Hope we will have a fabulous year together!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)