There once was a woman who found the apartment of her dreams. It was the right price, closer to friends and family, and a huge upgrade from the apartment she currently lived in. But there was a catch: Her lease wasn't up for another few months and the thought of breaking it was making her break out in hives.
If you're one of the 100 million Americans who rent, you're probably familiar with signing a lease—but you might not be as familiar with the clauses in the contract you actually agreed to.
Leases vary by state and property, so if you're looking to get out of one, the first thing to do is reexamine your contract. The next step is to consider the consequences of breaking it. Landlords can sue you for missed rent you've agreed to pay, which can mean additional legal costs, and a dent in your credit score if the outcome isn't in your favor. A landlord-tenant dispute can also make it harder to get approved for a new place when you're ready to move.
But before you completely give up on getting out early, there are a few options worth exploring.
Dig out that lease and check for the following:
- A subletting clause
Some leases allow for subletters, which means if you can find a suitable person to rent your space from you for the same price—and potentially take over your lease when it expires, you're golden. The next step is to talk to your landlord about what they require and/or need to approve a sublease in order for you to start searching for someone to take over your place.
- A 30-day notice clause
You may think you have a yearly lease, but if you read the fine print, it might be a month-to-month rental that only requires thirty days notice to move out. If this is the case, contact your landlord in writing with your 30-day notice (you should also check to see if the notice must be accordance with the first or last day of the month).
- An early termination clause
Sometimes, landlords include a clause that lets you out of your lease early in cases of unexpected hardship. As Moneycrashers notes, this can include anything from losing your job to medical emergencies.
Have a conversation with your landlord:
Feel out your landlord by explaining your situation in soft terms (you're thinking of relocating and you're curious how flexible they are when it comes to an earlier lease expiration date). Ask whether they would be open to it, what kind of advance notice would be optimal for them, or if they'd be willing to consider an "out" if you found a suitable tenant to rent the apartment. They may welcome the chance to rent the apartment out earlier than expected, depending on when you're looking to move out. If they seem amenable, follow up in writing with your proposed dates.
Find a suitable tenant:
If your landlord agrees to let you out of your lease on the condition you find someone to replace you, you still have some work to do. It's time to do some glamour shots of your place, create a landlord approved listing and spread the word on social media. Be sure to include any stipulations your landlord will require—from credit checks to security deposits—so your prospective replacement comes prepared and ready to impress.
Check for breaches of contract:
Maybe you're ready to move because your apartment is unlivable. On your lease, you should find the clause wherein the landlord agrees to provide a "warranty of habitability"—or a safe, habitable environment that doesn't negotiate your well-being. Breaches of such an agreement may range from repeated infestations, mold issues, lack of heat or plumbing problems. You need to have proof that you've previously complained about the issue and that your landlord has been remiss in his or her duty to rectify the situation. Take pictures, make sure your complaints or requests are in writing. You may need to call on this evidence if your landlord does take you to court over your broken lease. For more on your rights as a renter and landlord requirements, check out this detailed breakdown.
If you're still out of luck, make your landlord an offer:
If breaking your lease isn't looking promising, prepare to fork over some cash—but hopefully not as much as you think. Depending on your relationship with your landlord, you still might have a shot at negotiating a deal. You could offer your security deposit or a set sum that benefits your landlord and gets you out of paying rent for the next several months on a place you're not prepared to live in. You could also see if your landlord is open to a long-term payment plan that would allow you to cover the lost rent in smaller deposits.
Ultimately, when it comes to breaking a lease, you have to weigh your options and how much you're willing to risk and spend. As for the woman who found her dream home (ahem, this writer), she ended up making a deal with her landlord and forfeiting her security deposit plus a month's rent in order to resolve her old lease. It was a financial hit in the short-term but now that she's settled into her new place she has zero regrets.
- Breaking A Lease - Know Your Rights - Tenants Union of ... ›
- Breaking a Lease | The Maryland People's Law Library ›
- How to Break Your Lease and 4 Reasons Why You Shouldn't | Move ... ›
- How to break a lease in NYC ›
- Breaking an Apartment Lease: What You Need to Know | My Money ... ›
- How to Break a Lease (and What to Know Before You Do It) | Moving ... ›
- Breaking a Lease and Leaving Early | Nolo.com ›
- Breaking a Lease: What to Know and How To Do it ›
- How to Break a Lease on Your Apartment | Rent.com Blog ›
Let’s face it: this sucks.
After a massive vaccine campaign, a pretty successful hot-vax summer, and a pre-holiday season which made us believe things would finally-finally be getting back to normal, we were introduced to the Omicron variant.
As booster shots slowly rolled out, none of us were prepared for how hard and how fast this surge would hit. Unlike other variants, Omicron is more resistant to the vaccine and is infecting even those with booster shots and antibodies.
And it’s really effing scary.
Places like New York are teetering on the edge of another lockdown as restaurants close, offices shut down, and events get canceled. In short: it feels like March 2020 again.
In the words of the perpetually relatable Olivia Rodrigo: “do you get deja vu?” Yes, Olivia, we do.
There are some differences to this surge. Luckily most people — especially the vaccinated among us — are experiencing mild symptoms. While numbers are up, hospitals are not as overwhelmed as they were when the virus first slammed us.
However, this time, many of us are experiencing pandemic burn out — mentally and financially.
When the pandemic first began, no one could have imagined how long it would last. Many people who were furloughed or working from home saw it as taking a few weeks off to relax and unwind. Obviously, this was not the case. Rates of unemployment skyrocketed and some were forced to move out of their homes to save money or take other dramatic, unexpected measures.
What did this look like? Burning through savings accounts, plunging into credit card debt, and adopting the precarious paycheck-to-paycheck cycle. According to CNBC “42% of U.S. adults with credit card debt have increased those balances since the Covid-19 pandemic began in March 2020.”
And while employment rates are up in 2021 and the Great Resignation has seen people seeking and finding better opportunities, the Omicron surge proves it’s not all sunshine and rainbows.
In a recent money confessional on Slate’s “Pay Dirt” column, one reader expressed their frustration at the financial setbacks they experienced during the pandemic. While they were not totaled by the changes, they had to drastically adjust their life plans.
The columnist responded: “A lot of people had their dreams shattered in 2020 … Just because your situation isn’t the same as your more-hard-hit co-workers’ doesn’t mean that you aren’t grieving the loss of your income,” giving us all permission to feel the negative feelings. They continued: “Toxic positivity is very real in the United States and inspires a lot of people to say that no matter what their life is like, they should be happy … But you can be happy and grateful, yet still, acknowledge the suck in a situation.”
This perspective reflects a necessary shift that we all need to make. Especially as we approach yet another perilous year in the land of Covidia. It’s soooo hard to continue — and continue and continue — being grateful and not be, quite frankly, fed up. So what can we do about it?
As everything is spiraling out of control, there are small things you can do to feel less overwhelmed. And maybe, less bitter, sad, or resentful — provide room to process and accept this unfortunate reality as best you can.
Feel Your Feelings
Toxic positivity festers when we assume we should feel a certain way and don’t pause to let ourselves feel our negative feelings. Emotion comes from the Latin emovere - to "move out, remove, agitate." If we really break it down we get ex "out" + movere "to move." What does that mean to us living in America in the early days of 2022? Get those negative emotions outta here. Feel them and move ‘em out.
Then take a deep look, free from judgment, at how you’re actually doing in your day-to-day life. Try daily journaling, or delve into meditation.
Take Stock of your Life
Often, without realizing it, we fall into habits that become patterns and routines that eventually become our whole lives. So, when these habits are disrupted …. by, I don’t know, a global pandemic … we’re shaken out of our comfort zone and into reality. Take a glance at your life. What are you actually, truly, grateful for? What is mere distraction?
Make a Plan
Our spending habits are the first thing to spiral out of control and the most difficult to course-correct. If you’re worried about your financial health during this time — or you want to be more vigilant just in case — try the Cleo app. This holistic service manages your money for you and helps you gain control and improve your situation. Managing your money no longer feels like a chore, and it’s actually fun!
All in all, Meet Cleo makes you feel like you have a handle on your finances. And in these uncertain times, just being aware of your standing can offer a world of comfort. With Meet Cleo as your side, you no longer have to cave to toxic positivity. This app keeps it real and chats with you like your honest, most blunt friend. And for that, we thank her.
Find out more about Cleo here and put yourself on the path to financial control.
When you think of personal finance, what springs to mind?
Kevin O'Leary of Shark Tank fame? Dave Ramsay yelling into a podcast mic? Finance bros tracking their bitcoin? Unfortunately, these are the images we're constantly bombarded by. So they're the archetypes overwhelmingly represented in personal finance.
But it's not all Chads in down vests and dad-types shaming you about your financial faux paus, the personal finance world has grown increasingly more dynamic and diverse.
With the rise of social media, the importance of financial literacy has entered the mainstream, as essential information is no longer confined to impenetrable, official documents. Instead, educators have changed their approach and are making the intimidating world of managing your money far less scary.
Through graphics, memes — and other whimsical mediums — online financial advice that's geared to younger generations is more and more common.
Now, with the help of TikTok — an app unique for wildly popularizing previously niche subjects — personal finance talk has become ubiquitous.
Who's Doing the Talking
The beauty of social media is its power to democratize. Though TikTok has been criticized for promoting those its algorithm chooses — and has even resulted in strikes from Black Creators demanding to be given more credit — it's also granted platforms to people with different experiences and backgrounds.
When it comes to financial advice, TikTok makes it super relatable. No longer is advice restricted to "skip your morning latte" and "quit that avocado toast" or other millennial-shaming behavior. These days, young people directly advise their peers by sharing sympathetic experiences.
From debt repayment to financial freedom journeys, people are engaging with the obscure realm of finances in a charismatic way.
Financial Feminists … But Don't Call Them Girlbosses
One huge TikTok sub-movement that's emerged is the Financial Feminist movement, which urges women specifically to take charge of their finances.
However, this isn't a repeat of the early 2010s Girlboss Feminism or even Corporate Feminism which encourages women to rise up within an established system. This is a whole new ball game.
By empowering women to speak to each other, personal finance is no longer a shame-game. Instead of scrolling through Reddit threads that mock people who support the trappings of the patriarchy like makeup or highly-feminine clothing — which are often deemed necessary for society to take one seriously, if not by Reddit bloggers — women learn from other women about how to manage their lives.
There's also information about unlearning feminized behaviors, helping women break out of socially coded patterns which hold them back from asking for help, asking for more or asserting — and believing! — their true value.
Financial Feminism takes into account the wage gap, talking about gendered norms and systems that prevent us from living financial lives equal to male counterparts.
Even more radical, however, are accounts which incorporate intersectional politics and social commentary. Instead of merely assessing the numbers, they examine the social structures and hierarchies that cause people to treat their money differently and radically affects how they live their lives.
These little communities have become hubs for financial empowerment for marginalized genders with the mission of helping them know themselves better, do better — and have fun while doing it!
Despite its addictive charm, you can't live your life on TikTok alone.
So while Personal Finance TikTok is an okay place to start, taking effective action means getting off TikTok… and onto a better app. Cleo is a budgeting app that's as engaging as TikTok, but actually helps you do the things you're learning.
According to their website, Cleo integrates all your accounts and — like a financially savvy and brutally honest friend — reveals what's truly going on in your wallet.
Cleo is like the coolest finance major you'll ever meet. Simply text her all your questions about your spending, your habits, and your current balances, and she'll give it to you straight.
She'll also tell you when you're running low — like when you really should skip that Starbucks stop so you'll have money left for the subway home — and keeps you on track of your goals.
Ah yes, 'tis finally the giving season!
As someone whose love-language is gift giving, I relish most opportunities to spoil my friends with sweet tokens of appreciation. I am the queen of spontaneous gifts. When I'm puttering around the city, doing my silly little tasks, I always perk up when I find some small trinket that I can give my friends.
Nothing says "I love you" more than saying, "hey, this reminded me of you." And then handing them a nod to a past conversation, or a memory we share. So, sorry to my friends for cluttering your houses with sentimental junk, but I'm even more apologetic for my fatal flaw: when it comes to the holidays … I always draw a blank!
To me, organic gifting is much more genuine than holiday gifting. Yet, if I were to use that as an excuse for turning up empty-handed to every single holiday party this season. I fear I'd start the new year off with fewer friends. And, as someone who loves to receive gifts just as much, I don't want to chance burning bridges that might hold presents on the other side.
So, when the holiday season arrives, I spend far too much of my precious time strategizing my gifts for my friends.
Often, when I draw a blank, I end up splurging on expensive gifts — a luxury candle, a decadent face oil, a classy bottle of perfume. Sure, these opulent gifts are a cop out, but they're guaranteed successes. Upon opening a package containing their favorite, overpriced indulgence who wouldn't smile?
Due to my holiday default, I'm forced to do some serious budget planning to accommodate my lavish spending. Or, more often, I go spectacularly over-budget.
However, this year, I must make a change. After my summer of post-vax hedonism that granted justification to spend more money than I'd ever dare, my holiday budget's looking pretty lean.
After sitting myself down and giving myself a strict talking to about prioritizing my savings, I've come up with some tips on how to save money around the holidays:
Review your budget
The amount of money we think we spend and the money we actually spend are two very different numbers. Grab a drink, pull out your bank statements, it's time to get to the bottom of your spending.
Take a look at two or three months and categorize your purchases. Which ones were intentional? Which ones were emotional? And how many times did you go to the coffee shop just to feel something and leave with a $10 latte and pastry? Once the truth is laid out in front of you, it's easy to see where you're bleeding money.
For me, it's coffee shops and boutique clothing stores I discover during jaunts around trendy neighborhoods. Whatever your vices are, do your best to become aware of them.
Budgeting apps like Cleo have helped me curb my impulse spending a ton! Cleo talks to me like a friend would — a friend who is not afraid to tell me no and call me out on my overspending. We all need a friend like Cleo, so download the app and watch your budget change overnight.
via Cleo App
Cut out what you don't need
It's all well and good to glance at your spending, but the next step is brutal: get honest with yourself about the purchases you could have gone without. But this isn't about deprivation, it's prioritization. What can you relinquish now to ensure you have a great holiday season later?
Cringing at past impulse buys I've made, I vowed to avoid my typical temptations, since I couldn't resist them. I know I'm easily lured into charming little storefronts downtown. So I took new routes home, avoiding the streets where all the cool clothes lie, waiting for me to cave.
I'm sure, in good time, I'll be back. But that's a problem for 2022-me. Until then, we just have to hold out for less than two months, get the gifts our friends deserve, and then it's back to regularly scheduled planning.
Make a spending plan
Saving without a plan usually leads to spending. As you narrow down what you can afford, figure out what you want to buy. I like to split it into categories: larger expenses vs. affordable picks.
Here's the fun part: shopping around. Sometimes I only have a general idea of what I want to buy, and sometimes I have specifics in mind. Either way, I love to shop around for a deal.
When it comes to saving money, research is paramount. Various vendors might have different prices, promotional codes, or sales. A quick Google search can often save you 10% or more, so don't take the first price you see as gospel.
via Cleo App
After finding the best price, I can budget for what I'm going to buy and when. Which takes me to ….
Take advantage of sales … strategically
The holiday season brings with it the promise of big, blowout sales. But, if you're not careful, you can end up spending more money during a sale — which is precisely the stores' intention.
Don't fall victim to the allure of those big, red "SALE" stickers. Instead, plot out how to take advantage of a number of sales for different products. Adding those sale prices to your spending plan will keep you focused and on track, instead of buying frivolous items no one will ever use just because the prices are slashed.
Saving money over the holidays doesn't mean you have to make a Scrooge of yourself. You can still gift and gift well, just more intelligently. Spending with intention is key to savings, while investing thoughtfully into your relationships.
Apps like Cleo can help you keep your finances on track without feeling overwhelming. With one download, you could be on your way to mega-savings.