Many people spend more money on housing than any other recurring expense. So when the cost of putting a roof over your head increases, it can wreak havoc on your finances.

The tough thing about renting a home versus owning one is that you never know when your landlord might opt to raise your rent. And since the cost of moving to a new rental could be exorbitant, you might get stuck paying that higher sum when a rent increase comes through.

The good news, though, is that a rent increase doesn't have to wreck your finances and stop you from meeting your savings goals, whether it's building an emergency fund, socking away a down payment on a place of your own, or amassing wealth for retirement. Here's how to keep up with your long-term goals even as your rent climbs.

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Source Fool.com