Life happens. Unexpected expenses will hit you like wave, leaving you all alone to deal with your money woes. What happens if you can’t afford rent this month?
We can help! Not only are there ways that you can fix your financial state now, but you can also do some preventative work for the future.
Find out how you can manage your rent payments no matter what life throws at you.
If your rent due date snuck up on you this month, there’s no need to fret. These are some short-term solutions that you can implement right now!
Set Up a Payment Plan
Suggesting a rent payment plan to your property manager is a good idea if you are having difficulty keeping up with your rent payments. This plan should be tailored to your individual needs and demonstrate your commitment to continuing to make payments to the best of your ability.
There is no harm in asking for assistance, so don’t wait until your rent is due before seeking help. If your financial situation improves, take action immediately to show that you’re a reliable tenant.
Find a Roommate
One of the best ways to reduce your expenses is by finding a roommate that can share the costs with you. Depending on who you know, this process can take a matter of days. However, the real challenge comes when you’re trying to find a potential stranger to live with you.
When you are considering a potential roommate, it is within your rights to ask for references, just like landlords and property managers do. Requesting to communicate with a former landlord and roommate can provide insight into the character of the person.
Responsive and reliable individuals will not hesitate to give you this information. To be extra certain, a background and credit check can confirm the dependability of the person. If someone is unable to offer references, a credit check may be the best option.
Cushion Your Income
Find odd-jobs that bring in some quick cash to cushion your income. For example, you can get paid to walk your neighbor’s dogs on the weekends or house-sit for a retired couple on a long vacation.
Another way to make some extra dough is by reselling old items that you no longer use. Consider our article Make Quick Cash By Reselling Locally to find out how to earn more money in no time at all.
If you haven’t come across this problem yet, there’s no harm in trying to prevent it from happening in the first place. Don’t get caught off guard by not having the money that you need- especially if it prevents you from affording the roof over your head.
These are some basic preventative tips that are easy to implement. That way, you always have the money you need to stay in your home.
Make Budget Cuts
The best way to afford rent every month is to create and stick to a budget. Allocate a certain amount of your income each month to go towards rent, and then make sure that you don’t spend more than that amount. But what about unexpected expenses that knock you off your feet?
This is where budget cuts come in. If you don’t have the money to pay for an essential expense such as rent, then you don’t have enough to pay for non-essential spending. For more information on prioritizing your money, check out our article You’re Spending Too Much Money On These Things.
Save An Emergency Fund
It’s crucial to have an emergency fund in case you lose your job or are unable to work due to a medical emergency. Having a fund set aside can help to cover your basic expenses while you are out of work and give you peace of mind that you won’t fall behind on bills.
How much should you have for this emergency fund? First, start by calculating your basic monthly expenses. For peace of mind, start by saving 1-3 months worth of those basic expenses. That way, if you fall behind, there’s a cushion for you to fall back on.
It’s difficult to set money aside each month- especially if you’re living paycheck to paycheck. However, consistency is truly the key. If you find a way to set $20 aside every week from your budget, that adds up over time. Even if you don’t have a lot to spare, being consistent about your emergency fund savings helps to spare you from financial disasters like missing a rent payment.
Look Into Housing Assistance
You can receive rental assistance programs through local and state governments. Many of these programs provide grants and other forms of financial assistance to individuals and families who are struggling to make ends meet. You may also be eligible to receive additional benefits such as tax credits and help with utility bills.
For more information on these additional benefits, contact your local government or social services office. They will be able to provide you with the necessary information and help you determine your eligibility.
Many areas also have nonprofit organizations that provide assistance to those in need. These organizations offer a variety of services, such as financial assistance, job training, education, and more. They are often staffed by volunteers and rely on donations to provide these services. Additionally, many of these organizations have partnerships with local businesses and government agencies to provide additional resources to their clients.
Negotiate Rent Rates
It is more likely for an independent landlord to be open to price alteration than a large property management company. If you are looking to haggle rent prices, consider asking the landlord politely if they are willing to discuss them and when would be a good time to do so.
If you are facing a rent increase at the start of a new lease, it is best to start the conversation at least one month before the expiration of your current lease. This will provide the landlord with enough time to consider your offer and, if necessary, allow you to make other arrangements.
Can’t Afford Your Rent This Month?
Are you falling behind on your rent payments? Not a problem! With these tips and tricks, you can find helpful solutions that help you stay afloat when you can’t afford your rent.