Did you know that around 40% of Americans wouldn’t be able to afford a $400 emergency expense?
Since so many people don’t have financial security, monthly expenses can cause a lot of anxiety. If you ever find yourself in a position where you can’t pay rent, the good news is that you have options.
Do you need help figuring out how to pay rent? Keep reading to learn 5 ways you can cover your bills with ease.
1. Talk to Your Landlord
If you’re short on rent, the first thing you should do is speak with your landlord as soon as you realize you don’t have enough funds. Although this can be intimidating and even embarrassing, your situation will only get worse the longer you wait. When you speak with your landlord right away, they’re more likely to be understanding and help you find a flexible payment plan that works for your budget.
2. Dip into Your Next Paycheck
Thanks to clever apps like Earnin, millions of Americans are able to access future paychecks before they would normally become accessible in their bank account. If you’re unfamiliar with this app, Earnin allows people to withdraw up to $500 each month when they link their account to the bank where they receive their paychecks.
3. Explore Financial Aid Options
Do you need access to money fast so you can cover your living expenses? If so, there are plenty of loans to pay rent that can be approved online within the same day. Resources like Captain Cash can help you breathe a sigh of relief in no time.
4. Consider Borrowing From a Loved One
If you’re not ready to look into various rent assistance programs, you might feel more comfortable asking a loved one for some help. It’s important to keep in mind that borrowing from friends or family can cause strain in the relationship, so you should only choose this option if you can promise them that you’ll pay them back in a timely manner. One of the greatest benefits of borrowing from a loved one is that they won’t charge you interest.
5. Consider Picking Up a Side Hustle
People who are unable to pay rent often can benefit greatly from picking up a flexible side hustle. Telecommuting jobs are an easy way to create your own schedule and choose how many hours you’re able to work each week. With plenty of jobs like teaching, transcribing, and blogging, you’ll have no trouble securing another stream of revenue.
Now You Know What to Do If You Can’t Pay Rent
If you can’t pay rent, it’s normal to panic at first. The important thing to remember is that you have options. By following these 5 steps, you can get back on your feet in no time.
Do you want to learn other ways you can manage your money like a pro? Make sure you explore the rest of our website to find more helpful tips and guides.