Everyone has been struggling with money lately. Not only are people losing jobs right, left, but everything has been getting more and more expensive on a daily basis. It’s one thing to worry about how you’ll afford to buy things, or how you’ll put food on the table for everyone at home, but it’s a completely different ball game to worry about keeping yourself and your family in a safe shelter.

This article will focus on the steps you should take, and what your priorities should be when addressing your rent issue. It’s important to remember that you’re not alone in this issue and many others are working on finding solutions for it. According to the Center on Budget Policies and Priorities, 1 in 5 renters stated they have struggled to meet rent due dates.

What Should I Do?

If you find yourself struggling to meet rent due dates, first of all, you should talk to your landlord. Being polite, addressing the problem practically, and trying to find a fair solution for both you and the landlord should be your highest priority. One thing to keep in mind is that your landlord does not owe you anything beyond what has been agreed upon in your rental contract. Hence, any further agreements, especially ones that involve delayed or reduced rent would be coming as a compromise on their behalf.

On the other hand, you should know your rights as a tenant. The first thing you should do is read your lease agreement very carefully, and see if there’s any factor in there that could help you out. Second, look into online resources that help you identify what your rights are, such as the right to receive a grace period to pay your overdue rent before eviction.

Dig Into Your Rainy Day Fund to Pay Your Rent

While we should keep money on the side, whether for medical emergencies, school fees, or future investments, it’s more important to prioritize. It goes without saying that keeping a safe roof over your head and your family’s head should come before anything else. You’ll often find that schools, hospitals, insurance companies, and banks will be more lenient than a landlord who relies on receiving rent as their source of living. Contact all vendors that expect any payments from you and ask for an extension, stating the reason behind your request in a respectful and understanding way. Put that money into your rent, make sure you and your family have a safe place to sleep, and the rest of the issues should all come second.

Find Legal Help, for as Cheap as Possible

When confronted with a crisis, especially one as big as losing our homes, we freak out and lose focus on practical solutions. Amidst all the confusion, we often don’t realize that there are many legal measures put in place to assist us. Referring back to tenant rights, they can vary from one state or even city to the other. Finding cheap or even free legal help to guide us towards making sensible decisions can help us minimize the damage from the situation and help fix it as soon as possible. One great resource you should look into is LawHelp.org as they will often provide legal counseling on different matters, for little to no cost. Whether it’s regarding the rent or other bills you have to pay, you can never have too much legal background on how you should be making your decisions.

Seek Help from the Government

We all hate jumping through legal hoops to get funding from the government, as it’s usually a long and dreary process. But, during this pandemic, the government has put forth several policies to help protect people from evictions.

Emergency Rental Assistance Program (ERA)

This is a program created by the Department of Treasury to help fund citizens and legal residents with overdue rents, utility fees, and internet fees. To get full information on the program, check this page.

File for Unemployment

You can do this with the Department of Labor. You must file for unemployment within your state or the state where you worked. To apply for such benefits you must complete factual information on previous employment, employers, as well as your expenses. According to the Department of Labor, it often takes 2 to 3 weeks to receive your benefits after you file your claim.

Apply for Government Grants in Your Field

Due to the huge impact of the Covid-19 pandemic, many businesses had to shut down or change the way they do business. To counteract the economic impact of the pandemic on small businesses, President Biden, in 2021 signed off on a $1.9 billion fund to support small businesses around the nation. Identify what sort of grants you are eligible for, gather your documents and apply for them. These grants could be your way out of financial distress.

Pay Using Your Credit Card

It is often not advised to accumulate credit card debt, but in this case, paying using a credit card can provide you with the grace period you need to get your finances back in order. There are 2 things, however, that you should pay attention to. First, many landlords may not accept credit card payments, in that case, you may need to use payment facilitation services, such as Paypal. Second, you should contact your bank to find out what kind of interest rates you’ll be charged, also, for how long you’re allowed to accumulate debt while avoiding any legal repercussions.

Cash Advance

While this is usually not recommended, cash advances are a quick way to get cash and get yourself out of a pinch. To put it simply, Cash Advance is using your credit card to withdraw cash from an ATM that you’ll have to pay back later. The reason why Cash Advances are not usually a good idea is because of 3 things: First, there are flat fees on such transactions, often between $5 and $10.  Second, they impact your credit score negatively. Third, the interest rates on them are often unfavorable.

Get Financial Help from Friends and Family

This step is often seen as a last resort. Oftentimes if a person is not performing well financially, it means that their immediate family is not well off either. Borrowing from friends can also feel uncomfortable or awkward as it adds tension to your social relations. However, if managed well, a loan from friends or family can be your safest option. Friends and family will rarely ever ask for interest on your loans, they will offer help without formal documentation and can be lenient on repayment due dates. One thing you should keep in mind is that if you’re borrowing from friends or family, always consider when you’ll be able to pay it back, as the amount borrowed can directly impact their financial wellbeing.

Find a Roommate

This one can be tricky, but very useful. When we think of our homes, we think of them as sanctuaries and private spaces where we can take a break from the rest of the world. That’s why finding the right roommate can be a dilemma. First, you should make sure your landlord will be okay with it. Second, you need to confirm that your new roommate will respect all agreements written on your lease contract. Third, you need to find a roommate that will support you mentally & emotionally or at least won’t drag you down. After all, splitting your rent with another person will definitely help lighten your burden, by literally half.

Find a Cheaper Place to Stay

This is a logical solution to your problem. It doesn’t have to be a permanent move, and you should be able to move back or get a similar place to your old one once you’re back on your feet. Not only does this step help you make sure you have a roof whose rent you can afford over your head, but also helps you identify what you liked and disliked about your old place.

Make Some Modifications to Your Lifestyle

While not being able to do what we love, including eating our favorite foods, having our favorite drinks, or hanging out at our favorite spots can make us feel dissatisfied, making some adjustments to our lifestyles can really help with our financial situations, hence helping us afford our rents. So you like having delicious foods and drinks? Make them at home instead of ordering take-out. Try to spend less time going out and more time finding ways to improve your finances, as well as your professional skills. Also, when we’re facing a financial crisis, it’s often a good idea to avoid intoxicants, such as alcohol, because not only do they waste your money, but they also often alter your state of mind, not allowing you to think pragmatically.

Conclusion

It’s tough not being able to afford the things you need and want, but try your best to think productively. Explore your options when it comes to ways to acquire extra income and/or funding, and make sure you think wisely before you take steps that might jeopardize your financial situation, as well as others.

Don’t borrow money from loved ones that you know you can’t payback. Don’t sign checks that you know will bounce and be completely truthful to your landlord and any organization that can help with your situation.