Sometimes a financial crisis comes and it’s something that none of us can control. We face financial crisis because of many reasons such as loss of job, poor financial planning, or bad economy.
Not being able to pay the rent is one of those effects. Emergencies occur out of nowhere that we often money often go to these necessities first before to our landlord’s pockets.
When life throws you lemons make lemonade, they say. What you can do is to make the most out of the situation and think about every little factor that may help you solve the problem. Here are some things that you can do when you can’t pay your rent.
1. Read your lease
The first thing that you need to know is what will happen to you when you don’t pay your rent on the dot. Maybe your lease includes some three day extension. You should know first what you have on hand and how you can play it for your advantage.
2. Speak with your landlord
Landlords are not always the heartless monster that we often loathe. They are humans too, and in some point in their lives they experienced what you have been experiencing right now. Tell them that you need more time to pay the rent. Be truthful about your current financial situation and he or she may give you more time.
3. Get a roommate
If the apartment that you’re renting is a bit too much for you, maybe it’s time to share it with someone else. Ask your partner if maybe the two of you could live together or maybe find a friend who’s also searching for home. Ask your landlord if you can share the apartment or the room with another person. Landlords often agree with this as long as the payment will arrive on time. Get a roommate who is willing to carry the apartment load for a month while you re-assess your financial status.
4. Pay partially
Got some extra cash? Maybe you can partially pay your rent for the meantime. Landlords are more agreeable with extensions when you have half of the money to show.
5. Look for loans
The government and other non-profit organizations offer loans and grants to those who are really in grave financial situation. Just make sure that you pay them in long run.
6. Re-asses your budget
Take time to bring back your financial status to life. Maybe it’s time for you to save up and to stop buying too much Starbucks lattes and other unimportant things. The money that goes to your expensive internet and coffee might have saved you from getting axed from your apartment.
7. Ask help
Swallow your pride and seek help from friends and family. Tell them your current situation and promise them that you will pay them off soon. Being in a financial crisis is the time that we should hold our guard down and be humble.
8. Break the lease
When all things fail, you can break your lease earlier and find a cheaper place to live. Just have a one-on-one with your landlord and tell him or her about your situation. Just be honest and be sure to honor your promise to pay everything when you’re back on track.
Don’t worry. You’ll be back in your feet soon as long as you re-asses your status, find ways to make amends and move on.
