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Rent prices are increasing, here’s what you can do if you can’t make your payment this month
Did you know that the average price of rent increased across the country by over 12% last year? Rent has become increasingly difficult to pay and many Americans are struggling to find affordable housing.
On top of that, losing your job or experiencing financial issues can make it difficult to pay your rent. Falling behind on rent can be a stressful and overwhelming situation. However, all hope is not lost; there are options available to get you back on track.
1. Explore Your Options
The first thing you should do when struggling with rent payments is to evaluate your budget to see where your money is going. This may be tougher to do if you’re faced with an emergency or job loss, but there are always measures you can take to find money where you can.
Here are some free options that you could explore:
- Feel like you’re overspending every month on bills and subscriptions? Check out Hiatus App — it tracks expenses and helps you find cheaper prices. You can also cancel unused or underused subscriptions within the app.
- Tap into government assistance programs like unemployment benefits if you recently lost a job or even ask your landlord for options. We’ve found that asking early and being honest goes a long way.
- Modify living arrangements by finding someone to rent out a room or finding roommates. This is a great way to cut your rent by a significant amount.
Hot Tip: Over 70% of Americans waste $50 per month on subscriptions they don’t need. Check out Hiatus App above to start cutting and saving money – a little goes a long way over time.
2. Cut Back On Investments Or Savings
Keeping up with your savings or investing in stocks and retirement accounts are very important things, but they aren’t more important than meeting your rent for the month! If you’re investing in 401(k) or IRA accounts, research ways to reduce your contributions and get a boost to your income.
We recommend you avoid taking money from retirement accounts early because you’ll pay fees and taxes. But if you don’t have any other options, it’s a way to quickly add money to your bank account. If you’re struggling to make ends meet every month or have lots of debt, drawing from these accounts is a temporary solution.
3. Consider a Loan
If you have no savings or investment accounts to draw from, you can consider a loan. Many companies offer personal loans with fast cash options in case of emergencies. Be aware that the interest rates will be high and will add up over time, so we recommend taking out an amount that you can afford to pay back in a short amount of time.
Check out personalloans.com to see how much you can qualify for and get a quote today.
Bottom Line
The feeling of not being able to afford rent can be suffocating. But that doesn’t mean that all hope is lost. Using these temporary methods can be a good way to find time to re-evaluate your financial situation and take steps toward creating a nest egg.
