Steps to take when you can’t pay rent
Category General News
Most landlords understand that you are human and that accidents can happen which may prevent you from paying rent on time. They will often accept late payment if there is an unexpected and legitimate reason why you couldn’t pay rent when it was due. However, if paying rent late, or not paying it at all, becomes a monthly habit; your landlord will soon become fed up and may terminate the lease.
Naturally, the first step to avoid this awkward situation is to budget properly and make sure that you pay rent as soon as your salary comes in. Sometimes people get paid late - in this case, you need to ensure that you have enough money for rent kept aside at all times. Reduce your monthly expenses and don’t splurge on unnecessary goods or treats. You need to be strict with your spending and prioritise your rent.
There are a few ways in which you can keep some money aside, or have a reserve should you need it to pay rent. Firstly, credit cards can be a useful source of emergency funds if used wisely. Don’t max out your credit cards and always make sure to leave enough in your credit account to pay for rent at the end of the month. Be sure to replace the money in your credit account as soon as you get paid.
Secondly, the option to borrow money is one that we’d all like to avoid, but sometimes there is no other way. Friends and family are the first people to talk to if you’re in a spot of financial trouble. If you borrow money from someone to pay rent, make sure you pay them back as soon as your salary is deposited. This will make them more likely to lend you money in future if they can trust that you will pay it back swiftly.
Another way to get some last minute cash for rent is to sell some of your unused items. Though not an ideal option, many people have gadgets and objects lying around the house that actually hold some value. This method is usually a last-ditch effort that is used in dire situations.
To avoid the stress of being unable to pay rent at the end of the month, you need to identify unnecessary spending habits and cut out personal treats from your monthly budget. Chocolates, fizzy drinks, alcohol and coffees are all relatively inexpensive treats that actually add up to a significant sum at the end of the month. Going out every Friday night or eating takeaway meals on the weekends can be seriously detrimental to your bank balance.
It’s important that you communicate with your landlord if you know that you’ll be paying rent late - keep them informed of the situation and tell them how you plan on eventually paying the rent. Having a good relationship with your landlord is beneficial in these circumstances, so be courteous and honest from the get-go.
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Author: Berman Brothers