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10 Tips for Paying Your Rent When Money is Tight

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Your Rent is due in a few weeks and you don’t think you’ll have the Money to pay for it. What should you do? Don’t panic. These are some of the ways to pay rent on time when you’re strapped for cash.

1. Find a roommate

Getting a roommate is one of the best ways to significantly reduce your monthly rent. You may not love the idea of sharing your apartment with someone else, but it can save you a lot of money. Check your lease first to make sure it allows a roommate. In some cases, you can’t add a roommate without violating the lease agreement.

If you’re looking for a roommate, start asking friends or colleagues. If no one is looking for a place, you can post your apartment online as a sublet. Be thorough during the interview process. You’ll be living in a shared space with this person so make sure you’re comfortable with them. Ask about their background, personal finances, habits, and work schedule. If you move forward, make sure your Property Manager runs a credit and background check to verify this person is who they say they are.

2. Talk to your landlord or property manager

If you’re afraid you’ll be late on your rent payment, talk to your property manager ahead of time. Some will forgive a payment that’s a week or two late, so long as they know in advance. Take the initiative to contact your property manager, explain your situation, and ask for a little extra time. Whatever you do, be honest about your financial situation and let them know if you’ll pay late. They might give you a break, but you never know if you don’t ask.

3. Trim your spending

Cutting expenses in other areas can free up money to pay your rent. Examine your bank statements and analyze your spending habits. First, look at the areas where you spend the most money. For example, if you buy lunch at a restaurant every day or eat dinners out more than a few times a week, it’s probably taking up a bigger portion of your budget than you think. Cooking at home and packing your lunch can easily save a lot of money each month.

Then look at some of the categories that are easiest to cut. This could involve getting rid of your cable TV subscription, lowering your utility bills, or switching to a less expensive gym. Remember to factor in any cancellation fees. You don’t have to sacrifice everything, but making small changes in your spending can make a big difference.

4. Take advantage of free money offers

There are several ways to get easy “free” money; you just have to know where to find them. Some of the best options include sites like MissingMoney.com and Unclaimed.org which make it quick and easy to find unclaimed money and cash in accounts you’d forgotten about.

5. Sell your unwanted items

Selling items you no longer need is another great way to make money quickly. This could include unwanted furniture, unfashionable or ill-fitting clothes, books, bikes, records, or just about anything sitting around in your apartment. Sites like eBay and Poshmark make selling your stuff easy.

6. Use your wheels

Working as an Uber or Lyft driver is probably the most popular driving side hustle, but there are plenty of other options, as well. You can work as a delivery driver for Amazon Flex, DoorDash, and many others. If you get around on two wheels you can still work as a delivery person. Companies like Caviar, DoorDash, and GrubHub allow delivery to be made by bike. With these side hustles, you’ll benefit from a completely flexible schedule that allows you to work whenever you’re able.

7. Start freelancing

If you’re looking for a side hustle that allows you to start making money right away, freelancing may be the choice for you. There are all kinds of freelance jobs available including graphic design work, photography, writing, editing, coding, voice-over work, proofreading, and much more. Freelancers can find work and get paid within a few days. Find opportunities using a site like Upwork or reach out to companies you want to work with directly.

8. Take on odd jobs

There are all kinds of odd jobs that you can do for extra money. Sign up on sites like Handy.com or TaskRabbit and get paid for odd jobs and small tasks. The jobs could include mowing lawns, painting, mechanical repairs, junk removal, furniture assembly, and pool cleaning.

9. Get help

If your efforts to make extra money or save cash have not been enough, you may qualify for assistance. Try 211.org, which helps with housing and utilities for those who qualify. Section 8 helps low-income, elderly, and disabled tenants afford housing outside of the public housing system.

10. Prioritize your bills when money is tight

If you’re wondering how to pay rent, there are probably several bills mounting up. Learning how to prioritize these bills can help you maintain your well-being, minimize damage to your credit score, and help you bounce back financially.

First priority: Essentials

Maintaining your well-being is the most important priority. Take care of life’s essentials by prioritizing your rent, groceries, and health care costs. You might be able to lower these bills by eating less meat and switching to generic groceries and medications. Key utilities like electricity, gas, and water are also important for your health and safety. Your providers may work with you and put you on an installment plan or reduce your payments. You can suspend nonessential services like cable and internet. It’s smart to maintain a cell phone, but you may choose a lower plan to reduce your payments. Making essential journeys, like attending work and visiting the doctor, are also important. If you’re close to public transport or close enough to walk or cycle, you might be able to sell your car to free up some cash.

Second priority: Luxuries

Bills for luxuries, such as streaming services and magazines, are the lowest priority when money is tight. Suspend or opt out of these subscriptions when you’re worried about bills. You can always resume them when you’re in a better financial position.

Final thoughts

Struggling to pay rent is never easy. With uncertainty in the current economy, it’s important to be smart with your money and prioritize your rent and basic needs. With careful budgeting you can ease some of your financial pressure and live comfortably.

If your rent is just too expensive and being late on payment becomes a pattern, it might be time to look for a more affordable place. Search thousands of cheap apartments for rent on Zumper and find one that works for you.

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The post 10 Tips for Paying Your Rent When Money is Tight appeared first on The Zumper Blog.



This post first appeared on The Zumper Blog | Rental Market Trends, Real Estat, please read the originial post: here

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