Five things to do if you can’t afford next month’s rent

If you don’t know what to do when you can’t afford your next month’s rent, don’t worry…we have 5 suggestions for you.

It’s never wise to be late or miss a rent payment, it is similar as you miss a payment on your credit card. You will hurt your credit score and your landlord will most likely charge a fee or even kick you out.

Based on our research, there are five different ways which can temporarily save you from that tough situation. The suggestions are sorted by difficulty levels: from very simple and not so risky to difficult and very risky.


1. Borrow money from your family and friends.


This is very obvious and the easiest way to get enough money to cover your rent. Family members and friends know you better than anyone else. They are willing to help, aren’t they? Make a phone call or send a text message, it shouldn’t be hard to find somebody to help you with this situation, especially if your monthly rent is only a few hundred of dollars.


2. Negotiate with your landlord.


You know how much money you will have in the pocket on the 1st day next month.  If you always pay your rent on time, you will get a better chance to negotiate with your landlord. It is very hard for property owners to find a high quality tenant, so if this is the first time you are having  trouble paying your rent, they will be very flexible with the payment and give you a grace period. You have to let them know though!

Try to schedule a short meeting with your landlord and tell him your situation honestly, good landlords will let you to defer your payment for one month or maybe even longer. Also, you should tell them confidently that you will pay the rent next month on time.


3. Get a credit card…or another one.

Pile of Credit Cards

This is another reason why you shouldn’t miss a rent payment

Usually a new credit card application process will take around two weeks. With a better than average credit score, it is fairly easy to get a credit card from a major bank. The card will most likely have more than $1,000 credit line which should be enough for most of the people to pay for the next month’s rent.

Some landlords may only accept checks. That’s also not a problem. Credit card is like a short-term loan. It is your money and you can use it in whatever way you like. You can use the cash advance to get the cash right away (hint: there are a lot of tutorials on google help you to turn your credit cards into cash:-), maybe this can be the topic for next time, so make sure to follow us on twitter, or facebook).

Getting a credit card and using it means that eventually you will have to pay back the amount you spent so always be aware of that…it’s a credit card, not a gift.


4. Get a short term loan


Short term loans from private institutions or websites, like moneytoday, might be a choice too. Getting a short-term loan is very risky because the interest rate will be ridiculously high (e.g. payday loans). Lenders will be authorized to pull out money from your checking account directly every month or week. This is another way you can get cash right away, although it is very, very risky…it is still an option.


5. Find a casino


You still have money to eat right? If the answer is Yes, this can be the last solution for you. Find the closest casino around you, go there and test your luck. It is believed the best game is to play Blackjack and put all of your money in one bet. Blackjack always gives you a 48% chance to double your money (just beat dealer and don’t go over 21). This is a gamble. It is very risky and chances might be that you will lose the money you put in. Although the odds are less than 50% and you need to pay to play, you still have a chance to hopefully make enough money to cover your rent. (If you are younger than 21, this is not an option for you).

There is always a way to go through the tough situation. Don’t give up and you will get money.

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