What to do when you can’t cover your rent

This month, I found that I can’t cover my rent. Since my student loan came due, I had to pay for that and it was unexpected. I’ve been applying for PT jobs here and there, but I just know that I don’t need one. I don’t have the energy to do two jobs again. Especially since the last week in August, I’d have to quit because school starts. Anywho, since I haven’t been late EVER in the year I’ve been here, I am just going to pay late. I have enough in my account to pay $300 of the $400 so I’m going to earn interest on it in my ING account until I have the rest of it. My landlord is pretty understanding. I will not take the money out of my E-Fund to pay it. Yes it’s an emergency, but I should be out of the bind by the end of next month. I don’t do any unnecessary spending so it should be fine.

What are some of the things you do when you’re in a pinch like this?

6 Responses to “What to do when you can’t cover your rent”

  1. Single Ma Says:

    I would communicate with my landlord as much as possible. Let him/her know you will be late and offer the $300 with the remaining $100 on a specific date. You never know, he/she may waive the late fee. Communication is key.

  2. Snoop Bloggy Blog Says:

    Some landlords will waive the late fee if you pay within 15 days of the due date. Handy for situations like this.

    So I’m a math nerd (betcha never guessed that but math is the shnizzle!)

    You earn 5% in your ING account which is 0.42% per month. That means that you’ll earn $1.26 on that $300 if you leave it there for an entire month. How much is the late fee again? Would it be better to give your landlord a partial payment and make the remainder when you have the money?

  3. Terri Says:

    I agree with Single Ma. Being a landlord myself in the distant past, I would have been happier with a partial payment with a dealine for the balance instead of nothing.

  4. Penny Pincher Says:

    Rent is an obligation you promised to pay. If you have the money in another account, you need to pay your rent.

    You can avoid this in the future using better planning. If you are really wanting to get out of debt, proper planning is a must. Forecast your income and bills further out and you won’t have this problem again.

    Also, your student loan should not be due if you are returning to school in August. If you have a class schedule registered with your university, you can get an in-school forbearance. If you have not used any yet, you can also get a one (or two) time hardship forbearance.

    You may only be skipping out on $100 of your rent, but at $400 a month, that’s 1/4 of the bill you are not paying.

    Old habits die hard, but if you really want to recover from financial problems, paying all your bills on-time should be your first priority.

    Good luck. And be responsible!

  5. SavingDiva Says:

    I agree with Penny Pincher, and try to really scrape pennies to pay your rent. I can remember when I was in school, and I had to bring rolls of change to my bank in order to be able to pay my full rent bill. I hate to pay late fees, so I just returned a lot of cans.

  6. tehn yit chin Says:

    I mirror some of the advice here, talk to your landlord as soon as you know that you can’t meet the rent in full.

    Perhaps, you could offer to pay some of next month’s rent in advance to show that you are committed and to give your landlord confidence.

    Good luck!

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