6 Steps to Take When You Can't Afford Rent

Sep 10, 2020 1:44:18 PM
There are many unexpected circumstances, including lost or reduced monthly income, which cause fear, anxiety and stress – especially when it impacts our ability to keep up with rent. 
Depending on the severity of the situation, financial crisis causes fear of losing the ability to remain in our rental homes or apartments.
Our partners at GreenPath Financial Wellness have provided six steps to take if you're experiencing financial hardships related to rental payments.
Download GreenPath's 6-Step Guide here for more details on the steps listed below.
  1. Assess Your Situation: Figure out ahead of time if you are going to be late making a
    payment- the more lead time, the better.
  2. Make Immediate Contact with Your Landlord: Keeping open lines of communication with your landlord is important. Make sure your communication is in written form to explain your situation
    and your proposed solution.
  3. Keep Records of All Transactions: Keep detailed records of your interactions with your landlord- times, dates and names of persons you connected with, along with copies of any written
    correspondence and summaries of what was discussed.
  4. Apply for Help: Consider contacting organizations that provide resources and help for
  5. Know Your Options: If you are unable to work out a solution, explore other options. This
    may entail creating and proposing another plan to your landlord.
  6. Prepare for Action: If you can work out a plan with your landlord, make sure it’s a top
    priority. Work on your budget to ensure whatever agreement you have
    come to will continue working.

Tags: Money Tips, Budgeting