5 Ways for Struggling Families to Make Rent

Many families struggle to pay rent every single month. With the often tough nature of the economy and the increasing impact of inflation on families, making the rent on time has become more frustrating than ever before. Thankfully, there are options for families in this dire situation. If you need to find a path forward, here are five ways for struggling families to make rent on time in 2022:

1. Personal Loans

While not an option for everyone, personal loans can prove to be incredibly useful when you’re in a financial pickle. Especially for those struggling to make rent, any option that can prevent a potential eviction should be looked at. If you have excellent credit, it can be easy to get a reasonable loan, with a realistic APR, to ensure you make rent on time. However, if you have poor credit, you may only have access to predatory loans. To keep your future finances safe, you should avoid these types of high-risk loans at all costs. Doing so will protect you and your family from harsh financial consequences down the line.

2. Financial Assistance Programs

For many families that are struggling to make rent, there is simply not enough time to seek out extra funds through loans, second jobs, or similar routes. When this happens, you need to reach out to local financial assistance programs that can keep your family safe and off the street. In the wake of covid, these types of assistance programs have become much more widely available in every state, especially in Texas. With the right grit and determination, you can apply for quality financial assistance through the Houston government. Understanding your rights, and how to apply for them correctly, is key when going down this path. However, it’s one of the most consistent ways to avoid eviction when you are suddenly hit with unexpected financial problems, such as wage loss.

3. Credit Cards

Aside from personal loans, having a solid credit card on deck for difficult financial periods is highly recommended. If you have decent credit right now, you should look into a credit card you can truly invest in. Even if you do not need the credit right now, it will be useful to still have the credit available to you later on, especially if you expect to have a financially touchy budget soon. When using credit cards, however, it’s important to do plenty of pre-planning to make sure you’re not going over the limit, and that you’ll have a way to pay it back as soon as humanly possible.

4. Cash Advances

Depending on your current work situation, you might have the option of seeking a cash advance from a financial institution, or directly from your company. Although cash advances are similar to personal loans, they are strictly meant for quick turnaround payments, so avoid them if you know that you’ll have a hard time repaying them within a few months (or, ideally, right after your next post-rent paycheck arrives in your bank account). As with all the other items on this list, you should use your best judgment before signing an agreement for a cash advance. Asking a trusted financial advisor about the quality of a cash advance, before accepting it, is highly recommended for this reason.

5. Landlord-Based Deals

If you have an understanding landlord, especially if you’re renting from an individual owner instead of a large property company, you may have ways of making deals with them that can lower your rent. If they need work done on the property, you can ask them if you can handle that work in exchange for lowered rent. For those who cannot take on second jobs easily, or who have poor credit, this can sometimes be one of the best options available for making your rent payment on time. Depending on the project, your efforts may make your place a more comfortable, pleasant place to live as well. Just make sure you do not rely on this method, as it will heavily depend on your landlord’s need for on-site maintenance.

Rental Assistance is Available

While it can often be a struggle to manage, rental assistance options are available for struggling families in 2022. You should never shy away from seeking federal or local government assistance when you need to make rent quickly. Doing so can ensure that your family does not face the threat of eviction or financial ruin due to a temporary financial squeeze, after all.

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