Can't Make Rent? Don't Panic -- Do This

If you've never been in the position of being unable to afford rent or a mortgage payment, you are very fortunate indeed. Many of your fellow Americans struggle to cover their housing costs, and help can be hard to find. If you are worried about how you'll make your next rent payment, read these tips to see how to best approach the problem.

Speak to your landlord

Your first call should really be to your landlord if you know for sure you're going to be late with the rent payment -- or can't swing it at all. If you think you have a way to come up with the money on time (see below for ideas), you could avoid this step -- but it's always better to be upfront about not having the cash before rent is late.

Ideally, your landlord is also human and if this is the first time you've come up short, they might be willing to work with you, perhaps by allowing a partial payment or giving you a longer grace period than what's in your lease (which might be a few days). But you won't know if you don't ask.

Ask friends or family for a loan

Hitting up a friend or family member for a loan so you can make rent is extremely fraught. You might not have anyone in your life who can help you -- or is willing to do so without attaching the kind of strings no one wants.

If you are fortunate enough to have someone to ask, I recommend putting everything in writing, and don't make them bang down your door to get repaid. Lay out clear repayment terms before the Venmo transfer hits your checking account and do your best to actually pay what you owe -- don't burn a bridge.

Tap other income sources

For the record, I don't think it's a great idea to dip into your retirement account for expenses that aren't retirement. But if you're facing a choice between homelessness now and having less money a few decades from now, the choice seems obvious. You generally won't be able to access money in a tax-advantaged retirement account (like a traditional IRA) without IRS penalties and paying taxes on it, but if you have a Roth IRA, you may be in luck. You can withdraw your contributions (but not any investment gains) at any time from one of these accounts.

Another option to get rent money is to take on a temporary side hustle. You'll have to jump through some hoops to get registered and work as a ride-hailing driver, but you'll be able to do the work on your own schedule. Plus, depending on where you live (perhaps a big tourist destination?) and your availability, you might be able to earn a fair bit of money doing this. Any kind of extra work can be a boon to your personal finances, both for paying rent this month and beyond.

Get help from a local agency

Some cities and states have help for renters who are struggling to pay the bills. Get in touch with your town or city, county, or state -- Google is a good place to start. Resources vary, but you might be surprised. For example, New York State maintains a list of local departments of social services. You might have to call or email a few times; it's unfortunate, but many agencies are likely understaffed and overworked.

You'll likely have to prove your financial difficulties to qualify for help, but getting the ball rolling sooner rather than later is a good idea. You can also call the United Way at 211 and be connected to people who can help.

Learn your rights as a tenant

If all else fails, it's a good idea to investigate what protections you're entitled to as a tenant in your state or municipality. Being unable to pay rent for a single month is unlikely to lead to an immediate eviction, for example -- and according to the Consumer Financial Protection Bureau, you have options. Google your state or city and "tenant's rights" to get the scoop for your area. The U.S. Department of Housing and Urban Development (HUD) also has a list of resources for tenant rights by state.

It's scary to find that you don't have enough money to cover your rent, but panicking about it is unlikely to generate a favorable result. Instead, take a deep breath and run through the steps above.