Were you one of those people who always turned in assignments late while you were in school? Maybe just sometimes? If so, do you find those bad habits extending to other areas of your life… like rent payments? Tardiness can get the best of us at times, and every now and then it’s unavoidable. Say you have a medical emergency or a sudden lull in employment—in some cases it’s hard to get the bills paid on time, no matter how important it might be. What should you do when you know you might have trouble getting the rent in on time?
The first step is to plan for any eventual money problems ahead of time. It’s always best to keep a well stocked savings account, preferably one with 6-months of all your expenses saved away. But in many cases that’s a safety net not all of us can afford. If you’re worrying about paying the bills, try to keep a couple of months of the essentials like rent, electricity, phone, and water tucked away. That way if you reach a month where money is tight you can defer to the money saved away.
If you have trouble saving the money for rent, make sure to stow away the amount necessary in a separate bank account as soon as you get your paycheck. It can also be helpful to set reminders throughout the month so that you know to curb your spending if you’re having trouble keeping your account balance up.
If you find yourself without a safety net and can’t avoid a late rent payment, speak to your landlord or property manager. If you are normally reliable with payments, they will likely understand and have the ability to account for and allow this sort of thing. It’s best to be honest and upfront than to say nothing at all and there’s no reason to be ashamed of something that happens to the best of us.