As the coronavirus pandemic tears across the world, the precautions we take to combat the spread have economic consequences. Many are suffering financially at this time. Some of us have lost our jobs or had a cut back in hours that force us to ask one terrifying question:
How am I going to pay rent this month?
Federal stimulus aid is currently pending passage in Washington D.C. – In the meantime, here are suggestions for helping you make your rent payment:
Apply for Unemployment Insurance
If you’ve lost your job or had a significant cut to your hours, you might be eligible for unemployment insurance. Unemployment insurance is a state benefit that will send you a weekly amount in lieu of the paycheck you would be receiving if you were employed. The amount of that weekly payment varies depending on your situation, but it might just be enough to help you make your rent payment and get by until you have stable employment once again.
Unemployment insurance in many states does require you to be actively seeking full-time employment, so you’ll want to begin your search now.
Search for Employment
Some great places to look for employment that will get you back on your feet are job listing sites like Indeed, Monster.com, and even Craigslist. Conduct a search for the field you are interested in, or simply browse through all listings to find something that might help you get by.
Open positions may not be ideal or pay as much as you previously made, but applying to availabilities like these is a significant step to solvency while the economy struggles with the impact of the virus.
We know that finding a new job is incredibly stressful and time-consuming, which is why unemployment insurance is so helpful during this process. Make applying for unemployment your first step. After that applying for jobs will help you on your way to receiving so much-needed compensation.
Consider Local Relief Options
Check out your local non-profits and resources for any potential help you can get. While many of these resources are likely to be overwhelmed at this time, it doesn’t hurt to give them a call.
For example, a non-profit in the Boise area called Jesse Tree operates to keep people from homelessness through timely assistance with rent after an unexpected emergency. This organization does amazing work at helping those in need pay their rent. Non-profits like these are essential resources. However, they may be too overwhelmed by the crisis to be able to offer help to everyone who needs it.
For more resources, look for a local Self Rescue Manual or similar guide to any resources you might need at this time. You never know where you might find help.
Consider Personal Lending Options
It’s not ideal and should definitely be low on your list of possible options when attempting to pay your rent, but in a bind, consider personal lending options.
Depending on your credit and income, you can get qualified for personal credit that can be deposited right into your bank account. This can be a convenient way to pay a necessary bill when its due IF you know you will be receiving a paycheck in a week or two and can pay down the amount you borrowed. These options are risky, as the interest stacks up at extremely high rates. DO NOT borrow irresponsibly, and don’t bet on federal stimulus until you know it’s coming.
For an interest-free alternative, check out the Earnin app. To borrow through this application, you need to have consistent employment, so this is only an option if your hours were cut but not eliminated altogether.
Earnin can be a great option for receiving money right after you work a shift, without having to wait for payday. There’s no interest and you pay a fee that you decide based on what you think is fair. The amount you borrowed will be automatically deducted from your paycheck on your specified pay day.
Explore Extra Revenue Sources
Finally, look for opportunities to make some extra money while you struggle to ride out this economic freeze. None of these options are ideal, but anything helps in times of need.
Search for your unclaimed property.
Did you know every state treasurer’s office operates a service that tracks money that is legally yours but left unclaimed for various reasons?
Search your name to see if you have any money waiting out there that is rightfully yours. It may be a longshot, but you could surprise yourself with an unexpected payday simply by running a search.
Explore delivery driving opportunities
Now is the moment for delivery drivers of all varieties.
Amazon is advertising hard with its employment opportunities right now.
In addition—due to everyone attempting to do their part at social distancing—services like Door Dash and Uber Eats are in high demand. Apply to be a driver and give it a try—these might be opportunities to make decent money.
Consider donating your plasma.
If you are in need of just a bit more income to make it through a loss of hours, you might want to consider donating your blood plasma.
WARNING: This is not recommended for anyone at all in the risk demographic for COVID-19, as donating your plasma can weaken your immune system and going to the donation site presents a risk in itself.
However, even in this pandemic, people still need the life-saving plasma that services like Grifols or BioLife help collect. Donating with these organizations earns you some extra cash that can help you get by while also ensuring that those in need of plasma transfusions have what they need.
Take Care of Yourself
The global pandemic is stressful enough on its own—adding financial hardship and fear of eviction to it is unimaginably difficult. Be open with your landlord about your situation and your eagerness to pay rent in full. They might be willing to help you out and work with you so that the stress isn’t too much, giving you time to make ends meet.
And don’t hesitate to ask for help from your support network of family and friends you can trust. Taking care of yourself means asking for help when you need it, no matter your situation.
You can explore these suggestions for financial assistance during this difficult time, but don’t forget to take time to take care of yourself. Drink plenty of fluids, get a good sleep each night, and find a safe outlet for your social and recreational needs without putting yourself at too much risk.
Stay safe and remember we are all in this together.
For more information on real estate and property management during the coronavirus pandemic, contact 208.properites today.