What to do if you’re caught short while renting

Written by view.com.au in Renting on June 8, 2016

What to do if you’re caught short while renting

It can happen to the best of us, even if you’re very financially responsible, you can still find yourself coming up a bit short of cash sometimes. Life is full of little surprises, after all. Sometimes you find $20 in a coat you haven’t worn since last winter and sometimes you need to spend hundreds of dollars on urgent car repairs.

If you’re renting, there are a lot of things that can go wrong. And if you’re still a student or just getting started with your career, you might not have much in the way of savings lying around. Maybe your car has broken down, or you need relocate at short notice and need to put together a bond cheque at short notice.

Whatever the reason, sometimes you need to get your hands on a little bit of extra funding quickly. Here are a few tips for ways that you can do just that.

1. Sell things you don’t need any more

Everyone has some stuff they’re holding onto that they know they don’t really need. Whether it’s the bike you were planning to ride to work, old books and games, or the guitar you haven’t played in years (even if you’re great at playing Wonderwall).

Selling your old stuff on sites like eBay and Gumtree is a great way to raise a bit of extra cash and de-clutter your home at the same time but don’t sell your most valuable or sentimental items, because you will probably end up regretting it.

2. Ask to borrow from your parents

Parents are great, aren’t they? You should call them more often. They might even be able to help you out financially if you ask them nicely. Parents look after their kids, even when they’re adults, so they might be able to help you out when you’re in a bind. Just make sure you take care of them when they get older.

If your parents aren’t in a position to help you out, and you’re just going to be a bit short until your next paycheck, you might want to consider taking out a short-term loan. They can be surprisingly helpful when you need money quickly and know you’ll be able to pay it off.

3. Pick up some extra work

This one isn’t always possible, but you may be able to get your hands on a few extra shifts if you work casually. You can ask your manager if there are any extra shifts available or offer to cover shifts for your co-workers.

Another option is to talk to friends or post on social media asking if anyone needs an extra pair of hands at their workplace. Businesses often need extra staff for busy periods or to cover for staff who are out sick or on holiday.

4. Cash in your piggy bank

If you’ve got a piggy bank or a jar full of your spare coins and change, now might be the time to take it down to the counting machine at the bank. It might not be a huge amount of money, but it could be the difference between eating instant noodles until your next paycheck and being able to do your normal supermarket shop.

Alternatively, and this really is a last resort, you could dip into your savings for that holiday you’ve been saving up for. This might be a bit of a setback for your plans, but you’ll be able to put the money back into your savings eventually.

These are just a few of your options for bolstering your finances on short notice; you may be able to come up with own methods. But whatever you choose to do, the main thing is that you’re still able to pay your next month’s rent on time.

Author: Club Money is a licensed Small Amount Credit Contract lender. They provide suitable applicants with short-term loans and adhere to strict lending policies.