More of us are worried about our ability to pay rent and mortgage

November 15, 2010 According to the October 28, 2010 Washington Post article “Most Americans worry about ability to pay mortgage or rent, poll finds”, worry about paying the rent or mortgage is dramatically climbing. The Washington Post asked this question “How concerned are you, if at all, about not having enough money to pay your rent or mortgage?”. Look at how the percentage that said “somewhat concerned” or “very concerned” has changed over time: December 2008 – 37%, February 2009 – 46%, October 2010 – 53%.

This quote from the article, Worry is twice as high among those with household incomes of less than $30,000 as it is among those with annual incomes of $75,000 or more. Fully 75 percent of African Americans are concerned, including a majority, 55 percent, who are "very concerned.", underscores the stress that has followed the consistently poor economic news.

What the article did not give was a solution to the worry many people are reporting. If half of all people surveyed are worried about paying for their home now is the time to talk about options.
worry about rent
53% of us are concerned about paying rent and mortgage.

If you are worried about not being able to pay your rent or mortgage in the near future now is the time to start creating options for yourself, before you are in over your head. Put yourself in a stronger position by taking two steps. First, identify and plan for threats. Secondly, evaluate your current assets and liabilities.

When identifying potential threats to your financial well being, take the time to deeply analyze your situation. Ask questions such as how stable is your income, what larger expenses could be coming your way, and how is your health. By identifying and planning for threats against your ability to pay for home and living expenses you give yourself more time to react and lessen the impact of financial problems on the horizon.

Next ask yourself how you can leverage your current situation in order to safeguard your finances in the coming months. What do you have that can either bring in more income or generate savings, either of which can be set aside for home payments? Typically, walking through your home and property with a notepad and pencil will give you many ideas. Here are several ideas submitted by readers.

 

Sam rented parking space on his property to neighbors who typically parked on the street during the winter and had their cars buried in snow by the passing snow plows.

Andrea and her husband decided to give each other one Christmas gift – all their saved Christmas gift money into a home emergency fund.

Tim rented an apartment closer to work saving him $150.00 a month in transportation costs.

Bill refinanced and saved over $200.00 per month.

Ethal rents out her garage to a young mechanic for $250.00 a month and sets the money aside for emergencies.

Marty stated that buying a home the same size as his 2 bedroom apartment saved him $200.00 per month on rent and the home was in better shape!
 
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