Are you struggling to make your monthly mortgage payment? Have you or your significant other lost a job/income? Whatever the reason, there are things you can do to get back on track. First and foremost, create a budget and stick to it! A well-thought-out budget will allow you to see how much money you have each month. If you find your expenses are higher than your bring home/income, you will have to begin to cut expenses. For example, going out to dinner, drinks, coffee runs, and outings with friends. Below are a few options for you if you can’t pay your mortgage.

Credit cards

Ideally, credit cards should be paid in full each month. However if you are struggling to pay bills, you may need to resort to carrying a balance for a few months. Be sure you can make the minimum payment on your credit card each month, if not more.

Get a part-time job

Getting a second job may be a helpful option to bring in additional funds to help with mortgage payments. A second job can be more fun and flexible than your full time gig. You can deliver groceries, food, rideshares, babysitting, mowing lawns, or shoveling snow. You can also sell things (like household appliances, clothes, toys) online.

Refinance

When you refinance, this is essentially paying off your existing mortgage/loan and replacing it with a new loan. This can give you extra cash on hand, and you can then pay your monthly mortgage payment and get you back on track with your finances. If you have excellent credit, you can likely refinance at a lower rate than you already have. There are also loans for bad credit, which may get you funds to pay your mortgage quickly, but you will need that back rather quickly.

Limit your spending

Make a list of your needs and wants. Start cutting the wants, things like gym memberships (work out at home for now) and subscriptions. Have a no-spend day a few times a week. No-spend day is exactly what it says set a day, and don’t spend any money that day. Hopefully, no-spend days will change your mindset over the course of time, and you’ll break your bad spending habits.

401K Loan

Instead of cashing out your 401K – see if you can take a loan from it. You will have to pay the 401K loan back with interest – most times, it is a lower interest and worth it.

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