5 Tips to Financially Survive COVID-19
COVID-19 has challenged many financially
Millions of Americans are facing a variety of financial struggles and hardships following the onset of the COVID-19 pandemic. While some businesses are opening and things feel as though they are on the brink of beginning to get back to normal, there also doesn’t always feel as though there’s an end in sight.
If you’re one of these many American’s that are struggling right now, you aren’t alone!
There are some things you (and all of us) can be doing to feel a smidge more secure despite these challenging and unprecedented times we are facing.
Tips and Ideas
Here are some tips and ideas:
Apply for unemployment benefits → This might seem like an obvious one, however with many states backed up in this realm, it might seem like it’s not worth it. Continue to make your calls and follow up on your application, as back pay is available.
Begin looking for new employment if you were officially let-go or your place of employment has permanently closed → Perhaps consider options that will best suit your needs and allow you to work remotely if that is something that you want during this time. Spend time revamping your resume if it’s been awhile.
Increase your savings → Whether your income is coming from unemployment or your employer, consider increasing the amount that you have in savings. Despite predictions by both scientists and politicians, it is uncertain when the financial uncertainty attributed to the pandemic will come to an end.
All federal loans were automatically placed on administrative forbearance (you don’t have to make payments and are not accumulating interest during this time) through September 30 due to COVID → if you’re feeling comfortable with the amount you are able to save monthly AND you have federal loans that are covered with administrative forbearance, considering paying down private loans that have a higher interest rate. For example, if you usually pay $450.00 a month towards your federal loans, put that towards a private student loan each month until September 30. You will pay the additional $450.00 (in this example) in addition to your scheduled monthly payment.
Live frugally → This one may go without saying, but be aware of your spending during this time. Despite that many businesses and restaurants are fully open yet, online stores are buzzing! Pay attention to your browsing and be mindful of what you’re deciding to purchase. Emotional spending isn’t always bad, but during a time where income has decreased and free time (aka online shopping time) has increased, it can potentially be a volatile mix for your finances.
Summary
While the COVID-19 pandemic causing major changes to the world around us is inevitable, there are things we can be doing individually and as families to help brace for the financial impact the pandemic has had or could have on our lives.
Applying for unemployment benefits if you’ve been laid off or furloughed, looking for a new job if your place of employment has entirely shut down, increase your savings, pay down private loans if possible (or loans with higher interest rates), and choosing to live frugally during this time are just five of the things you can be doing to set yourself up for better financial success during this time.
Do you have financial tips or tricks that you’ve been using to help cushion you and your family during this time?