Have your finances suffered as a result of the coronavirus pandemic? If so, you’re not alone. There are millions of people across the country that are scrounging for the financial resources they need to get by. With many out of work or taking lesser hours, making the most of their paychecks is easier said than done. Though things are rough and the future is unclear, there are things you can start doing to regain control of your finances during the pandemic.
Adjust Your Budget
If you’re making less money or recently unemployed, your income has changed. This requires a change to your household budget. Review all of your expenses and compare them to your current income and/or savings. If you don’t have enough to pay the bills, prioritize your bills by order of importance and find ways to save or cut back on spending.
Apply for Assistance
There is financial help available to those who have suffered financially as a result of the coronavirus pandemic. You can file for unemployment, go to your local welfare office for cash, food stamps, and health insurance, apply for rental or utility bill assistance, or apply for a small business loan or emergency relief through programs offered by the federal government. You can find out about programs by checking with the local or federal government websites for low-income families.
Generate More Income
Shelter in place orders prevent many people from going back to work at the moment. It also limits the number of available jobs on the market at the moment. Fortunately, however, there are still ways to generate more income. You can start a side gig online. Answer surveys, review products and websites, write a blog, become a virtual assistant, teach a lesson, tutor someone, the list goes on and on. You can use the money you acquire from this side gig to further balance out your budget.
Borrow Responsibly (And Only When Needed)
If you find yourself in a financial jam during the coronavirus pandemic, you may need to consider applying for same day loans to resolve the problem. A loan would essentially provide you with the funds you need right away and time to repay the balance in full so you’re not completely broke or going without things you need. Be sure that the problem is an urgent one and also that you have the financial means to repay the loan in a timely fashion.
Continue Some Kind of Savings
You might be banking on every penny you have right now to stay afloat, but it’s important to consider more than just the here and now. Having a nest egg provides you with a financial cushion you may need to survive for the duration of the pandemic. So, even if you can’t save as much as you’re used to, try to set aside even $20 a week towards a savings account. Over the course of a few months, this could add up and come in handy.
Secure Your Future
You want to make sure that you and your family are taken care of, no matter what the outcome of the pandemic. This means continuing to secure a financial future. Be sure that you’ve developed an estate plan, established a living trust, and purchased life insurance to protect your family in the event that the worst happens. You should also try to continue putting money towards college savings accounts and retirement accounts. While you may have to lower your contributions, it’s a lot better than stopping altogether.
Financial management was hard enough before the coronavirus pandemic. Now, your financial stresses have likely multiplied by ten. Before you allow the stress and anxiety to consume you, it is highly recommended that you regain control of your finances. Though things may be tight for a while, the above-discussed plan can help secure you and your family today, tomorrow, and beyond the pandemic.