The COVID-19 pandemic has created financial uncertainty in the economy as well as the lives of common people. People are facing a new reality of job loss, quarantines, lockdown, and of course the threat of contracting a serious disease. During uncertain times like these what is most critical is the well-being of you and your family. And financial stress should be the last thing to be considered. Many of you might be at the risk of losing your job or have already lost your job and struggling hard to meet your basics like health care costs, food, water, and shelter.
This financial guide offers you tips, advice, and details about financial aid programs framed by the government to help you get money to ensure you can manage some of the financial crises that may come with Coronavirus. This financial resource guide will throw some light on helpful COVID-19 resources, steps you can take to arrange your finances, COVID-19 financial relief measures, and other important resources.
Helpful COVID-19 resources
There’s a lot you need to be aware of to protect and preserve your finances during this pandemic. We’ve covered two particular sources
When you’re unemployed due to COVID-19
Unfortunately, many individuals are being laid off as a result of financial hits from the pandemic. If you’re one such person, do not fret. There are a lot of unemployment advantages obtainable. Here’s a list of a few suggestions based in the United States that will hopefully help with your current situation.
- Find out whether you qualify and apply for unemployment insurance benefits through your state’s unemployment insurance program.
- If you’ve got a mortgage on your home, contact your mortgage lender. Already a lot of lenders have already started accepting delayed payments and waiving late fees. The U.S government has also directed them to halt foreclosure and expulsion procedures.
- If you have a student loan you can qualify for a postponed payment or reduced loan amount. The Department of Education has also recently waived interest on student loans for 60 days.
Maintaining your private funds during COVID-19
During such an uncertain time, it’s really hard to get a hold of your private finances. Here are a few steps you can take to ensure that you are financially stable and be prepared to meet any emergency expenses.
- Analyze your current financial situation. Take a look at your savings account, liquid assets, loan account, mortgage if any, and draft a rough budget.
- This is the right time to start a contingency fund. With complete lockdown and social distancing, an important benefit that you can get is you might spend less money on entertainment, hotel, and other luxury expenses. Start saving those monies for your emergency period.
- If you’re unemployed or do not work from home due to Coronavirus, try to take advantage of the government deferrals and extend your payables.
Steps you can take to handle your finances
More than half of the U.S population doesn’t have sufficient funds to cover an emergency expense. Now is the time to improve your financial situation in order to escape from any future financial crisis. Listed here are six steps that you can take to have your finances in control
Understand and manage your money
One of the most important steps is to have a closer look at what comes in versus what goes out. Make a list of all the income like your paycheck, alimony, child support, and more and make a list of all the expenses like your fixed expenses and variable expenses. Your expenses should be less than your income.
Once you’ve got a blueprint of all your income and expenses, begin planning your monthly budget. Ensure that the primary part of your budget covers all your basic needs like food, shelter, and health. Cut down on spendings like shopping and restaurants. Also check out if you can lower the cost of certain services like internet, mobile bill, and more.
Get ready for a recession
With the current pandemic, it is expected that a recession will hit. Recession can be scary and challenging, but with the right control over your finances and planned savings, you can survive the recession. Pay off your debts, including your credit card dues, build up an emergency fund, review your investments, and diversify your portfolio to protect your money and yourself.
Find local resources
To help you repay your debt or manage your emergency expenses you can take a list of all the available financial resources in your area. When you are in an emergency you need instant cash to help you get out of the crisis. Payday loans NV can help you survive a financial emergency with quick cash. Unlike bank loans, these loans can be applied online and you can apply for it even if you have a poor credit score. Once you apply for an instant Payday NV you can get your loan amount transferred to your account on the same day.
Avoid 401k Withdrawal
During a financial crisis, you could be tempted to withdraw funds out of 401k early. But this can lead to hefty tax penalties. Instead, opt for a 401(k) loan. However, before withdrawing or taking a 401k loan, think twice about your decision. There are also various other alternatives like home equity lines of credit, personal loans, payday loans, and credit cards.
Do not panic. If you follow the above measures you can stay confident that you are prepared to overcome this uncertain situation.
Other COVID-19 resources
Here’s a list of a few other COVID-19 resources where you can find more information about COVID-19, it’s relief measure, and how you can benefit from it.
- The Consumer Financial Protection Bureau:
- Paycheck Protection Program
- Economic Injury Disaster Loan (EIDL) Program
- SBA Express Bridge Loans
- SBA Debt Relief Program
- Centers for Disease Control and Prevention
- United Way 2-1-1 Helpline
- COVID-19 Research & Development Programs
We hope you have found this brief resource guide to be useful.
Stay home, stay safe, stay healthy.