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According to WalletHub, over 67 million US citizens are likely to struggle financially due to the coronavirus outbreak.
The President of the United States has recently rolled out a bill that provides more benefits to the unemployed. This includes paid sick leave, work from home, and certain other practical measures. In addition to that, the Authorities have also revealed plans to provide financial assistance to businesses and individual households.
In addition to that, these measures also mentioned the possibility of providing direct financial support to taxpayers, in order to help them survive through the economic slowdown. Nevertheless, it could take some time before Americans start receiving the financial support that they truly need.
While some are working from home and some aren’t, it’s critical to manage your money through this phase. So, if you are struggling to pay your bills, then here are some useful tips that can help you get through this tough phase.
1. Seek Unemployment Benefits
If you have lost your job during the coronavirus outbreak, then figure out the unemployment benefits that you qualify for. Also, check your unemployment insurance and figure out how you plan to manage your expenses for the next couple of months. Usually, those with W-2 income qualify for it but again, that depends on the State’s employment rules and regulations. So, make it a point to confirm that by contacting your State’s unemployment office.
2. Have a word with your Creditors
Try calling or emailing your Creditors and explaining your current situation. Inform them about your current financial problems and ask them how best you can work things out with them, during this pandemic. Find out if they would be willing to defer your payments for a couple of months without any changes to the other terms and conditions in your current loan agreement. By bringing down these expenses, you may be able to divert your savings towards necessities that cannot wait, such as your electricity bills, rent, and groceries.
3. Actively Search for Relief Programs
A few States have rolled out favorable policies for those who cannot pay their debts due to the coronavirus slowdown. States like New York have already suspended several debts, temporarily. So, depending on the state that you live in, you may qualify for such relief programs. Always check the type of loan you owe in order to confirm if that type of loan is exempt. Currently, some states like California are also supporting occupants by stopping evictions.
At the National level, the Federal Communications Commissions (FCC) has instructed telecom carriers to avoid suspending telecom connections. On the other hand, the While House has temporarily waived off interests on Federal student loans and would start imposing them only after due notice. This does not in any way affect the principal amount that the student would have to repay. Also, Taxpayers can heave a sigh of relief as the deadline to file tax returns has been extended to July 15th, 2020. So, follow the news and the coronavirus briefings by the State Government and the Whitehouse.
4. Limit your Subscriptions
Check all the monthly subscriptions that you pay for and make a quick list of it. Ensure that the list includes everything from your gym membership, sports club membership, and even your YouTube paid subscriptions. Find the ones that you can cancel and do it immediately. If confused, take a look at your credit card statements and you would know which ones to get rid of.
5. No more Pizza deliveries
While you are working from home or are out of work, cooking your own food shouldn’t be much of a problem. Even if it is, you need to learn some cooking and get started because cooking your own food is much cheaper than buying ready-to-eat foods or ordering from restaurants. Most people do not realize how much money they can save up by cooking their own food. You don’t have to be a Super Chef, but with some easy to cook recipes, you can definitely bring down your expenses.
6. Do not forget to support your health
Researchers have confirmed that those with a weaker immune system need to be more careful as coronavirus hits them the worst. Therefore, you need to focus on naturally improving your immune system. While there is no vaccine for the coronavirus, strengthening your immune system seems to be the only way out. The easiest and safest way of doing this is by supplementing your body with immune-boosting herbs such as liquid Shilajit and Ashwagandha. Besides that, you need to set a daily workout routine to stay fit while you are at home. Don’t worry about not having exercise equipment because there are many exercises like lunges and push-ups that you can do without any equipment.
7. Spend Quality Time on a Budget
Social distancing does not stop you from getting outside but restricts you from getting too close to people. So, you can step out in your backyard and spend some quality family time with your young ones. It isn’t a bad place to play soccer or baseball over the weekend.
You need to start being minimalistic during the economic slowdown by cutting corners and limiting your requirements. The best way to do that is by listing out the things you need, and the things you don’t need. That should help you prioritize your needs above your wants and help you cut down some of those futile expenses.
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