Families across the country are feeling the stress of the pandemic and subsequent quarantines affecting much of the country. There are children at home, people are trying to get the hang of work and school from home and the little normal things of life, like sports, have gone by the wayside (for now). On top of all of this, the cycle of bills keeps moving like usual, causing the potential for major financial stress. However, there are some things to keep in mind to help you get through any added worry about money during the craziness of a quarantine.
Cancel Payments For Things That Can’t Be Used
The current quarantine crisis has caused lots of businesses to temporarily close their doors as they are unable to provide their services. In many cases, this includes gyms, children’s lessons (like swim or gymnastics), and plenty of other services. While many local businesses will ask you to keep your subscription active to help keep their business afloat during the quarantine (something highly recommended, if you are able), canceling these payments can certainly alleviate some of the financial crunches. Another thing to check for is the option to get refunds for travel plans or other prepaid items that can no longer be used and get some positive cash flow back into your bank account.
Be Aware of Developing Relief Programs
Both public and private entities are taking actions to help provide financial relief and ease the stress of the quarantine. Some of these, like the anticipated stimulus payments, may not require any other action, but others may require you to be proactive. If you have student loans, ensure that they are federally backed and are eligible for some of the programs. Some mortgage companies are offering payment deferments or other relief. If there are any bills you are concerned about, it never hurts to reach out and ask.
Don’t Spend Your Money Hoarding Supplies
As we’ve all become aware, there are some people who are reacting to the current situation by hoarding items. Right now, the supply chain for items is perfectly intact, so there is no need to hoard items. Not only does this prevent a proper flow of goods, but it involves spending a substantial amount of money upfront for products that don’t need to be purchased immediately, and it can lead to waste. Making sure that you are only buying what you will actually use can keep the spend down and keep the shelves stocked for others also.
While no one will say that quarantine and the current situation is easy, going into it with a clear eye on smart financial decisions will help you come out the other side without undue stress. If you have questions, or are looking for assistance in dealing with financial stress, please contact us today.