I can’t tell you the number of times I’ve heard the term “unprecedented times”. I’ve even said it a few times myself and as much as I can feel it’s overuse, it’s true. These times are unprecedented times. Uncertain.
We don’t know what will happen in the coming days and months. We are reliant on our leaders to guide us along the way of getting back to our lives outside our homes. Some of us have gone back to a relatively normal time while others of us are struggling without jobs and without knowing when this time will end.
The quarantine has brought trying times for many of us across the country both financially and personally. Anxiety creeps in with ourselves and our family and friends.
Some of us have lost jobs or taken pay cuts. We are worried about not only our health but also our finances. How will we afford to eat and pay our bills? How long will it be until things go back to a “new” normal?
Even if you are still working and haven’t felt the financial burden many are facing, taking the time to do the things below will help boost your current financial position.
We don’t have control over many of the things happening right now, but we do have control over a few things especially in regard to our finances.
Here are a few things we have done and some that are on our list to do over the next few weeks.
1. Call your mortgage company and ask about payment deferrals- this can be done with residential and business.
2. Call your landlord and ask for some reprieve on your rent- this can be done with residential and business.
3. Call all your credit card companies and ask for assistance
4. Call your utility companies and ask for reduction in rates.
5. Call your car loan company and ask for assistance.
6. Call your car insurance company and ask for a reduction in rates-especially if you aren’t working.
7. Call your student loan company and ask for assistance.
8. Call any places you currently have unused memberships – the gym, fabfitfun, chewy, social clubs etc.
9. Inventory your pantry, fridge, and freezer and make a meal plan from what you already have.
10. If you own a business apply for loan help through the SBA.
11. Apply for unemployment under the emergency section.
12. Get a refund from your child’s school for any unused cafeteria money.
Look at any and every area you can think of to save money.
Let me stop you before you say you don’t have time for this.
I do understand that these things take time when doing them. A lot of companies are backlogged with all the calls so you may be on hold for a long period of time.
But consider this.
If you are on the phone for 45 minutes (time normally spent surfing the web or watching tv) but saved $65/month for the next 3 months (this is the actual amount we saved on bill) you will save $195. I don’t make $200/hour so I’d say for us that is well worth the time spent.
Or you can look at it like this, you were just paid $4.33/minute to wait on that phone to save money. I’d say it’s worth it! Stack that with each and every bill and it can add up to big savings.
Every little bit helps when it comes to taking care of yourself and your family.
What should you do with your savings if you are still working and don’t need it for your everyday living expenses?
You probably know what I’m going to say already. Emergency fund and Debt Repayment come first.
We never know what will happen even if our job is stable and considered “essential”. Many of us would never have expected we would be in quarantine with a pandemic happening. Do yourself a favor and make sure both of those things are in place before doing anything else.
The only caveat to this is pausing the actual repayment of the debt and piling all that cash into a savings account, you won’t touch, until we are through this time period. Then once we are through this time you could make one large payment.
We are doing that right now just to be sure we have access to cash should we need it. My husband works at an essential business and his salary, thankfully, hasn’t been affected but we are saving as much as we possibly can because we just don’t know what will happen in the coming months.
I try very hard to live without fear, but I am realistic with the fact that we’ve never seen anything else like this before in my lifetime. It makes me feel secure and responsible to save as much as we can during this time, therefore it’s what we’ve chosen to do.
The one thing you don’t want to do is get all these savings and then waste it on little things here and there and see no difference at the end of all of the this. I want to treat myself to get through this tough time but I know in the end that will just cause me more stress.
I want you to plan for those savings as soon as you know the amount. Every penny should have a plan to work for you!
I hope you and your family are doing well and staying safe! We will all get through this!