5 Tips for Financial Recovery After The Coronavirus
We have all had different experiences with the coronavirus pandemic. While there may be quite a few variances, it isn’t uncommon for you to be financially strained by now. Over 41 million Americans lost their jobs, either temporarily or permanently. If you fall under that category, there are definitely ways to better your situation. Even if you kept your job, financial recovery after the coronavirus could still be necessary for you. To help you guys out, here are the five tips we have to help you recover financially after the pandemic.
One of the major benefits of the gig economy is the ability to make your own money. If the wheels of the job market are moving too slowly for you, you can monetize a skill. Whether it is car detailing, house cleaning, home repair, or any other trade; if you can do it well, you can get paid for it. Get ads up on Craigslist and see what you can do.
Save What You Can
If you do have any source of income, such as unemployment benefits, make sure you are saving if possible. Now is not the time for frivolous spending if you are in recovery mode. You should focus on tightening the belt and keeping as much held for emergencies as you can. The number one way to end up completely stuck in debt, is to have an emergency you weren’t prepared for.
Work With Your Bank/Credit Union
Due to the widespread financial strife around the country, banks and credit unions are offering certain types of relief. Both of these entities are typically offering delayed payments for auto loans. If you have a car loan, see if your bank will give you a break. Some institutions are even offering 0-interest short-term loans for people in a pinch. If, and only if, you have a serious emergency, this might be a solid option for you. Do not get into any debt if you don’t have to, but if you have no choice, zero-interest debt is better than your other choices.
Cook at Home
Eating out, especially in this day and age, is a major money-sink. Throw in the delivery fee, you could easily drop $30 on a mediocre meal for yourself. Even though things are opening up, your financial security should be your number-one priority.Go to the grocery store, get some stuff to make at home, and eat in. This will make a massive difference for your monthly budget.
Care For Your Mental Well-Being
If you are in a bad mental state, your spending will follow. Even more important than your finances is your mental health. Even more prevalent than the financial crisis in this country is the mental health crisis. You aren’t alone, and being in a low emotional place is the worst foot on which to start recovering financially. Whether it is prayer, low-cost therapy, meditation, exercise, or time with family; take care of yourself any way that you can. Reach out to your support system or your community for ideas. Everyone is in this together, and there are resources there for you if you need to reach out.