3 Actions You Can Take To Relieve COVID-19 Money Stress

The priority for everyone right now is to ensure you are safe, secure, and able to provide yourself food and shelter. Even in these uncertain times, there are simple money actions you can take to feel more grounded and help you move forward: 

What is more effective, however, is to know exactly what you need: If you know you need to find an extra $300 per month in income or by cutting expenses for the next three months, you are setting yourself up to take the most effective actions. But how do you come to an exact number? Here's an outline. This simple action is one that can be done at any time.

The stimulus package can help provide some relief in certain situations. You owe it to yourself to know what is available so you can take advantage of it if needed. 

If you have already been laid off or furloughed, you probably know this number and have applied. If you haven't, knowing this number can help ease some worry you might have should you lose your job. Many states have an unemployment benefit estimator that can give you a ballpark idea of how much you are eligible for in unemployment each week. Add $600 on top of that weekly estimate as you will most likely qualify for the federal stimulus unemployment benefit. For many, this additional money will make a huge difference.  

Do you have qualifying federal student loans? If yes, you can take advantage of the 0% interest and no payments until September 30, 2020. If your loans qualify, this can greatly help with your monthly cash flow. If your loans don't qualify or are private, don't hesitate to check in with your lender to see what programs might be available. They likely won't be without interest, but they could possibly provide some cash flow relief for a few months. 

If you have an emergency fund, consider this the emergency. Because you know what your income and expenses are, you can estimate how long this emergency fund might last you. If you don't have an emergency fund, any leftover money you might have at the end of the month should go into your savings account to help you float if needed, because cash is queen right now. Also look at how much available credit you have on your credit cards. As a last resort, we can use credit cards to purchase food, gas, etc. Is it ideal? No, but nothing about this situation is ideal. Right now, we simply need to know what we have available to us for survival. 

This period of time is filled with many "firsts" for individuals: first time being laid off, first time worrying about money or needing to file for unemployment. It's OK. Most of us are going through firsts. The sooner we can accept that, the sooner we can take action. You owe it to yourself to pick up the phone and ask if there are any programs available to you. Yes, the stimulus package can help, but don't be afraid to call the mortgage company, cable company, your phone provider, etc. Creating as much cash flow as possible right now is the goal. At the end of the day, if we ask ourselves "Did I try everything I knew to try?" and the answer is yes, we will feel some relief.