Managing your money during the pandemic.
With an onslaught of hiring freezes, pay cuts, furloughs, and layoffs, many people are experiencing instability and have been deeply impacted financially.
Sometimes it’s the uncertainty that can be more stressful, especially when it comes to finances. We’re in an economic climate where things are very uncertain — you may still have a job but you never know when the next round of layoffs are coming, or, your pay has been reduced, yet you have all the same bills piling up.
When you’re stretched thin, Your Loan Depot is here to support you. We offer a myriad of solutions, including installment loans and cash advances. Learn more about how you can better protect your money when instability strikes.
The Whole Money Picture
Looking away and avoiding your finances when you’ve been impacted financially may seem like an easier option — if I don’t know how bad it really is, it will get better or stay the same, right?
Unfortunately, turning a blind eye to your financial issues won’t make things better. In this time, it’s important to get very clear on the whole money picture — the current state of your finances, however bad they may be.
Be clear on the whole situation — what you’re spending, if you’re saving, and any potential sources of income.
Need a couple of ways to earn extra income? Read some of our previous articles, including:
- How To Make Money On The Side
- Make Money On The Side Without Ever Leaving Your Home
- What Are The Best Side Hustle Jobs Out There?
As a result of the current pandemic, many things change concerning your financials. The Federal Reserve changed its interest rates to 0%, so now is the time to think about refinancing to lower rates, which will help you save money when the interest rates go back up.
Evaluate your fixed costs which include things like the internet, cell phones, utilities, etc.. Connect with your service providers and see if you can negotiate a deal — many businesses are willing to work with those who are in a financial crisis to help lower their monthly bills.
Action Steps For Furlough or Being Laid Off
The reality is, many people are being furloughed or laid off during the pandemic, but it’s imperative to have a plan or strategy in place.
First and foremost, give yourself a moment. These are hard times that are not only impacting us financially, but also emotionally. This is a large-scale crisis where so many fears are churning — so cope, grieve, and give yourself some time.
In the meantime, it’s important to check off a few key things. File for unemployment and update your insurance if your coverage has been affected. It’s also important to know if you qualify for any assistance or exploring if going into debt to make ends meet is an option.
It’s also time to begin the dreaded job search. Now is the time to polish up your resume and practice interviewing. Things will most likely be slow, but it’s not impossible.
Navigating a Pay Cut
If you suddenly find yourself with a smaller monthly income, it’s time to go back to the beginning and look at your finances. This is the, what you need vs. what you really don’t need honest conversation you must have. If you stick to the basics of the essentials like groceries and your fixed costs, you’ll often find there is a lot of wiggle room there.
When you have cut back as much as you can and you still have financial obligations that can’t be covered, it’s time to look into more emergency type solutions. You may look into forbearance or deferment on your mortgage or negotiate with credit card companies.
Explore options such as installment loans or cash advances from a title and payday loan company. At Your Loan Depot, we understand how unexpected events occur, and have put together small personal loans with affordable interest rates.
There are many ways to wade through this pandemic and better protect your money, even if it’s in small gestures such as cutting back on your streaming services or renegotiating your internet bill — every little bit helps, and every action is worthwhile.
For more information on the services we provide at Your Loan Depot, connect with us today.