Let’s be honest. The past few months have been nothing short of chaotic. Early this year, everything came to a halt as the novel coronavirus rapidly spread around the world. Non-essential businesses temporarily closed, schools canceled in-person instruction, social distancing was implemented, and millions of people were asked to remain at home. Though these changes were necessary to protect everyone, it also created an economic crisis.
Due to the closure of many businesses, social distancing requirements, and shelter in place orders, lots of workers’ hours were reduced while millions more were suddenly let go from their jobs. With reduced pay or no income at all to rely on, many have begun to struggle to survive. Affording everything from the rent/mortgage to groceries and utilities becomes more challenging with each passing day.
As stressful as all of this is, figuring out a way to survive financially is crucial to your survival and wellbeing. If you’re barely able to cover the cost of things you need (or have been going without), these financial tips should help to tide you over.
Determine What’s Essential
A lot of times we think things are important when in reality, they’re not. If you’re going to be able to afford the things you need during the pandemic you have to get serious about eliminating things you don’t need from the budget. Your home, transportation costs (if necessary), food, utilities, and healthcare costs should be the top priority. Everything else should be paid only if you have the means to do so.
Reduce Essential Costs
Now that you know what must be paid to survive during the pandemic, dig deeper to see if you can find ways to lower those costs. For example, if you’ve been seeing a therapist for your depression, but can’t afford the therapist costs, contact the office to find out if there are more affordable options. You may find that they are willing to give you a discount, offer you reasonable payment arrangements, or refer you to a therapist that offers lower rates and/or accepts your health insurance.
While some essential expenses can be reduced with a discount or lower rates, some expenses may require you to sacrifice a bit more. If your monthly rent is too high, you may need to consider downsizing, relocating to a more affordable area, or moving in with family until you’re back on your feet.
Look For Financial Assistance
Seeing how things are difficult for everyone during the pandemic there are several federal, state, and private programs you can apply for to receive financial assistance. If you can’t afford your rent, food, and other basic essentials, you might qualify for your local Welfare program. This would give you access to rental assistance, food vouchers, a monthly stipend, free health insurance, and even free job training. There are separate programs that will assist with utilities, car insurance, and free food as well, so be sure to do your research and apply immediately.
Generate Some Income
You may not be able to return to work just yet and finding a suitable job during a pandemic can be quite the challenge, but there are other options for generating income. There are plenty of opportunities that you can start with little to nothing down. While it won’t make you rich, it can help to fill the gap so that you can afford the things you need. Use your car to make money by joining a rideshare service or delivering food/groceries, rent out a room in your home, sell things you don’t want online, write articles, start a blog or anything that you’re good at that can generate business.
With approximately half of the country unprepared for a financial emergency, the novel coronavirus pandemic hit especially hard. Trying to survive on unemployment or on a reduced income has become a strain as the months roll by. While things are especially tight right now, the best thing you can do for yourself and those you’re responsible for is to utilize solutions like those above to afford the things you truly need.