Yes I really said thrive during this pandemic! It is possible and I’ll show you specific ways you can expand your money at the time you need it most. There are resource links and a special giveaway/drawing at the end so read on…
Let’s face it. We are all trying to survive this pandemic above everything. We’re distancing ourselves. We’re over cleaning our homes, wearing masks, and washing our hands. What are you doing so you come out of this pandemic in a better way financially?
Even if you haven’t lost your job or taken a reduction in pay there are way to end up on top when life goes back to a new “normal.”
Here are a few ways to positively impact your financial bottom line in case we are in this state of uncertainty longer than planned.
Stimulus check – Many Americans have received deposits into their checking accounts from the government in the form of an Economic Impact Payment. These funds are to help if your income was impacted by the stay-at-home orders. But, if you haven’t received it yet there is a way to check if you’re getting one and you can share your checking account information so it gets delivered to you. Otherwise you could be waiting for that check in the mail for a long time. Click here to confirm your payment gets deposited.
Withholding Adjustment – Do you need more income? Did you receive a tax refund check for your 2019 taxes? If so, you’re paying the government too much money. Call your payroll department and have them change your withholding so you come close to breaking even. If you received a refund of $2400, then it’s possible you’re overpaying by $200/month. What could you do right now with that extra $200/month? Call and investigate this now!
Stop your 401k or IRA contributions – This is a temporary measure and is only recommend if your household income is experiencing a large enough hit and it’s difficult to continue paying your bills the next few months, especially your 4 Walls. You may choose to reduce your contributions to only the match the company provides or take it all the way down to 0%. Either way, it’s better to reduce your contributions rather than take a loan or distribution from that account. Many companies are pausing matching contributions so it could make your decision to pause easier as well.
Start a side hustle – Do you have special gifts and talents you’ve always wanted to try? Now is the perfect time to explore and generate extra income. Photographers are now taking pictures of people at their front door. Museums, gardens and historic homes are hosting online tours. Some of these are free and some have folks paying good money for the creativity. Online children’s birthday parties and more. Check out this list of work from home gigs.
Reduce household expenses – Take a close look at your budget pre-shutdown. You do have one, don’t you? 😊 Review the expenses that simply don’t make sense currently or are greatly reduced. Clothing, gas, dining out, personal care, entertainment, etc. are all categories to watch. Add up how much you can be saving, then save it or move to another category. For instance, if you’re automobile fuel was $100 before and now $50 is enough then move the saved $50 to groceries or savings. Now more than ever is a good time to simplify and conserve.
Stop student loan payments – If you have federal student loans in addition to other debt like credit cards, car loans, etc. you may want to take advantage of the governmental help at this time. The CARES Act includes provisions for federal student loan payments to be halted and those loans will not accrue interest until Sept 30th. Using the funds you would have paid on those loans to pay off other debt is a great idea and a strategy worth exploring. If you don’t have federal student loans check out this article on options available to you.
By implementing just one of these suggestions and applied to your finances you would be in a stronger place. This is your season of prioritizing your life. Our health and our ability to provide for our family is important.