Do's and Don'ts of Budgeting During a Crisis
- No one knows how long this pandemic will last, so it's important to plan for the long term regarding your money.
- Overview of steps to stay afloat during times of monetary uncertainty.
While there is lots of uncertainty at this time concerning how long this pandemic will last and also the long-term financial impact, there are steps you can take to help keep you financially stable during this time:
|Do file for unemployment immediately if you have experienced reduced or damages.||Don't wait. The amount of applications are skyrocketing, which means it may take time to get your money.|
|Do ask your credit card issuer, lender about temporary relief.||Don't assume you'll be auto-enrolled into relief programs without inquiring.|
|Do consider trying to get a temporary job at one of the companies making mass hires at this time.||Don't assume you will be able to immediately return to your previous job as soon as the pandemic settles.|
|Do ask your landlord, utilities company, and internet provider about suspending service and payment plans.||Don't assume they will automatically forgive late payments.|
|Do prioritize your necessary expenses if you can to get temporary relief from your providers on regular bills.||Don't make unnecessary purchases.|
|Do request to improve your credit limit for existing cards or make an application for an urgent situation credit card should you may need access to more credit.||Don't run up further debt that is non-essential to your daily life.|
|Do plan using the assumption that this situation can be used to have an longer timeframe of time.||Don't spend as though it's business as always, particularly if you are at risk for employment or income disruption.|
Maintaining your credit score is also valuable during this period, as it can certainly help you extend your lines of credit as needed during an emergency. Credit Sesame is a free valuable resource that will help you monitor your credit and explore credit options during these uncertain times.
Please let us know for those who have any other ideas to include in the comments below. And most importantly, please stay safe and healthy.
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