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While managing our personal finances is something that is rarely far from the average person’s mind, when times of crisis or disaster come our way, money matters often take center stage. Additionally, very few of us plan ahead for difficult or uncertain times until they suddenly fall upon us. Courtesy of the global pandemic, the vast majority of us are now experiencing these moments of distress, and the anxiety caused by this situation can lead to all sorts of personal and professional issues.
Image by Nattanan Kanchanaprat from Pixabay
In spite of the dark, foreboding outcome touted and prophesied by so many in the media, there are actions that the average citizen can do to alleviate some of the stress produced by this disaster. In fact, it might be time to visit a financial adviser such as Rusty Tweed for sound, monetary advice. Moreover, there are a variety of actions you can take now to ensure that finances become the least of your concerns.
Prioritize your financial expenses.
This is the time to take a cold, hard look at your financial commitments. It is vital that you ask yourself the following: “What are my needs versus my wants?” Perhaps you can cut back on your cable bill or your streaming services. You might even consider pausing some of those subscription boxes until you are able to go back to work. Take out those “wants,” and know that once you have prioritized everything, know that you can always add one of those non-essentials back into your budget.
Image by Gerd Altmann from Pixabay
Try to continue making the minimum payments.
Even when times are tough, it is imperative that you attempt to at least make the minimum payments on your credit cards and loans. If you are unable to make that payment, get in touch with the companies immediately to discuss your options and a plan to get you back on track.
Image by Steve Buissinne from Pixabay
File your taxes on time.
The IRS is still expecting taxpayers to file their taxes by April 15th if at all possible. If you are due to get a refund from the government, this can aid you in offsetting your financial obligations. However, if you are unable to pay your taxes on time, the IRS does have a solution for you that will involve a ninety-day deferment, so be sure that you take advantage of this.
Avoid online and phone scams.
During times of crisis, it is the perfect time for scammers to get busy and attempt to profit off fear-mongering. Be proactive about protecting yourself and your loved ones from this type of fraud. Never open any email from an unknown sender, and never expose sensitive information online or over the phone. Check and double-check everything, and if you are interested in an offering or a product, be sure that you contact the company or individual directly to inquire about the details rather than clicking on an unfamiliar link online.
Image by Peggy und Marco Lachmann-Anke from Pixabay
Use all of your financial resources.
Gather up all your gift cards, offers, coupons, etc. This is the time to use them, if possible. Take advantage of any rewards programs available to you. Check out your Employee Assistance Programs. Consider barters with family and friends. Utilize your creativity to its fullest extent.
While this is not a comprehensive list, know that we will get through this time as a community. While we all know money is vital in today’s world, in the grand scheme of things, this a short period of time that will eventually pass, and we will come out of it stronger and more vibrant.
