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We are living in unprecedented times. For most work is a part of our daily life. We devote a large part of our adult lives committed to our careers and creating a secure and safe foundation for our families. How Can Homeowner’s Manage Their Finances Through the Coronavirus Pandemic?
If you have been fortunate enough to buy a home or homes up until the Coronavirus Pandemic this month, you probably have a number of questions running through your mind as your whole world has been thrown off its axis.
Here are a few questions you might be asking yourself:
- Am I going to lose my job?
- What am I going to do with my kids the rest of the year if schools don’t reopen?
- How am I going to make my bill payments?
- How am I going to pay for my mortgage payment on unemployment?
All of these questions and feelings of uncertainty are completely normal and valid, considering what many across our nation are going through currently. These are the same feelings that thousands of American’s face every year when they lose their job, a spouse passes away or a child falls ill. These are examples of isolated cases but affect many every year.
The current COVID-19 pandemic has put us in situations beyond our control. Government is taking extraordinary measures to prevent the further spread of the virus. It’s affecting business both large and small. We find ourselves in a situation that is completely out of our control, that can deeply impact our security, mental health and confidence in the future. The only difference about the current situation is that instead of it being isolated incidents, there are hundreds of thousands, if not millions of families going through this together and all at the same time.
Plan Now For The Upcoming COVID-19 Weeks Ahead
So, what can you do if you find yourself temporarily laid off from your job with reduced income and an unclear path leading into the future?
- Have a family meeting to discuss and begin working together on actions that will reduce your monthly costs, such as turning off lights and appliances when they aren’t being used.
- Immediately review your family budget to determine what you can eliminate and reduce?
- Of the bills that you cannot eliminate, contact the billing departments and inquire if they have any options for deferred payments or payment plans. Fortunately, many companies and financial institutions are offering customer relief plans like this.
- Ask yourself if there is anything you can be doing while off work that would create some additional income. Now, this may be a little tricky with our current situations and being confined to our homes, but that is where becoming knowledgeable in a new area could be your ticket to success. People are still buying products online and going into specific stores in droves.
- Call the local gas station, grocery store, Target, or another store that is still open and ask them if they are looking for temporary or part time workers.
Become Your Own Boss
Have you ever wanted to start something where you are your own boss? Sometimes situations like the current can lead to great ideas. It might be an opening for you to try something different or make a change you have always wanted to do.
Here are some ideas for starting your own business that you can make operational in a very short period of time. You can almost begin monetizing them immediately.
- Become a Lyft or Uber driver
- Start a blog, vlog or podcast
- Open an Amazon or Ebay Store
- Create a online “How to” course
These are just a few ideas to get you started. The best part about all of this, with the exception of driving, is that these businesses operate online – right from your home. Also, all of them have tons of free online resources you can access to get started. Simple Google searches or YouTube searches for any of them will give you tons of free results giving you tips, advice and step-by-step instructions on how to get these ideas off the ground.
We don’t know how long the coronavirus is going to be impacting our daily lives, and especially our financial security but it’s always a good idea to have a plan. Even if the virus is gone in a couple short weeks the plan you make now can protect you from a future reoccurrence and put you in a position to financially survive the next pandemic should there ever be one.