Thursday, May 26, 2022

How to Stay Afloat Financially During the Pandemic

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Managing your money during the coronavirus pandemic might seem a little daunting at first. However, knowing how to stay afloat financially during the pandemic will help. Here are some tips for helping you stay on top during this stressful time and prepare yourself for the future.

Staying up to date with your bills

Although there are ways to get help with paying your bills during the pandemic, it will always be best if you can stay on top of paying them yourself. It’s always worth bearing in mind that if you do acquire assistance from a company to assist with the payment, you will owe the remaining amount once the contract ends.

However, if you are finding it difficult to pay your bills on time, you have several options:

  • If you’re unable to pay your bills – Get in contact with your lenders if you can’t make your payments on time because you’re on a lower income due to the impacts of coronavirus.
  • If you’re struggling to make your mortgage payments – The CARES Act allows homeowners who are impacted financially as a result of the pandemic to request relief on payment amounts for up to 180 days. A possible extension can be made for another 180 days in some circumstances too.
  • Falling behind on student loans payments – The CARES Act can allow students to delay payments to a later date by suspending them when they are federally backed. It will always be best to contact your service provider to see if you’re entitled to this.
  • If you’re already in debt – Getting in touch with a debt relief program can help you if you’ve already found yourself behind on bill payments and have accrued yourself some debt.
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  • Here’s how to get started according to Freedom Debt Relief:
  1. Talk to a consultant – Call the company and tell the consultant about your debt to see if the program is right for you. Find out how much money you can save by agreeing to allow the company to help you manage your debt.
  2. Phases of the program – Firstly, you’ll build by making your deposits into a single FDIC- credited account that you are in control of. Next, after you have enough cash built up in your account, the debt relief company will negotiate with your creditors to settle all your debts for a less amount than you owe. Then, the negotiators will work hard to settle your debts by saving you as much money as possible. When every debt is paid off entirely, you will be contacted for an update and to give your authorization to proceed. And lastly, when all of your payments are cleared, you can enjoy your life debt-free!

Planning for the future

Financial experts are stressing the importance of managing your finances while planning for post-pandemic budgets too. Here are some of their tips:

  • Determine your new normal – Reevaluate where you spend your money and start making priorities for what’s most important to you. Attend to your needs first and then work out how much you still have left for pleasure.
  • Review prices for products and services – From food shopping to fuel prices, inflation should always be considered. Budget what you expect to need based on an increase in prices for day-to-day essentials.
  • Rebuild your savings – Put away some cash as an emergency fund, for example in a savings account. Try your best not to have to dip into it and let it build so that you’re prepared in case you’re running short and really need it.

Knowing how to stay afloat financially during the pandemic can help make your life easier during this stressful time. If you’ve been finding it difficult, you now have some tips to help.

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