– Sponsored Content Now that the initial shock from the pandemic has subsided, it is time to really plan. We are living in an unprecedented time. The uncertainty surrounding Covid-19’s pandemic can rattle even the most strict savers. You may feel like things are beyond your control. Instead, focus on what you can do to control them. First, things must be taken into consideration. Follow the guidelines and listen to your healthcare professionals to ensure that you and others are safe. There are steps that you can take to reduce the financial impact of Covid-19.
Even if your financial situation has not been impacted yet, it is important to reevaluate your household budget and create one if necessary. As much as possible, involve your family in this process. Let your family know that the crisis is happening and what you plan to do. This can help alleviate some anxiety. When reviewing your crisis budget, determine which expenses are essential and which aren’t. It’s better to take the difficult decisions immediately, even if you have some savings, than to wait until you are forced.
Your rent or mortgage should be your first priority. As much as possible, keep a roof over you head. It is crucial to remember that resources are available to assist you in times of need and that they could change. If you find yourself in a difficult financial situation, you should immediately contact your landlord or mortgage provider. Once your rent and mortgage are paid, you can move on to food, utilities, or other non-essential items.
If you are unable or unwilling to make a payment on a debt, you should contact your creditor as soon you realize you will be late. Many creditors have expanded the options for those who are unable to pay their monthly debt payments during this difficult time.
Family Credit Management can help you if you feel overwhelmed when it comes time to creating a budget. Family Credit Management, a non-profit credit counseling agency, has been helping people in difficult financial situations for over 23 years. Call 1-800-994-3328 to get a free budget review by an objective professional.
Visit this site for more information and resources. www.familycredit.org/covid19.
