Pandemic Financial Survival Tips

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While many people working remotely, there are millions more that cannot work because businesses have closed due to the Coronavirus Pandemic Quarantine. If you, or someone you know, are being impacted, here are a few tips that I recently shared on a New York City news outlet.

STOP AUTOMATIC PAYMENTS

If you do not have money coming into your accounts, stop all automatic withdrawals coming out of your account for expenses like subscriptions, payments, etc. Small amounts of withdrawals can add up quickly. Also, you do not want a large amount of money to automatically come out of your account, potentially taking your needed cash.

ELIMINATE OR REDUCE NON-ESSENTIAL SPENDING

Although it is convenient, non-essential spending like eating out or luxury expenses like cable will consumer the cash that you may need. Practice eating at home more and convert your cable TV subscription to a streaming service like Netflix or HULU. Facebook also offers Facebook Watch, where you can binge of videos as well.

CALL YOUR CREDITORS

Reach out to your creditors, utility companies, and your landlord to explain your financial situation. They are very aware of what is going on and how it is impacting the entire world financially, including themselves. Ask if they can defer payments or set up a reasonable payment plan.

AVOID SUFFERING IN SILENCE

Now is not the time to isolate. There are millions of people going through what you may be facing. However, millions may also be able to help. Mental health matters, especially at a time like this. Reach out to family and friends to see if they can assist with cash, food, or household items. Connect with family and friends by phone, email, or social media. Keeping the lines of communication open will help you get through this better and possibly connect you to the aid you need.

MONETIZE YOUR TALENTS

If you have a hobby or have been thinking about starting a side business, now is the time to monetize your talents and get started. Join online communities, like DUALpreneur, to learn how to start your business to make some extra cash.