The frustration is real. You feel fine, but quarantine procedures for the COVID-19 Pandemic require that you stay home for your health. However, that doesn't help you earn money. With more than 22 million people signing up for unemployment benefits, the economy is in rough shape. You're probably struggling to make ends meet. You may be wondering what money moves you can make during the COVID-19 pandemic.
If you're struggling with financial issues, there are money moves you should make during the COVID-19 pandemic. You don't have to stress about money matters. Here are some money moves to make right now to ease your burden. You can make this uncertain time less stressful.
Communicate With Your Bank and Utility Companies
Your bank and internet provider aren't living in a bubble, where everything is business as usual. These corporations are well aware of Coronavirus and the number of Americans out of work. Many are willing to work with clients and forgive payments.
Wallet Hub completed a recent survey and found that around 67 million Americans anticipate having a challenge paying their bills due to COVID-19 and sheltering in place. But it isn't all bad news. Many companies and banks are already stepping forward and showing a willingness to work with consumers.
Banks aren't the only corporations showing understanding and compassion during this chaotic time. A host of broadband and phone companies have stated their willingness to work with clients to ensure continued services despite the customers' current financial situations. Those companies include:
These companies are committed to helping clients keep their services up and running despite the ability to pay. The Federal Communication Commission (FCC) has a full list of companies posted on its website.
If you find yourself unable to pay your bills, don't hide. It's best to contact the company you owe money to immediately. You can let them know that you're suffering financial hardships due to the COVID-19 outbreak. Even if you don't know when you'll be able to pay, it's always good to talk to them.
Cancel Subscription Services
This is one of the easiest money moves to make right now. It only costs $2.99 a month or $12.99 a month. It didn't seem like a lot of money when you first signed up, but subscription services can add up. For example, a subscription service that costs $12.99 a month bills you $155.88 a year. This amount is probably close to your monthly cell phone bill.
There are so many subscription services available from movies and television to meals for preparing at home and lifestyle samples. You may be spending a lot more than you think each month on these services. You may have stopped using some of these services and not even realized it.
When times are tough, you probably don't need a cookie of the month club or a box full of stationery. It's a good idea to make a list of all the subscription services you currently pay for. You can double-check your bank statement to make sure the list is complete.
Once you have your list, you can quickly cancel any of the subscription services that you're no longer using, such as gym memberships. Next, you need to evaluate the remaining services to decide if you want to keep or cancel them. It could be that the Disney television subscription is the only thing keeping you sane in a house full of children.
You want to cancel as many subscription services as you can live without. However, there are some services that are providing you with a lot of entertainment during this time spent at home. You might consider allowing yourself to keep a couple of the most used subscription services to get through this crisis.
You can weather the financial hardships of sheltering in place. With a little planning and belt-tightening, you can make smart money moves during this time of uncertainty.