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Is Covid-19 Ruining Your Financial Health?

Many people have had their livelihoods impacted by the pandemic. It’s possible you may run a business that has had to shut due to lockdown restrictions. Alternatively, you may have been dismissed by an employer or you may have had your pay reduced.

Whatever the case, Covid-19 needn’t ruin your financial health. Below are just some of the ways in which you can protect your finances from the impact of coronavirus.

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Know which support you’re entitled to

If you are entitled to federal or state support, it is important that you take advantage of this financial help. For instance, if your business has been impacted by lockdown restrictions, you may be eligible to apply for the US treasury’s paycheck protection program or an equivalent form of state support.

This guide to stimulus checks could be useful if you’re an individual that requires financial support. Meanwhile, there are sites such as this one that offer useful resources for business in need of financial help.

Don’t automatically assume that you are not eligible for support – even if your income has only been marginally affected, there may still be support out there that you can apply for.

Seek out support for your debts

Many people have taken out loans or fallen behind on bills/rent as a result of the pandemic. If you’ve found yourself in a lot of debt, there are ways in which you can seek out debt relief.

The first option is to seek out help from your creditors directly. This detailed debt relief guide lists some of the major creditors including credit card providers, mortgage lenders and auto lenders and offers links to their webpages and the support that they are offering.

Some people may find it beneficial to refinance debt or consolidate debt. This could help to make debt easier to pay or more affordable. Take your time to shop around to find the best loans for refinancing and consolidating. 

There are also professional debt services that you can seek help from. Debt advisors may be able to help you arrange settlement plans or look into options such as individual voluntary insolvency. You could even hire a tax attorney to help with tax-related debts. Specialist advisors may meanwhile be able to help with student loan debts. 

Consider making extra temporary cutbacks

If you’re earning less, it’s important that you’re also spending less. Consider whether there are any expenses that you can reduce temporarily until the pandemic is over. This could include ordering less takeout meals or vowing to only drive on weekends to reduce fuel costs.

Having a weekly budget in place could help you to keep your spending under control. Where possible, take advantage of free activities such as going for walks and learning new skills online.

Make sure that you’re not spending more by shopping more frequently on Amazon or guzzling more bottles of wine – use the pandemic as an opportunity to save those pennies and not to spend more.

Post written on Hollybeetells.com

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