How You Can be Financially Responsible During the Coronavirus
The coronavirus has taken a strong foothold in the United States, both medically and economically. Our economy has been pushed back to the brink. All the gains made in the market since 2016 have disappeared in just two weeks. Companies everywhere are closing, leaving employees without a paycheck and without a way to pay bills. This is severely hitting millions of Americans financially. Service workers are no longer able to get tips or even work at all. So you may be wondering how you can be financially responsible during this time.
Start With a “Deep Dive” of Your Spending
Print (or download) your past three to six months of credit card statements, bank documents and any other financial information you have at your fingertips. Make sure you know where every dollar is going. After you have figured out exactly how much you are spending (and where you’re spending it), you can determine what can reasonably be cut out of your spending. This does not mean to stop spending altogether. Supporting local business is important at this time. That’s the first step for the American economy to rebound from a recession. However, maybe you’re spending too much at Starbucks, or maybe you’re just going out too much. Regardless of the reason, look at what you can save. Try creating a budget. This is a great time to get stuck in better financial habits.
Being More Financially Responsible is the Key to Success
Financial freedom and fiscal responsibility are simply the basic foundation blocks to getting through this time of economic uncertainty that we find ourselves in today. Using this time to create healthy financial habits could lead to financial success in the future. It can help you plan for retirement, take that special vacation and even lead to healthier habits all around. Start out by trying to save 5% extra each month. If you’re already saving 20%, knock that up to 25%. Creating a savings account can be a good way to start investing too. When you learn how to be financially responsible then you can learn how to invest and grow your personal wealth and experiences.
What if I Lost my Job or Most of my Income Due to the Coronavirus?
Step 1: You want to file unemployment as soon as possible. This will help give you some type of income while you are searching for a new job.
Step 2: Find any job that will pay more than unemployment but still gives you the flexibility to get back into your career choice. For instance, Amazon, Target, Walmart and more are offering their employees a hazard pay bonus. This will allow you to have a job that is flexible, pays more than unemployment and they even understand that you are seeking employment temporarily.
Step 3: When you get that job, start using whatever free time you have to get out there and find a new job in your career. You have your basic necessities covered so you won’t have to worry about where your next meal is coming from. Take your time and find a job that is right for you.
Amazon says, “We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back,” this message comes after Amazon announced they would be opening 100,000 new jobs in the united states. They are also encouraging employees to join their teams from the service industry, people from restaurants, hotels and anything service-related.