Remember that emergency fund we’ve been talking about? Well, for many the emergency is here. For those whose income has not been affected, we discuss how decreased spending due to stay at home orders creates an opportunity to start or supplement your emergency fund. And for those who are experiencing decreased income or any financial hardship due to Covid-19, we talk through five tips to weather the storm:
1. Utilize all resources available to you, like Economics Impact Payments (aka stimulus check), unemployment benefits and the Paycheck Protection Program.
2. Cut your costs by asking.
3. Cancel travel plans now rather than risk late cancellation fees.
4. Explore pivoting and earning side income.
5. Reallocate funds for a short period.