Improve Your Family’s Financial Situation With These 6 Great Tips
These are obviously scary times for everyone. COVID-19 has already changed the world and it has made financial stability a dream for many people, not just a reality — as it should be.
In the U.S., one out of every 200 homes will be foreclosed upon. Millions of families across the country are doing all they can to avoid foreclosure and other financial stress.
Thankfully, there are plenty of things you can still do get back on top and ensure that you and your family are financially secure now and for the future. But it’s going to take some work.
Here are a few great ideas that should help you and your family get back on solid financial ground and avoid foreclosure:
Check for government assistant
In the last decade, the U.S. government has invested $35 billion in meaningful use incentive payments.
It might seem like a stretch, but there are so many options available to you and your family. Even if you and your spouse have both been working during the pandemic, it might still not be enough to cover the bills if you’ve lost hours, bonuses, etc. If that’s the case, you might even be able to qualify for Pandemic Unemployment Assistance (PUA). If you qualify, you’ll be able to get an addition $600 a week dating back to the exact moment you lost hours or work due to COVID-19. Keep in mind, you don’t want to fall into financial trouble down the line so it’s best to have that money taxed right away so you don’t have to end up paying a significant lump sum next April.
Get a second job
It might not be ideal, but it might be necessary if you’re really struggling financially during these times.
Even part-time work can help get you back on solid financial standing. There are so many part-time jobs out there that can help supplement your income during these trying times. You can even find some freelancing work so you can earn money working from the comfort of your own home!
Sell everything you don’t need
Take a look around your house. If you’ve lived there longer than a year or two, there are probably hundreds of items that you don’t need or use.
You can have a garage sale and actually make a pretty good amount of cash if you have enough stuff around your home. Or, if you want to maximize your returns, you can sell individual items online via Facebook Marketplace or Craigslist.
Rent out your property (if you can)
Roughly 42% of vacation home buyers plan on using their property for vacations or as a family retreat. Buying a vacation home isn’t exactly the most financially sound idea if you’re struggling, but there are ways you can use these second properties to supplement your income.
If you do have enough to purchase a vacation spot — or, more realistically, if you already have one in the family — you can start renting that spot out through AirBnB guests and earn some extra cash!
There might be a ton of people in your area that are looking for temporary places to stay while they search for jobs or try and get back on their own feet. Rather than having them pay a lot of money to stay at a hotel for a few nights, — as long as you have a guest bedroom or you plan on going out of town for a while — list your home and earn some extra money.
Cancel all your subscriptions
Canceling all your subscriptions, especially ones that you seldom use, is a great idea to save some cash during and after the pandemic. Think about all those magazine subscriptions that you’ve been paying for since college. When things are normal, maybe you didn’t even notice those monthly expenses. But now, they are certainly starting to add up.
Instead of just taking this financial hit and spending money on things you don’t exactly need, call and cancel those unwanted subscriptions and your wallet and bank account will thank you!
See if you can lower your bills or extend payments
Not every organization is offering pandemic relief, but many are. And it certainly doesn’t hurt to ask. Call everyone from your landlord and insurance company to your cell phone provider and bank. If you’re polite and let them know your situation, you might be able to receive some sort of financial assistance.
There are a few ways some of these institutions are already helping out. For instance, college loan payments are on hold until September. It might not be a lot, but it certainly helps!
Certainly, these are unprecedented times. But as long as you’re taking this seriously and constantly thinking about how to improve your financial situation, you’re going to come out of this stronger and more connected than ever before!
