If you’ve lost your job due to COVID-19, you’re probably feeling scared and frustrated. However, millions of other people are in the same situation, so you’re not alone.
Times are tough right now, but you’re going to get through this. Here’s some advice to help you tighten up your budget until you’re able to find another job.
Cut Non-Essential Expenses
It’s almost a given than you’re paying for many services you don’t actually need to survive. You don’t have to say goodbye forever to them, but you do need to eliminate them right now. It’s important to free up as much extra cash as possible for essential expenses while trying to avoid incurring extra debt — or at least keeping it to a minimum.
Contact Your Providers
Many businesses are doing everything they can to help customers during the pandemic, including working with customers to pause payments or temporarily reduce them. Reach out to your essential providers to see if they’re able to offer any assistance.
You might also have rights under local or federal laws. For example, the Coronavirus Aid, Relief, and Economic Security (CARES) Act — a new federal law — provides a foreclosure moratorium and a right to forbearance to consumers with federally-backed mortgages, who are experiencing hardship.
Prioritize Payments
If you do have to chose which bills to pay, focus on housing, food, and utilities. In times of crisis, bare essentials must come first. Keeping a roof over your head, food in the pantry, and ensuring the lights stay on is important for the health and safety of your family. Everything else can wait right now.
Pay Minimum Balances
Keep as much money in your account as possible by only paying minimum balances right now. This might be the only way to keep the bills paid now or in the not-so-distant future, so tightly grasp every penny you can. When you find another job — and you will — you can catch up on outstanding balances.
If you lost your job due to COVID-19, PrideStaff North Dallas wants to help. Contact us today to connect with local employers currently hiring workers like you!
