Don’t just survive – You can THRIVE during this Pandemic!

Yes I said it!  You can thrive during this pandemic! It is possible and I’ll show you specific ways you can expand your money at the time you need it most. There are resource links and a special giveaway/drawing at the end so read on…

Let’s face it. We are all trying to survive this pandemic first and foremost. We are distancing ourselves. We are cleaning our homes, wearing masks, and washing our hands. But what are you doing so that you come out of this pandemic in a better way financially?

Even if you haven’t lost your job or taken a reduction in pay you can find ways to end up on top when life goes back to a new “normal.”

Here are a few ways to positively impact your financial bottom line in case we are in this state of uncertainty longer than we planned.

1. Get your stimulus check – Many Americans have already received deposits into their checking accounts from the government in the form of an Economic Impact Payment. These funds are meant to help if your income has been impacted by these stay-at-home orders. But, if yours hasn’t come yet there is a way to find out if you are getting one and you can share your checking account information so it gets delivered to you. Otherwise you could be waiting for that check in the mail for a long time. Click here to confirm your payment gets deposited.

2. Adjust your withholdings – Do you need more income? Have you received a tax refund check for 2019 taxes? If so, you are paying the government too much money. Call your payroll department and have them change your withholding so that you come close to breaking even. If you received a refund of $2400, then you are overpaying by $200/month. What could you do right now with that extra $200/month? Call now!

3. Halt your 401k contributions. This is a temporary measure and I only recommend it if your household income has a large enough hit that it will be difficult to continue paying your bills for the next few months. You may choose to reduce your contributions to only the match the company provides or take it all the way down to 0%. Either way, it is better to reduce your contributions rather than take a loan or distribution from that account. Many companies are pausing matching contributions so that could make your decision to pause easier as well.

4. Start a side hustle. Now is the perfect time to explore your gifts and talents to generate extra income. So many creative outlets are being explored. Photographers are now taking pictures of people at their front door. Zookeepers or farmers are hosting online tours. Llamas being rented out to bring smiles during zoom meetings. And people are paying good money for all of it! What can you do to bring joy or serve others right now? Check out this list of work from home gigs.

5. Reduce your household expenses. Take a close look at your budget pre-shutdown. You do have one, don’t you? 😊 Review the expenses that simply don’t make much sense anymore or are drastically reduced. Clothing, gas, dining out, personal care, entertainment, etc. are all categories to watch. Add up how much you can be saving, then save it. Now more than ever is a good time to simplify and conserve. We don’t know how long our lives will be affected and having more money in savings reduces stress.

6. Stop student loan payments. If you have federal student loans in addition to other debt like credit cards, car loans, etc. you may want to take advantage of the governmental help at this time. The CARES Act includes provisions for federal student loan payments to be halted and those loans will not accrue interest until Sept 30th. Using the funds you would have paid on those loans to pay off other debt is a great idea and a strategy worth exploring. If you don’t have federal student loans check out this article on options available to you.

7. Temporarily halt your health savings. If you contribute regularly to a health savings account now may be a good time to pause your contributions. This is last on the list for a reason. If your household routinely uses this money for routine prescriptions or doctor visits, it may be wise to keep up with your contributions. Otherwise it can be another way to maximize your dollars that you take home.

Even if you just took one of these suggestions and applied it to your finances you would be in a stronger place. Look at this season as a time of prioritizing your life. Everyone has had to decide what is important. Our health is important and our ability to provide for our family is as well.

Let me know how to help you further with content, resources, experts, etc. Please complete this 5-question survey so I can learn more about what you are experiencing right now. Everyone who completes the survey will be entered to win a 1-hour coaching session with me.

To Your Health and Financial Success!