As the coronavirus pandemic has hit the economy hard, forcing many workers to lose their pay, people need to know all their financial opinions, especially if they live their lives from paycheck to paycheck.
If you have not accumulated enough funds in your emergency funds and are struggling to make the ends meet, then here are a few steps that will help you survive through these difficult times.
1. Bring Down Expenditures:
The smartest way to make ends meet during a pandemic is to bring down your monthly expenditure and just stick to the basic needs. Pause subscriptions and make affordable meals at home to sustain with a limited income.
2. Consider Applying for a Personal Loan:
Applying for a personal loan to manage temporary expenditures during the pandemic can be an option. If your credit score is good, then you can get a loan at a lower interest rate. Research about different lenders and compare interest rates, request your existing bank to offer a competitive interest rate owing to the current scenario.
3. Use the Credit Card with the Lowest Interest Rate:
If you do not qualify for a personal loan, then you can resort to using your credit card to pay off your bills. Use the card with the lowest interest rate to give yourself some breathing room.
4. Contact Creditors:
If you have taken any loans or debts, then contact the creditors and ask for a concession owing to the unforeseen scenario. This may include waiving off the interest for the duration of the crisis or pushing forward the debt payment without adding additional interest.
5. Send Temporary Hardship Letters to the Lenders:
If you have a mortgage to pay which you are having trouble with then you can send a hardship letter to the mortgage company to seek any better opinions that will give you some relief.
6. Seek Help from Family Members:
The easiest way out is to ask help from your extended family who has a stable job as this is a quicker way of finding immediate cash to support your family.
7. Seek for a Side Income:
If your current job cannot meet all your expenditures, then seek a new side job that will help you sustain till the COVID-19 pandemic is over. Seeking a job outside your home may not be a good idea as it is essential to stay home as much as possible to be safe in current scenario hence look for investment options that you can earn from sitting at home such a bitcoin trading using Bitcoin loophole which is an automated crypto trading software that trades the crypto market based on coded algorithms hence there is no investor intervention required. You can open a free account and start making maximum profits quickly and with ease.
You need to be careful as there are many predatory lenders out there ready to debt trap you by taking advantage of your situation hence it is better to use the right channels to get the funds you need to support your family. This is just a temporary phase that will also pass and soon you can start paying off your loans and debts.