As COVID-19 made its way in every part of the globe, economics have seen the graph steep down resulting in many companies shutting down, people going jobless and the financial scenarios have taken a different turn. It is during these tough times, one needs to understand the value of money even better and know how to spend wisely.
The subject that everyone needs to be informed and aware of is managing finances. This is not constrained to the hospitality industry alone. Focusing on this topic, here we try to give you tips that might help you in keeping your expenses low.
You might be one of those who have been laid off or asked to take unpaid leave for some time; with no assurance of being called back. This is when you have to accept the harsh reality; you fall under the unemployment bracket. The next step you take here is to apply for unemployment at the earliest. The process might take time, but you would surely get your claims. As the employment status is the same across many places, the claiming process will take a longer time than expected. Each state has different qualifications to apply for the claim. Before going in to apply, check if your qualification is included in your state.
Check your bank account
It is always better to have a tab on your bank accounts. Checking your accounts so that the money is not going to places where you have made subscriptions and forgotten or enrolled for something and not used. Calling back all the money that is invested for luxuries is a good idea during the tough times.
Reaching out for assistance during these times is not wrong. Supplemental Nutrition Assistance Program – SNAP is a federal program that caters monthly benefits to individuals based on their incomes so that purchasing food is a little easier. These food stamps work as money at most of the grocery stores. However, these stamps come with limits as to what can be and what cannot be purchased.
If you have a federal student loan from the Department of Education then it is the right time to reach out to your loan provider and explain your financial situation. According to a recent press release, based on the chaos COVID-19 has created, the Department of Education announced that the Federal Student Aid is automatically reducing the interest rates to 0% for at least 60 days.
If you do not belong to the Federal student group, even then it is a good step to contact your loan provider and explain the current scenario.
Contacting the landlord
Contacting the landlord is another step you can toward managing your finances. Laying out your financial crisis to your landlord and checking if there can be many options available is not a bad idea. Many policies are coming up across the nations to ensure that the renters are covered with enough rights during the COVID-19 situation. There are national and local aides that are trying to help and protect renters during the current pandemic.
Apply for relief funds
Another big step you can toward managing your finances is by applying for relief funds. Some organizations and units are working collaboratively on gathering donations and resource it out to people who are seeking help during their financial crisis.
COVID-19 has united the human race like never before. This humanitarian crisis has hit everyone alike. So, if you are one of those who are looking and seeking out help, it is best to ask for help, and also help others if you are in a good state.
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