Tips for Dealing with Financial Issues Related to COVID-19

The COVID-19 pandemic has rocked everyone’s lives this year. Whether it’s financially, mentally, or physically, everyone in the world has been affected somehow. One of the biggest issues is unemployment stemming from the shutdown and quarantine measures. While the government has worked to assist its citizens with relief due to lost wages, one of the main federal financial boosts for unemployment is coming to an end at the end of this month. Having a troubling and stressful financial situation can be triggering for many people, but especially for those in recovery, as it can lead to relapse or overdose. Keep reading to learn helpful tips about dealing with financial issues related to COVID-19 and ways you can change your financial situation today.

Tip #1 for Dealing with Financial Issues Related to COVID-19: Check Your Options

Even though the federal unemployment boost is coming to an end, that doesn’t mean that you don’t have other options for supplementing your income during this time. Some other options you may have include:

Loans. Right now, the government is offering several types of loans such as the Paycheck Protection Program and the SBA loan. Additionally, you can speak to your bank to see what they may be offering during this time to give you some room to breathe.
Disability, Maternity, or Paternity leave. If you are disabled or recently had a baby, now is the perfect time to file for disability insurance to take advantage those funds.
Refinance. If you own your own home, look into refinancing options. Not only might you be able to lower your monthly payment, but you also may be able to pull money out of your home’s equity for this emergency.

Tip #2: Brush Up Your Resume

Now is the perfect time to brush up your resume and explore different options for work before the boost is over. You can check online job boards and social media to see who might be hiring in your area, or start making phone calls to businesses near you.

You may also want to explore ways to make part-time money or options for a side job. If you’re crafty, you can open an Etsy store and put your talents to use. If you’re friendly and talkative, you can look into an at-home customer service job. You can also look into getting your real estate license, take on a part-time work-from-home job, or look into buying and reselling goods online with a Poshmark or eBay account.

It can be triggering to feel like you are lowering your standards or consider working a job you may never consider working before, but having some money come in is better than none. Just remember that this is only temporary until things settle down, then you can go back to doing what you are best at.

Tip #3: Downsize

One of the easiest ways you can fix financial issues related to COVID-19 is by downsizing your existing spending habits. This is not ever an easy option, as it does require a change in lifestyle for a period of time.

Some easy ways to start downsizing include:

Lower your bills. Give your cable company, cell phone company, insurance company, and creditors a call to negotiate your bill. You might be surprised at how much money you can save by just making one phone call.
Cancel your automatic payments. Log onto your online banking and take a look at your automatic payments. These are easy to forget about since they are so conveniently taken out every month, which means you may be surprised at what you’re actually spending your money on. Old gym memberships, subscription boxes you may not need right now, and other recurring payments should all be canceled at this time. This way, you will be required to pay all your bills manually, which helps you decide what is actually important.
Trim your expenses. By making a good ol’ fashioned budget, you’ll be able to trim a lot of excess fat. Taking a look at your current budget and reassessing it, you will begin seeing how much money you can save every month — which will make you feel empowered.
Let go of unnecessary luxury items. This is one of the hardest ways to downsize, as it can be triggering for many people and seemingly representative of failure. However, letting go of luxury items can help carry you and your family through this time, and the good news is, they can always be purchased again once you’re in a better financial situation.

Tip #4: Reach Out for Support

For some people, no matter how hard you try to deal with financial issues related to COVID-19, the anxiety, stress, and unfairness that stems from it can be too much to bear. This is why making sure you reach out for support is extremely important. Not only might you be able to get some great advice and avoid a relapse situation, but chances are, many other people in your life are going through the same thing and can relate to you.

About New Hope

New Hope Ranch is a residential treatment center focusing on prevention, assessment, treatment, and reintegration for people suffering from substance abuse. Services are provided on our beautiful 49-acre ranch just 15 minutes from downtown Austin, Texas.

New Hope Ranch’s mission has two basic purposes: to improve social behavior and enhance personal recovery and growth. The organization has a culture of innovation that thrives on the creation of new services that meet the community’s needs while maintaining effectiveness, excellence, and professionalism. New Hope Ranch values an integrated system of high-quality care focused on best practices, easy access to services, and providing a full range of services in an efficient manner.

Our Treatment Philosophy consists of providing the highest quality services while ensuring that each patient has a personalized treatment plan. New Hope Ranch met the rigorous standards and regulations the Joint Commission requires for a behavioral health provider to achieve accreditation and we strive every day to represent our gold standard joint commission accreditation proudly.

For more information on New Hope Ranch, contact us.

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