Financial Resources During a Crisis
One of the most important things to be mindful of during a crisis, COVID-19 or otherwise, is how to find financial resources and if you qualify for them.
Updated on Apr 07 2020
One of the most important things to be mindful of during a crisis—COVID-19 or otherwise—is how to find financial resources and if you qualify for them. The United States is facing an economic crisis unparalleled to anything we have seen since the Great Recession in 2008 with many experts predicting the fallout to look more like the Great Depression. This is a staggering thought to try to reconcile. With Americans losing their jobs and small businesses shutting down, it’s imperative to understand what financial resources are available to you.
Take a deep breath before you do anything drastic
When an economic crisis occurs, your first thought may be to sell your investments. This may not be a good option in the long run. If you have a financial advisor, continue seeking out their advice. These are the types of situations that they will be familiar with and will know how to move forward. If you don’t have a financial advisor, it may be time to get one. While you may not be thinking of spending money at this time, financial advisors are often affordable and create tailored plans. By using a financial planner, you’ll be able to realize all of your options and make decisions accordingly. This may be one of the best financial decisions you make.
Stay informed with reputable websites
You will come across misinformation during a financial crisis, so knowing what websites are reputable is important. We’ve compiled a list of resources that you can trust.
MyMoney.Gov is a government-operated website made by the Federal Financial Literacy and Education Commission. You can find up-to-date information regarding current economic climate and steps to take if you need help. There’s information about tools and triggering life events that may cause you to need help.
Investopedia is a leading source of financial content on the web from marketing news to retirement strategies. They provide current information that could be valuable to you and your investments. During the current COVID-19 crisis, they are continually uploading new content as they get it to keep their readers informed. Consider speaking with your bank and other lenders If you are faced with a financial crisis because of national events, many lenders are willing to work with their clients so they don’t lose their assets. Many lenders are willing to suspend payments or interest for a duration of time, you just need to pick up the phone and explain the situation. As millions of Americans lose their jobs and their source of income throughout the COVID-19 pandemic,, lenders are being flexible with payments.
When you need financial help now
If you have lost your job then you are likely stressed mentally and physically. The thought of where your next paycheck will come from will be on your mind. The US government does offer some safety nets and assistance programs so that you can recover financially. Remember, the US released a stimulus package and pushed back Tax Day 2020 to help you through this time.
“The Supplemental Nutrition Assistance Program (SNAP) is the largest federal nutrition assistance program. SNAP provides benefits to eligible low-income individuals and families via an Electronic Benefits Transfer card. This card can be used like a debit card to purchase eligible food in authorized retail food stores.”
- Unemployment Insurance
As we continue to experience the impact of COVID-19, millions of Americans are getting laid off from their jobs. If you have been laid off due to these circumstances, you will most likely qualify for unemployment benefits.
- Food banks
If you find yourself unable to provide yourself or your family with meals, food banks are there to help. Find your local food bank at FeedingAmerica.Org. Churches in your area may be providing food and meals for those in need, so consider looking there, too.
One of the most devastating aspects of a financial crisis is the uncertainty of it. Not knowing where your next paycheck will come from or how you will pay your mortgage is scary. However, there are steps you can take to alleviate some of these stressors. Speak with your lenders, apply for government assistance if needed, stay motivated, and contact a financial planner. A planner can help you find these resources and work with you to make the best decisions for your current situation.
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