Financial struggle after Covid-19. What can you do?

Financial struggle after Covid-19

The financial struggle of 2020 has rolled into 2021, and it cannot be overstated. So many layoffs, businesses closing their doors, bankruptcies, unstable economy have contributed to this perfect storm. Almost everyone has the same fear, how would they survive financially? The unemployment rate is at a record high and unemployment claims are in millions. Well those are the highlights of what most of us are dealing with due to Covid-19. What has been happening is not news. But what we need to do to overcome the financial struggle is yet to be determined for many.

Minimizing debt and minimizing financial struggle

Millions of Americans are struggling financially, increasing debt and employment uncertainty. This financial nightmare has been gone on far too long. There are few options, these may not be ideal however they are available.

If you do consider some form of debt management advisors, please seek a reputable one. You are trusting them with critical decission so make sure they are able to do the job. Some debt management companies cause more harm than good.

I briefly worked for a debt settlement company and their primary focus was not consumer’s best interest. The vague lengthy disclosures and sales pitches made it seem like “debt settlement” is the way out. And yes many fell for it. First thing to consider “debt settlement” would initially hurt your credit score. But when it comes to surviving taking a few hits on credit score may not be the worst option. Because credit score could always be raised with smart credit usage and consistent payments.

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Next Covid-19 relief package to ease financial struggle

The new administration is now working on a new Covid-19 financial relief package for millions, and yes people need the help. While that’s still in progress people are trying to survive day to day. Children, elderlies and adults are all forced to make sacrifices. Covid-19 forced many to choose between staying healthy or continuing to work. These decisions are impossible.

Next phase personal inventory and financial diligence?

It’s not just wishful thinking that things will turn around, it’s an inevitable fact. We finally have Covid-19 vaccine. In 2021 the the hope of overcoming financial struggle seems little more promising. It’s not going to happen as quickly as we need or want, but it will happen. Since we cannot control the economy at the very least we could control our financial decisions. If you owe massive credit card debts reaching out to the creditors might be something one could do. Maybe get into a payment plan. And remember it might impact your credit score, but now survival is more critical so make a judgement call.

I listened to a great speaker on Youtube who was talking about dealing with financial struggle. During any dire situation having savings could help. So if you have savings use it wisely before applying for any new debt or making any debt related decission. Cash in hand now could be more critical than cash in hand when things are more settled. So get into the habit of setting aside some savings as soon as you are back to earning steady income.

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Focus on a solution not just the problem

We always find solutions when survival becomes our only choice. Take a look at last several months, think about how the world has changed in such a short time. We work from home, we utilize telehealth, virtual classrooms replacing conventional academic teaching, we order in food, pick up groceries curve side the list goes on and on. So in a nutshell we adapt to prevail. The very same adaptibility could result in solutions in terms of finding financial break, employment opportunities.

There might be certain paid opportunities your skillset could be perfect for, yes think outside the box.

Trying to find a financial way out

Freelancing work could certainly be an option for getting through the financial struggle due to this pandemic. What are you good at? What could you do with a minimum overhead and mostly by yourself without needing other’s assistance? Many companies are downsizing however they do need to fill the gap temporarily to continue on. If you are in IT, sales, graphic design, mover, handyman whatever it might freelancing always an option if you want to supplement your income.

Of course some might be facing issues where they need money today as opposed to weeks or months from now. Applying for a loan seems unlikely option because of bad credit or lack of income. There are financial companies who would offer loans to individuals who might have bad credit.

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If you are experiencing financial struggle explore your options for short term and long term loans. BadCreditLoans assist individuals who may not have to best credit score yet needs financial assistance

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Applying for loans is not a long term solution however a short term fix for getting through the financial difficulties. Of course once back on track and earning steady paychecks applying for a more conventional loan to payoff any outstanding debt is critical. Unless of course you could pay it off from your earning. So yes first thing you would wanna do is pay of any high interest loan or new debt you might have incurred during this pandemic. Once again keep adding to your savings for rainy days. It could be that ultimate lifeboat.

Financial struggle after Covid-19 is a great example of what could go wrong unexpectedly, and what it would take to overcome. There is no playbook, there is no universal answer. I know most of us heard this and tired of it by now, we are all in this together. But the fact is we are, we may not appreciate or understand it but we are enduring this struggle together. The worst isn’t over but it will be. Better days are ahead. After this pandemic is under control we will be stronger knowing what we are made of.

Investing IS for everyone, one way or another all of us are investing. It could be a retirement fund, savings, property, future endeavors and so one. Most experts including the great Tony Robbins said get into the habit of taking a percentage of your paychecks and invest it or put it in savings. It’s like a TAX you are paying to yourself and not spending it. Think about it.