7 Money Tips for Covid-19
NOTE: If you’re feeling the need for more regular money tips and discussion, now is a great time to follow me on instagram! I’m regularly posting (like always), but am upping my tips and resources game. Follow me @verdidaily.
This is a time of uncertainty for all of us, but there are varying levels of what that looks like. For some people, their income hasn’t changed at all, but their lifestyle and concerns have. For others, they have been laid off or lost their clients and no longer are bringing in any income. I’m somewhere in the middle. I don’t yet know what this time will mean for my business, but I do know that it is too soon to tell. My husband, on the other hand, is in the film industry and there are currently no productions moving forward in L.A.. The show he was about to start, which would have lasted about 8 or 9 months, is delayed at least until the end of next month, but probably longer. I say this in part because I believe that my transparency is crucial in my ability to share and teach about money, but also because I think it is important that you know that this is an uncertain and potentially scary money time for me too. I’m in this with you!
Below are a few things that we can all do to take care of ourselves and our financial well-being right now. Please read to the end of the newsletter for a few more opportunities to learn and engage on a more one-on-one level!
Take care of yourself by making sure your household's immediate needs are met (groceries, household goods, medications), but don't hoard because this hurts our community as a whole. For most people being prepared means making sure you have enough food to be home for at least a week at a time. For some it also will mean having prescriptions filled and plans set for specific appointments or work that absolutely must be done in person.
For those of you whose work is not impacted (i.e. you are still making about the same as before), make sure to up your savings game right now! You probably won’t be spending as much in certain categories (bars, events, clothing) and can divert that money to savings instead.
For those of you who are financially able, make sure to help the organizations and/or people in need as it fits your values. There are a lot of opportunities for helping people directly (reach out to Ashley at DTDT) if that’s your thing. Or think about organizations and small businesses in your community that you especially love or appreciate. P.S. Small businesses LOVE gift cards! These are basically interest free love loans from clients.
For those of you whose work is impacted, take a deep breath. This time will pass and there are things in the works at the city, state, and federal governments that should help. I'm working on compiling this info to share as details come out (check the insta!). This is a good time to think through how you want work to look like in the future -- do you want to make changes to be able to weather bigger storms? Do you want to diversify your income? Do you want a different type of work? Talk to me if you're feeling stressed.
I’m going to be coming out with a LOT more on this one soon, but here are a few tips for if you don’t have an emergency savings fund, but could really use one right now:
Call all of the companies that you have regular bills (including your landlord or mortgage company!) with and explain that your financial situation has changed. Ask them if they can either give you an extension or a discount.
Now is the time to not feel bad about using a credit card. Check out your score on Credit Karma and see if they recommend any cards for you that have a 0% interest signing bonus. If they do and you are rated highly likely to get approved, that’s great! Use that card for the time being.
Go through your last month of spending and look for subscriptions that you can cancel (you probably don’t need that monthly clothing rental or that gym membership)
Lower your regular contributions to things like retirement, transit or investments.
File your taxes (if you’ll get a refund!).
If you were already looking to invest in the market or real estate this is a great time! Prices are low on the market and interest rates are basically 0.
You will likely have more introspective time than you usually do. This is a great time to take care of some "housekeeping" things like your taxes (although you can now file in July without fees), your money in general (need help? ask me!), cleaning out that closet you've been avoiding, getting really clear on what you actually need and value vs. what you feel like you are supposed to have, journaling, drawing, cooking...
I know some of that will feel relevant and some probably won't. I want to hear from you so I can be as specific as possible! Please email me or DM me with questions.
XOXO
