Showing posts with label flowchart on what to do. Show all posts
Showing posts with label flowchart on what to do. Show all posts

Thursday, April 16, 2020

About Those Stimulus Checks

As the Government Stimulus Checks start hitting people's accounts it's important to do the right things with this money.
The "right thing" though will be very personal and vary from person to person, depending on your life circumstances.

Remember if you have family members(adult kids, extended relatives)who will have issues with paying their bills due to losing work and will ask you for money, you need to make sure YOU are ok first before extending help to them.  And if you do loan money to anyone, remember to, at least in your own mind, think of it as a gift rather than as a loan you will expect to be repaid, because in all probability they won't repay it.  Don't let money come between you and your loved ones.

I made this simple little flowchart that may help folks see how they may want to handle their Stimulus Check.
I don't play a financial planner on the internet or in real life.  This is just something to get y'all to do some critical thinking.



As for anyone who lost their job--
If you qualify for unemployment please apply for it as soon as you can.  I know each state is different on how much/how long they will take so do that as soon as possible.

And in the mean time if you can reduce any expenses do so...
* Ask your landlord if you rent or your lender if you have a mortgage, your car lender, your credit card provider/lender about any forebearances they can provide you on your debts.
* Some car insurance companies are issuing partial refunds or adjustments on your premiums. Pick up the phone as ask them for a reduction if you are no longer commuting to work in your car.
* Ditto for your utility companies.  I know they can't shut your heat off during this pandemic but find out about any programs they have that might help you and see if they will reduce or forgive any interest on late payments you will have due to this crisis.
* Go to a food bank even if you don't think you need to.  The less you spend on things you can get help with means your money will go further to keep your head above water.

Does anyone have any other thoughts on how to get through this financial crises if you are experiencing a job loss?
If you are lucky and don't rely on a job for your financial well being, what will you do with your stimulus check if you are due one?

Sluggy