03/19/2020
The coronavirus (Covid-19) pandemic has set global and domestic financial markets in a tailspin. As governments around the world work to find solutions to stop the spread of this virus, households are feeling the pinch. Millions of workers have been sent home as a precaution in an attempt to stem the spread of this virus. In the meantime, this has led to widespread financial uncertainty for businesses and consumers alike.
In America, the federal government appears to have ironed out a short-term financial aid package for businesses that will allow them to borrow money cheaply to help meet payroll at least for the next 2 to 3 weeks. Workers haven't been forgotten in all of this, however. Government has also come to terms on a stimulus plan that will provide financial relief to families impacted by the rapid spread of this virus. While individuals and families await their stimulus checks, here are a few things to keep in mind that can help you put your newfound financial windfall to good use:
1) Make a budget plan. To many, budgeting is a chore. SURPRISE! It's suppose to be. Preparing a budget plan takes time. Careful consideration should go into every expenditure. Your budget is a tool, however, intended to help you stay focused on your financial expenditures and identify your financial priorities. Until you know precisely where your money goes, you don't know how exactly to break from your money woes. Take the time now to prepare a short-term budget plan lasting for at least 3 to 4 months. When this pandemic does blow over and you find you have your debts well under control while everyone else is still under financial stress, you'll be thankful you had your budget plan to help see you through the chaos.
2) Don't spend it all in one shot. Put some back for emergencies, future needs or leisure. Although your government stimulus check is intended to carry you through these difficult times, there's nothing saying you have to spend it all on bills. According to leading economist, nearly half of all Americans don't have sufficient levels of savings and nearly one-third have no savings at all. Consider paying yourself first and stimulate your own personal economy by stashing some of your federal stimulus check into a savings account. When you look back and see how your savings as grown, you'll be so glad you did.
3) Do a little spring cleaning. Now that Spring is here and you've got time on your hands (and hopefully a little extra money), why not do some Spring cleaning and tackle one or two DIY home repair and improvement projects (assuming your bills are caught up, of course 😉)? If you can afford to do so, consider using part of your stimulus check to upgrade kitchen appliances, paint or re-wallpaper your living room, bathroom or kitchen, add a new appliance, replace or refinish kitchen counter tops, replace or repair leaking faucets, replace old carpets or install hardwood flooring. Give your home new appeal while increasing its value. Trust me when I say it'll be money well spent.
For more tips and detailed information on how you can break free of debt for good, get your copy of "Break the Debt Cycle in 3 Simple Steps" today at these fine bookstores: Amazon.com, Barns and Nobles and GoodReads.com.
